Glastonbury, Connecticut – (The Hosting News) – October 20, 2006 – Web host and integrated enabling financial technologies firm, Open Solutions Inc., has unveiled a new Regulatory Management Toolkit service offering, designed to help financial institutions respond to the ever-changing regulatory compliance requirements and higher regulator expectations.
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.
Peter Buffone, Product Manager, Risk Management Solutions at Open Solutions remarked, ”Open Solutions is excited to offer our clients the Regulatory Management Toolkit. 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.
Mike Nicastro, SVP and CMO of Open Solutions added, ”The cost and complexity of regulatory compliance is escalating for financial institutions. 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.”
The Open Solutions CFS division provides outsourced information processing in the area of asset retention, corporate banking, healthcare banking and insured deposit services for banks, insurance companies and major corporations. Open Solutions has developed a comprehensive and flexible suite of technology and services to enable HSA service delivery for all the participants in the healthcare market from the individual consumer and employer to third party administrators, banks and investment brokers. Our proven solution provides a compliant, secure set of services that enables the full range of HSA activities from enrolment and contribution, to payments, account management and investment.
For more information about Open Solutions, please visit: www.opensolutions.com.