Nashua, NH (PRWEB) March 13, 2012
HiSoftware today announced a new partnership with Cable&Wireless Worldwide (C&W Worldwide). The partnership will make the companys content-aware compliance and security solution, HiSoftware Compliance Sheriff
Gaithersburg, Maryland (PRWEB) May 03, 2012
GL Communications Inc. a leader in providing PC-based test, analysis and simulation products and consulting services to the worldwide telecommunications industry, conveyed today the availability of its product Acoustic Echo Compliance Test Software per G.167 and P.340 standards.
Speaking to media persons, Mr. Jagdish Vadalia Senior Manager said, Acoustic echo is a common phenomenon that is encountered in many types of phone calls. It occurs when speaker output is fed back to the microphone input. This will disturb the far end speaker as they hear their own voice but delayed. Acoustic echo cancellers (AEC) are used in phones or in the network to minimize this distortion. Acoustic echo, unlike line echo, is dynamic during a call as people and speakers move about.
He added, GL’s Automated Acoustic Echo Cancellation (AEC) Compliance Test Software (PKB081) is a feature rich application used to perform acoustic echo cancellation testing in accordance with ITU-T Specifications, G.167 (03/1993) and P.340 (05/2000). And it uses GL Communications’ T1 E1 Analyzer products and the customers AEC hardware or software to perform Acoustic Echo Canceller testing. Rin and Sin files (stimulus and echo) are prepared by Automated AEC Test software in accordance with user inputs. Rout and Sout are captured and processed.
Some of the Main Features
Dallas, TX (PRWEB) June 21, 2011
One Safe Place Media Corp, one of the country’s leading offsite data protection and Online Business Backup companies, now counts three years of meeting the stringent standards of the payment card industry for protecting the identity of credit and debit cardholders. One Safe Places data protection solutions which fulfill these security requirements include OSPEVAULT online server backup and Stratos from OSP for PC/Laptop and Mac backup.
The Payment Card Industry Data Security Standards (PCI DSS), endorsed by major credit card companies, applies to merchants, processors, acquirers, issuers, and service providers that store, process or transmit customer payment card data, and it defines a minimum set of information security controls for them. Many of One Safe Places customers are required to maintain PCI compliance in order to perform transactions with credit card entities and they must use PCI compliant service providers.
More than 50 of the Fortune 1000 and businesses across 27 countries trust One Safe Place to protect one of their most important assets their data. Founded in 1985, One Safe Place now counts 25 years experience and thousands of successful disaster recovery drills for clients as reasons for its continued growth.
“Security is the vital foundation of our OFFSITE AND ONLINE BUSINESS BACKUP solutions”, said Scott Scheffe, Director of IT, One Safe Place. We are committed to testing and confirming our processes meet the standards set forth by the PCI Security Standards Council.”
AT&T would like to congratulate One Safe Place Media Corp, an authorized AT&T partner, on their commitment to achieving PCI Data Security Compliance,” said Brad Shortal, Signature Client Director, AT&T. “Meeting the stringent standards of the payment card industry for protecting the identity of credit and debit cardholders is vitally important to our customers.
In addition to achieving PCI compliance, One Safe Places data protection solutions, OSPEVAULT and Stratos from OSP, offer data security features to safeguard information during transmission, storage and recovery. One Safe Places data protection solutions securely migrate customer information to the cloud and manage it long term. All data is held at One Safe Places secure data centers.
One Safe Place has achieved PCI DSS compliance for its data protection solutions for three years in a row.
About One Safe Place Media Corp
One Safe Place Media Corp (OSP), based in Dallas, TX, is an offsite data protection company, specializing in Online Business Backups, Offsite Tape Storage, Video Tape & Film Archiving and Media Destruction. Founded in 1985, One Safe Place became one of the first companies in North America to provide online business backups. One Safe Place protects more than 50 of the Fortune 1000 and businesses worldwide.
