Compliance Demands Drive Automation Uptick
Growing compliance demands also are growing business for vendors who provide automated compliance help.
For example, Continuity Control said it has more than tripled its client base and revenue in the past 18 months.
The New Haven, Conn.-based provider of compliance management systems for community financial institutions said last week that its client list now numbers 150, including 35 credit unions.
More than 11,000 end users in 38 states and one U.S. territory are now on the cloud-based platform, the company said.
The company said its Banking Compliance Index shows that the average financial institution spent an additional $150,000 and needed 2.15 more full-time employees to maintain compliance in 2013.