Compliance tool helps manage ever-changing regulations, higher regulator expectations
Open Solutions Inc.® (NASDAQ:OPEN), announced the availability of its new service offering – a Regulatory Management Toolkit designed to help financial institutions respond to evolving regulatory compliance requirements and higher regulator expectations. Open Solutions is a provider of integrated enabling technologies for financial institutions in the United States, Canada and other international markets.
The Regulatory Management Toolkit is a bundled package offering of services that can be customized to fit a financial institution’s specific needs. Instead of purchasing, managing and maintaining separate regulatory compliance tools, institutions can purchase the Toolkit as a single-source solution for regulatory management.
“Open Solutions is excited to offer our clients the Regulatory Management Toolkit,” said Peter Buffone, product manager, Risk Management Solutions, Open Solutions. “Not only do financial institutions get the tools and services they need to enhance regulatory compliance efforts, but they also get the information and knowledge of the Open Solutions expert team. This comprehensive solution is a great tool to assist financial institutions in managing today’s ever-changing and complicated regulatory compliance environment.”
Open Solutions provides financial institutions with a fully-featured strategic product platform, integrating core data processing and strategic applications such as Internet banking, intelligent customer management, financial accounting applications, electronic imaging, payment and interactive voice response solutions and, now, risk management tools. Its relational enterprise-wide data processing platform and complementary applications offer the flexibility necessary for running a service-oriented institution by offering efficiencies to streamline both front and back office processes.
“The cost and complexity of regulatory compliance is escalating for financial institutions,” said Mike Nicastro, SVP and CMO of Open Solutions. “The Regulatory Management Toolkit was designed to be a cost-effective yet advanced solution that will help institutions manage and enhance their existing compliance programs. The costs of noncompliance can include increasing fines and civil penalties, and can lead to the voiding of contracts and restrictions on business activities. Risk exposure can damage an institution’s reputation in the marketplace – something they cannot afford. The Open Solutions Regulatory Management Toolkit, we believe, can help decrease risk and minimize regulatory burden and will continually evolve to reflect the latest regulatory requirements and best practices in risk management.”
About Open Solutions Inc.
Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting and design, and payment and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States and Canada to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions’ Internet site at www.opensolutions.com.