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Gaithersburg, MD (PRWEB) June 27, 2012
GXS, a leading provider of B2B integration services, today announced that it has received Payment Card Industry (PCI) Data Security Standard (DSS) 2.0 Attestation of Compliance for its PCI Gateway Cloud Tokenization service. To receive PCI DSS 2.0 compliance, GXS policies, procedures and technical systems were reviewed by a third-party auditor, AT&T. The security assessment included on-site validation of network security, cardholder data protection, vulnerability management, access control measures, network monitoring and information security policies.
Achieving PCI compliance was a high priority for us. Use of card-based payments for Business-to-Business (B2B) transactions has increased significantly in recent years,” said Patricia Hines, director of financial services industry marketing at GXS, But, the growth can only continue if B2B networks can support the highest industry standards to protect cardholder data.
The GXS Cloud Tokenization Solution accepts transactions and replaces personally identifiable information, such as card numbers, with a secure token, a randomized string of unidentifiable characters. The transaction with the token is then sent to be processed. One of GXSs premier Cloud Tokenization customers is Infor, the world’s third largest supplier of enterprise applications and services. Using GXS, Infor is able to offer a safe, reliable way of handling confidential data and ensure PCI compliance for its customers.
The PCI Security Standards Council released PCI DSS version 2.0 to provide greater clarity and flexibility and facilitate an improved understanding of the requirements and eased implementation for merchants. The PCI DSS 2.0 standard comprises a minimum set of requirements for protecting cardholder data. The standard applies to all entities involved in payment card processing including merchants, processors, acquirers, issuers, and service providers, as well as all other entities that store, process or transmit cardholder data.
About GXS:
GXS is a leading B2B integration services provider and operates the worlds largest integration cloud, GXS Trading Grid
(PRWEB) October 17, 2011
BUMI (Backup My Info!), the premier provider of online backup and recovery solutions for small to mid-sized businesses, today announced the addition of DH Frederick Securities, Inc. and The Family Wealth Consulting Group (FWCG) to its growing roster of financial services customers. In addition to online data backup and recovery provided by BUMI, these two California-based financial services firms are also utilizing Global Relay for email archiving offering an end-to-end solution to safeguard and ensure compliance of business-critical information.
Like many financial services organizations, DH Frederick Securities, Inc. and FWCG use Global Relay services in order to comply with FINRA regulations for the recordkeeping and supervision of electronic messaging. FINRA (the Financial Industry Regulatory Authority), which regulates all firms selling securities in the United States, requires its broker-dealers to archive all transactions and inbound, internal and outbound correspondence relating to their business.
Compliance is extremely important, and meeting FINRA requirements does not mean financial services firms data is protected from disaster or other unforeseen events that can cause systemic failure, said Jennifer Walzer, CEO of BUMI. What Global Relay does for email communications, BUMI does for an organizations data, providing a means to backup and restore all types of business-critical information, applications and systems. Financial services firms such as DH Frederick Securities and The Family Wealth Consulting Group are recognizing that while regulatory compliance is compulsory, data protection is essential.
DH Frederick Securities is a licensed broker-dealer that specializes in assisting clients with capital and consulting needs. It is leveraging BUMI to remotely back up all of its operational systems and applications, such as Microsoft Office files. The company also relies on Global Relay to archive all of its email correspondence, keeping them compliant with government regulations.
If you had a virus cause a crash or, in our case, being in California, an earthquake, and all your hardware was destroyed, what would you do? said Dolliver Frederick, Founder, President and Chief Executive Officer of DH Frederick Securities. For us, in just two phone calls one to Global Relay and the second to BUMI we would have all our email, documents, correspondence and database information, and we would be back up and running. Thats also extraordinarily important from a FINRA and SEC compliance standpoint.
FWCG is a Silicon Valley-based wealth planning firm that manages nearly $ 100 million in assets. Prior to selecting BUMI, FWCG managed backups internally and needed an off-site solution to safeguard its data. Additionally, the firm utilizes Global Relay for email archiving. In the event of an outage, we wanted the capability to recover from a major data loss, said Hilary Martin, Financial Planner at FWCG. With BUMI and Global Relay in place, I feel completely covered, both from a FINRA-compliance and data backup and recovery perspective.
