Imagine if regulatory compliance were as easy as buying "Angry Birds" from the Apple App Store. That's about what Continuity Control's Andy Greenwalt has in mind, creating compliance management modules that can be purchased about as easily as an iPhone game. Each app is essentially a workflow management tool for every regulation you can imagine, giving executives the ability to assign and track sub-tasks and attach appropriate reports to the module. "All of these things are done down to the detail level, so you're not reading a procedure in Word, completing a sheet in Excel and attaching it to an email," Greenwalt says.
The idea comes from the understanding that at tier one banks, compliance is an "apparatus," Greenwalt says. "If you get to sub $5 billion banks, compliance isn't really an apparatus, it's a person or maybe two and a lot of work that needs to be done."
The company has about 30 customers and operates primarily in an online, self-service mode. Costs are tiered on the basis of assets, and a package price includes the services of a trained internal auditor from the Continuity Control staff who's available for assistance.