NEW HAVEN, Conn., April 17, 2020 (GLOBE NEWSWIRE) -- Continuity, a provider of risk and compliance management technology, is offering a lifeline to financial institutions, nationwide.
The COVID-19 crisis is wreaking havoc on U.S. banks and credit unions. As small businesses across the country feverishly apply for state and federal stimulus loans due to the pandemic, financial institutions are struggling to keep up with an onslaught of new and changing regulations.
In response, Continuity has offered financial institutions access to their cloud-based state and federal regulatory technology, tailored to asset size, at no cost, until the crisis ends. In the first week, more than 100 financial institutions had taken Continuity up on their offer of RegAdvisor Pro and RegAdvisor State technology.
“Our platform is helping banks and credit unions manage the deluge of information and cataclysmic changes happening as a result of this pandemic,” said Continuity’s CEO Michael Nicastro. “Now, more than ever, financial institutions need to execute their regulatory processes with precision, efficiency and speed to manage this national state of emergency.”
In the past month, more than 40 federal and hundreds of state regulatory alerts have been issued in response to the COVID-19 crisis and stimulus relief, and more are expected.
"This is an unprecedented pandemic, which no one alive today has witnessed,” Nicastro explained. “Our company made a choice — while we’re all mandated to isolate physically, Continuity has chosen to connect our industry, to help them navigate the rapidly changing federal and state regulations, using our platform.”
“Financial institutions need immediate access to regulatory intelligence to make urgent decisions,” Nicastro explained. Continuity’s platform is immediately deployable because it’s cloud-based. “This helps us deliver crisis support within 24 hours,” continued Nicastro.
“The fact that over 100 financial institutions accepted our offer, demonstrates the pent-up demand for instantly deployable RegTech solutions,” Nicastro added. “The current crisis makes one thing very clear — compliance and risk management is now a very high priority.”
JoAnn Call, Compliance Officer, First National Bank of Germantown, knows this firsthand: “When the Covid-19 pandemic hit, we could immediately work remotely because we were equipped with Continuity’s regulatory technology. Their platform enabled us to seamlessly operate through this crisis. We were able to set up users, create roles and update internal policies, all while sheltering in place. Their cloud technology got our teams up and running within one weekend. Now we have access to real-time information and regulatory intelligence, across departments, to enable decision making as we deal with the immediacy of this pandemic. Their technology has provided a lifeline to our bank, as this crisis continues to unfold.”
“Helping each other now, as a nation, as an industry and as human beings, is the way forward,” said Nicastro. I'm confident we will get through this together — helping financial institutions deal with uncertainty and challenge is just a part of what we do, every day.”
To learn more about Continuity’s offer of support during the COVID-19 crisis, begin here. Or watch the CEO’s video message.
About Continuity
New Haven, Connecticut-based Continuity is a provider of regulatory technology (RegTech) solutions that automate compliance and risk management for banks, credit unions, mortgage companies, and fintech firms. By combining regulatory expertise and cloud technology, Continuity provides a proven way to reduce regulatory burden and mitigate risk at a fraction of the cost. Continuity serves hundreds of financial institutions across the United States and its territories. Continuity’s risk and compliance product set includes RiskAdvisor, RegAdvisor® Pro, RegAdvisor® State, RegControls™, ControlsBuilder™, Policy and Procedure Management and Vendor Management. For more information, visit www.continuity.net.