For more information about BUMI, please visit http://www.bumi.com.
About Global Relay
Founded in 1999, Global Relay is the expert in Compliance Messaging Solutions including Archiving, eDiscovery, Mobile Messaging and Collaboration. Global Relay Archive securely captures and preserves email, instant messaging, BlackBerry, Bloomberg, Thomson Reuters, social media and more with BlackBerry, iPhone, Outlook and web access. Global Relays 15,000 customers in 90 countries include broker-dealers, hedge funds, investment advisors and public companies, as well as 22 of the top 25 global banks. Global Relay has strategic partnerships worldwide, including a global Strategic Partnership with Thomson Reuters for compliance archiving. For more information, contact Global Relay at 866.484.6630 or http://www.globalrelay.com.
About BUMI (Backup My Info!)
Founded in 2002, BUMI (Backup My Info!) specializes in delivering online backup and recovery solutions for small to mid-sized businesses. Based in New York City, BUMI provides an off-site data protection solution that addresses critical issues such as rapid growth of data, business continuity, and regulatory compliance. Every BUMI client is cared for by a team of senior-level engineers dedicated to providing proactive and personalized support. Clients include professional service organizations such as banking, financial, insurance, accounting, hedge funds and law firms. For more information, visit http://www.bumi.com, call (866) 444-BUMI (2864), or follow on Twitter at http://twitter.com/backupmyinfo.
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(PRWEB) January 04, 2012
Enterprise application management and hosting company, OneNeck IT Services, announced today that they have achieved compliance with the AICPA’s Statement on Standards for Attestation Engagements (SSAE) 16, Type II. Conducted by a leading accounting firm, SSAE 16 replaces the previous data center industry standard, SAS 70, which OneNeck held for the last five years. SSAE 16 focuses on procedures including physical and environmental security, problem management, technical support, customer ordering/service delivery, network equipment monitoring and organization and administration.
OneNecks customers and potential customers will find terms of the Statement on Standards for Attestation Engagements No. 16 (SSAE 16) useful for understanding the controls performed by OneNeck that are relevant for compliance needs like HIPAA or PCI. Being SSAE 16 compliant positions OneNeck to attract more organizations within the healthcare, government and banking sectors while providing OneNecks current customers with a fully compliant environment without having to act.
OneNeck has always been committed to delivering the best security and service to our company, stated Cytec director of IT, Philip Kutzenco. Their SSAE 16 compliance provides us with an extra measure of confidence that our managed services provider meets and exceeds the highest industry and regulatory standards.
The successful completion of the SSAE 16 compliance assures our customers that our operational processes and controls meet superior standards of security and reliability for our hosted application and managed services, commented OneNeck CEO Chuck Vermillion. OneNeck is committed to providing the best security and service available in the industry.
For more information on OneNeck and OneNecks services, visit:
http://www.oneneck.com/Solutions.aspx
About Cytec Industries:
Cytec Industries Inc. (NYSE:CYT). Cytecs vision is to deliver specialty chemical and material technologies beyond our customers imagination. Our focus on innovation, advanced technology and application expertise enables us to develop, manufacture and sell products that change the way our customers do business. Our pioneering products perform specific and important functions for our customers, enabling them to offer innovative solutions to the industries that they serve. Our products serve a diverse range of end markets including aerospace composites, structural adhesives, automotive and industrial coatings, electronics, inks, mining and plastics. For more information, visit http://www.cytec.com.
About OneNeck IT Services:
OneNeck
Bethlehem, PA (PRWEB) March 13, 2012
DBSi, a premier provider of data center, cloud computing, disaster recovery, and managed services in the Northeast, announced it has achieved Payment Card Industry Data Security Standard (PCI DSS) SAQ Type D certification for TekPark, the companys newest enterprise class data center in Breiningsville, Pennsylvania.
