The compliance technology vendor Continuity Engine LLC is enlisting other companies to help it streamline and automate the tasks it handles for community banks that must satisfy regulators.
The start-up announced its ActionPack alliance on Tuesday, with the first group of outside providers writing modules for the company's compliance-automation system.
"These partners are a repository of amazing insight," said Andy Greenawalt, the founder and chief executive of Continuity Engine, of New Haven.
As an example, he cited Perimeter Internetworking Corp., a Milford, Conn., data security company where he formerly was the chief technology officer; it is one of the first alliance participants.
"If you are doing data security, there are 800 ways to do it. But if you are a community bank using Perimeter eSecurity, you are using it in a particular way," Greenawalt said.
Continuity Engine's hosted Control platform uses preconfigured modules, called ActionPacks, that break down compliance issues into specific tasks and provide workflow and audit features to assure that the elements of a compliance policy are actually executed.
The Control platform, which went live in June, now offers banks about 60 compliance modules and is currently in use at about 400 financial institutions, Greenawalt said.
In addition to Perimeter, which supplies managed network security services to 2,700 financial institutions, the partners include Agility Recovery Solutions in Charlotte, a disaster-recovery service that has more than 1,600 financial clients, and the anti-phishing service Internet Identity in Tacoma.
Continuity Engine has 25 additional partners that are developing modules, and Greenawalt said he expects to add three to six modules per week for the foreseeable future.
Version 1.5 of the Control platform, also announced Tuesday, includes an application for Apple Inc.'s iPhone, which is designed for mobile workers, he said.
"When they're out in the field," Greenawalt said, "they get really spotty compliance reporting. This way, they can click on a button within the ActionPack — task completed — and move on to the next thing."