The PCI DSS is a multifaceted IT security standard that requires applicants to demonstrate competencies across a range of disciplines including network architecture, security management, and access control. As a result of achieving PCI DSS compliancy, clients of DBSi who store, process, or transmit credit cardholder data are assured that their data center facility complies with stringent security standards outlined by payment card issuers.
This latest accreditation reinforces DBSis commitment to meet the growing demand from customers who not only store and transmit cardholder data, but who also need to demonstrate that their data center provider has the required level of physical and virtual environment compliances. The companys technology partners agree; Dave Chronister of Parameter Security observed, the level of security training, certifications, professionalism, and attention to detail found at DBSi during our PCI DSS audits rival those of our Fortune 500 clients and show a level of awareness rarely seen across all levels of an organization.
This rigorous standard to achieve and maintain, adds to DBSis existing accreditations, including its Type II SOC 2 and SOC 3 certification which follows The American Institute of Certified Public Accountants (AICPA) Trust Services Principles and controls over security and availability. DBSi is continually at the forefront of industry best practices to provide the most secure, robust, and reliable infrastructure in the market, explains DBSi CTO, Paul Mazzucco. Being SOC 2 and PCI Compliant means our clients can meet industry regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and the Sarbanes-Oxley Act of 2002 (SOX), as well as those set by financial institutions and other national and international regulatory bodies. By carving out an entire subsection of our private Network and completing extensive equipment upgrades, DBSi provides the secure physical environment and network segregation – which exponentially reduces the resource and cost burdens for our clients in achieving their own individual PCI compliant environment.
The company chose TekPark to launch this new initiative and will roll out all to of its data center facilities to best meet client needs in the future.
About DBSi
In business for over 30 years, DBSi is an innovative data center services company providing flexible, cost-effective, mission-critical technology solutions. Headquartered in Bethlehem, DBSi operates three secure, high density, highly available data centers in Bethlehem, Valley Forge, and Breinigsville, PA.
The company provides comprehensive data center services including Managed Hosting (Backups, WAN, Administration, and Monitoring), Cloud computing, and traditional Colocation to hundreds of clients across numerous verticals including the healthcare and financial markets. DBSi also offers Disaster Recovery solutions ranging from tradition tape based recovery to advanced services such as virtualization, real time data replication, remote backup, email failover, and redundant data center configurations – all complimented by the regions largest Workspace Recovery offering.
For additional information about DBSi, please visit the company website at http://www.dbsintl.com.
(PRWEB) May 15, 2012
EVS, with principle operations based in Memphis, TN, has successfully completed the rigorous audit demands set forth by Statement on Auditing Standards No. 70 (SAS 70).
SAS 70 is an internationally recognized auditing standard put forth by the American Institute of Certified Public Accountants (AICPA). Introduced in 1992, it has long been regarded as a highly sought after audit certification, based on its strict control environment requirements and its ability over the years to adjust and conform its audit criteria to current industry demands. EVS SAS 70 Type II audit included a thorough examination of the following key areas:
Atlanta, GA (PRWEB) May 31, 2012
ProviDyn, a provider of IT support, strategy and services for small and medium-sized businesses, announced today it has been selected by Morgan Consultants to provide managed services and ensure data security and compliance. Morgan Consultants is a leader in specialized engineering, management and consulting services for a wide variety of food and beverage companies.
ProviDyn will provide managed services for Morgan Consultants servers and desktops, in addition to managing the firms network and day-to-day technical support needs. Along with providing ongoing IT services and support, ProviDyn will help Morgan Consultants continue to uphold the highest level of security and data protection, as well as compliance with security standards required by its Fortune 500 customers.
We are excited about the opportunity to work with Morgan Consultants, said Hamish Davidson, co-founder and President of ProviDyn. This partnership is another example of how we tailor ProviDyns services to meet the specific needs of our clients. We are able to provide Morgan Consultants with managed services but also bring to the table strategic insight based on a clear understanding of the compliance standards they must meet.
About ProviDyn
ProviDyn provides technology expertise, services and support to Atlanta-area small and medium-sized businesses. Backed by certified technology professionals, ProviDyns services include managed services, cloud computing solutions, virtualization, help desk and computer support, IT strategy, network security, backup and disaster recovery and IP telephony. ProviDyn delivers the right mix of technology and expertise allowing its clients to focus on growing their business. To learn more about how ProviDyn is Driving Business Through Technology and helping companies reduce costs, improve efficiency and maximize productivity, visit http://www.providyn.com or follow us on Twitter.
Sugar Land, TX (PRWEB) October 24, 2012
HIPAA Solutions, LC has announced enhanced features for its web-based HIPAA compliance software solution, the HIPAA ComplyPAK version 2.5, to allow Compliance Officers to monitor and create detailed reports on employee activity related to reading and following corporate policies and procedures as well as the completion status of HIPAA and HITECH training included in the software.
HIPAA ComplyPAK is an innovative suite of software tools that allow an organization to maintain comprehensive compliance with Privacy (business processes) and Security (IT and physical) requirements of the Federal HIPAA and HITECH regulations.
Key features of HIPAA ComplyPAK include:
(PRWEB UK) 26 October 2012
8MAN Logga, a new 8MAN feature, tracks unauthorised access to sensitive and critical information and provides automatic reporting, complete with documented audit trails and timely alerts. The file server monitor feature registers and saves all requests and actions on selected file server directories. 8MAN Logga records which data was accessed by whom and what actions were performed. If a selected file server directory was accessed, 8MAN Logga can determine who accessed it, when they accessed it and also which data was read, edited or changed in any way.
All and any file, folder and directory access requests can be recorded. However, a significant amount of valuable storage space can easily be consumed if the system is not making intelligent selections of which information assets to track and record. With 8MAN Logga, organisations can select only those files, folders and directories that need to be monitored for compliance and security purposes.
Company data can broadly be divided into three categories: critical, sensitive and general information. Around 80% of the data a company holds on its servers is not business critical or sensitive in nature.
By integrating the 8MAN Logga feature with our 8MAN Data Owner concept, we can focus on tracking only client sensitive or mission critical information saving the organisation time, resources and storage space, said Steven Bennett, EMEA Head of Channel, protected-networks.
Changes in business operations and processes are inevitable – triggered by growth, new technologies and/or external factors. These changes have direct implications on the administration rights within an organisation. With 8MAN Logga organisations can document whether the current administration rights are appropriate for the changing strategy and operations. Employees can then be provided with the information access they need to meet their business goals and objectives.
About protected-networks: Founded in 2009, protected-networks GmbH is a Berlin-based company that develops integrated solutions for access rights management of server environments across all business sectors and at public authorities. The solution, 8MAN is an Information Trust Software based on an innovative approach to integrated data security management and offers uniform and automated management of user rights. Clients thereby save cost and time while increasing protection against unauthorised internal access.
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London (PRWEB UK) 31 October 2012
PCI DSS was created to increase controls around cardholder data to reduce credit card fraud and should be implemented by all entities that process, store or transmit cardholder data. The primary objective is to enhance payment card data security by providing an actionable framework for developing a robust payment card data security process – including prevention, detection and appropriate reaction to security incidents.
Compliance is of course the prudent thing to do, but it needs to be achieved in a cost-effective manner with minimal operational disruption. This is where 8MAN from protected-networks can help.
The standard includes twelve headline requirements, over 200 sub-requirements and around 650 detail points encompassing technology, procedure and process. To support organisations looking to comply, protected-networks has produced a simple checklist. This checklist shows how 8MAN supports PCI DSS requirements such as restricting access to cardholder data on a business need to know basis, assigning a unique ID to each person with computer access, tracking and monitoring all access to network resources and cardholder data and maintaining a policy that addresses information security.
PCI DSS is more about security than compliance and when implemented correctly using a solution such as 8MAN, will keep card holder data protected under any circumstances, commented Steven Bennett, Head of Channel EMEA, protected-networks.
About protected-networks: Founded in 2009, protected-networks GmbH is an international company headquartered in Berlin that develops integrated solutions for access rights management of physical and virtual server environments across all business sectors and at public authorities. The solution, 8MAN is an Information Trust Software based on an innovative approach to integrated data security management and offers uniform and automated management of user rights. Clients thereby save cost and time while increasing protection against unauthorised internal access.
For more information, please contact:
Smriti Dave
International Marketing & PR
protected.networks.com GmbH
Tel: +44 (0) 1276 919 989
+49 (30) 390 63 45-67
Susan Children
UK Marketing
protected.networks.com GmbH
Tel: +44 (0) 777 594 0284
Gaithersburg, MD (PRWEB) November 06, 2012
GL Communications Inc. a leader in providing PC-based test, analysis and simulation products and consulting services to the worldwide telecommunications industry, conveyed today the availability of its Jitter Measurement and Pulse Mask Compliance Testing solutions.
Speaking to media persons, Mr. Jagdish Vadalia CEO of the company said, GL’s jitter measurement software allows one to accurately measure jitter associated with T1 or E1 signals. Jitter is the time discrepancy between the time of arrival of a clock pulse and its theoretical arrival time. Jitter arises from a number of sources, including aging of clock circuits, thermal and loading effects, Doppler shifts, and de-multiplexing from higher bit rate data streams. Since no clock is perfect, all clocks exhibit some degree of jitter. Jitter is always computed by comparing a clock signal (called the “nominal clock” or the “clock under test”) with a clock having superior accuracy (called the “reference clock”).
He added, GL’s Jitter Measurement module allows evaluation of jitter on either a tick-by-tick or a cumulative basis. Technically, cumulative jitter is of primary importance, as network equipment must cope with the cumulative jitter. However, tick-by-tick measurements are also presented in this module. In addition to these, the application recognizes the very slow variations in a clock signal (below 1 Hz), and the Frequency Offset or Deviations in clock rates.
Jitter can be measured in terms of the time duration of a single clock pulse. This time interval is referred to as a “Unit Interval” or UI. For T1 systems operating at 1.544 Mbps, 1 UI equals 647 nanoseconds. For E1 systems operating at 2.048 Mbps, 1 UI equals 488 nanoseconds. UI durations for higher rate bit streams are proportionately smaller.
Mr. Vadalia further added, GLs tProbe T1 E1 Analyzer and Universal T1 E1 Cards have pulse shape measurement capability. Software has been developed to determine if the pulse shape fits within a pulse mask as specified by standards ITU G.703 and ANSI T1.102-1993. The software is available in both visual and tabular formats. Tabular formats are convenient for automation and scripted test environments. It is quite common for T1 E1 signals, within a central office environment or an enterprise telecom room, to NOT meet pulse mask requirements due to interference, too long or short cable lengths, improper impedances, or simply poor transmitter design. In such cases, pulse mask compliance is very useful in diagnosing problems.
Important Features of Jitter Measurement
GL Conveys the Availability of its Jitter Measurement and Pulse Mask Compliance Testing Solutions
Pittsburgh, PA (PRWEB) November 13, 2012
Wombat Security Technologies (Wombat), a leading provider of cyber security awareness and training solutions, today announced the release of its newest training series created to help retailers and businesses address key requirements of common privacy laws and data protection mandates, including PCI (Payment Card Industry) compliance. To ensure security policy and procedures are met and reduce the risk of data theft, security awareness training is a mandatory requirement of the PCI Data Security Standard for all employees who handle cardholder data. Wombats new compliance training series leverages the companys proven learning techniques to clearly explain data security requirements to employees and emphasize their responsibility towards securing sensitive information, while simplifying compliance monitoring and reporting for PCI managers.
The key is not just awareness; it is behavior change; as such, interactive security awareness training platforms help compliance managers effectively administer mandated employee education, prove the completion of training in the event of an audit, and actually change the way that employees behave. The result is lower risk for the organization said Andrew Walls, Vice President of Security, Risk and Privacy of Gartner. Companies that employ new interactive cyber security assessment and context aware security training software are reporting reductions in susceptibility to employee-targeted attacks, which translates to fewer breaches and lower remediation costs.
At the most recent PCI Council meeting, the organization reported that security breaches were at the worst level since the group was founded. With data breaches capturing top news headlines, it is more important than ever for companies to enhance their data security and compliance protocols. The 12 requirements for PCI DSS compliance include annual training of employees to maintain and enhance a businesss internal security controls.
Today every organization is a target for cyber criminals and employees are one of the primary attack vectors yet many businesses lack the expertise and resources to effectively train their people against these growing cyber threats, said Joe Ferrara, President and CEO of Wombat Security Technologies. As employees learn how to identify and report attacks, they become invaluable to a companys defensive as well as offensive security posture.
Wombats new compliance training series includes: PCI-DSS requirements, as well as, Personally Identifiable Information (PII) and Data Protection and Destruction so that compliance managers can:
Mission Viejo, CA (PRWEB) November 21, 2012
As a new anti-money laundering (AML) law went into effect in the United States on August 13, Comergence — the lending industry’s premier risk management firm specialising in residential mortgage loan originator (RMLO) due diligence and profile surveillance — has taken the lead in helping lenders manage their RMLOs compliance. The company has created a proprietary AML certification process for their existing lender clients, along with reporting and analytics to track which of their RMLOs have complied with the law.
For the first time, the global Financial Crimes Enforcement Network (FinCEN) will require non- bank mortgage lenders and originators to implement an AML program and file Suspicious Activity Reports (SARs) for certain loan transactions. FinCEN established this AML program in accordance with the Bank Secrecy Act (BSA). The guidelines relating to the AML requirement became effective on April 16, 2012, and the AML Programs effective compliance date was Aug. 13, 2012.
“We estimate that only 7.4 percent* of the countrys mortgage originators are currently in compliance, said Greg Schroeder, president of Comergence. Whats alarming is that approximately half of the phone calls we receive from originators regarding this new requirement is that they don’t even know what the AML law is. We are working closely with all parties to bring them up to speed quickly, and provide them with a solution thats comprehensive, easy to use, and easy to manage.”
Until the Comergence software platform was created, lenders only had faxes, email, spreadsheets and paper files to manually manage compliance with RMLOs. There had been no centrally managed platform available to manage a database of third-party originators.
The Comergence system provides an electronic overview and tracking of who is in compliance with this regulation, in addition to a host of other features.
“The penalties for failing to comply with the AML regulations are severe, which include a lender’s responsibility to monitor its clients, said Eddie Rodriguez, chief compliance officer at First Mortgage Corporation, a Comergence client. First Mortgage Corporation appreciates and welcomes Comergence’s proactive effort to monitor each of our clients by ensuring that they’ve complied with the new laws.
Comergence supplies a robust system for lenders to manage their mortgage originators. A new dashboard reporting system can identify down to the account executive level which RMLO is in compliance and can parse lists for management in order to track and gain compliance with each of their clients.
Working with our partners at Comergence has proven to be one of our best decisions in thirdparty origination, said Matthew M.Teskey, vice president of correspondent lending at Weststar Mortgage Corporation. When our counterparts hear that we utilize Comergence for RMLO tracking and compliance management, they breathe a sigh of relief as well. Not only is the platform highly effective for our needs, but the Comergence team that supports us is top notch. As an example, when the BSA/AML deadline approached, the Comergence team proactively went to the client community with attestations and compliance surveys as a way to make our lives easier.
About Comergence:
Comergence is the lending industry’s premier risk management firm specializing in mortgage originator due diligence and profile surveillance. Comergence offers a full suite of hands-on and automated services such as Originator screening and compliance monitoring.
The company has compiled a comprehensive database of 200,000+ records on every licensed mortgage originator in the US, along with aggregated and appended industry-specific data that provides clients with crucial information for proper third party risk management.
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