HEIT, a leading provider of cloud-delivered managed services for community financial institutions, announced the release of its new Managed Compliance Service. The highly anticipated launch of the innovative cloud compliance service was announced with the news of the company's acquisition of ReymannGroup, a Maryland based consulting firm that provides subject matter expertise to help financial institutions navigate emerging regulatory, business, technology and information security challenges. Paul Reymann, ReymannGroup chief executive officer, joins HEIT's executive team as chief risk officer to lead HEIT's compliance and risk management services and continue to expand the company's footprint in the eastern states.
HEIT's Managed Compliance Service (MCS) delivers a CAMELS-based approach that allows institutions to drive the time and cost spent out of their compliance efforts, while expanding resources, expertise, intelligence, and real-time visibility across the organization. MCS also includes a comprehensive technology platform designed specifically for community financial institutions, which is delivered securely over a private cloud architecture to provide a comprehensive real-time view of each institution's compliance-ready state. The cloud platform serves as the underlying foundation of a holistic risk and compliance service providing access to an authoritative library of intelligent content and a deep bench of industry subject matter experts. HEIT's MCS offers: Dodd-Frank Mortgage Lending Readiness Assessment, Compliance and Risk Management, Vendor Management, Business Continuity Planning, Policies and Procedures, Bank Secrecy Act/Anti-Money Laundering, Consumer Compliance, and much more.
The launch of HEIT's MCS marks a game-changing event and milestone in the company's cloud innovation roadmap. "We are continuing to pioneer the way community banks and credit unions leverage our subject matter expertise and technology through the cloud to ease the burden on staff, resources and budgets," said Dan Holt, chief executive officer for HEIT. "MCS enables financial institution leaders to strengthen their compliance and risk postures, gain visibility and transparency across the organization and manage to CAMELS in a way that's just not possible through traditional manually intensive, paper laden compliance and risk management programs."
A recent survey of community bank leaders found that 96.8% of respondents believe regulatory reform through the Dodd-Frank Act will significantly increase operating expenses for the institution. "We've seen a trend of major regulatory overhaul in each of the last three decades, but the transformation the industry is undergoing today is unprecedented. With the sheer scope and size of Dodd-Frank, we're in the midst of a tsunami of rulemaking years," stated Reymann. "HEIT and ReymannGroup have the same vision, passion and common goal to help community bank leaders manage increasing compliance and risk management complexity and the effects of reform on their customers, products and operations. We recognized that the combined expertise, competencies, resources, technology and intellectual properties will enable us to more successfully deliver the innovative services that community financial institutions deserve and need."
Reymann is recognized in the industry as a forward-thinking thought leader and is considered to be one of the leading financial industry regulatory experts in the country. He co-authored Section 501 of the Gramm-Leach-Bliley Act Data Protection regulation. Reymann spent 13 years with the Department of Treasury in Washington D.C. where he authored several key regulatory directives and advisories on emerging risk management issues, including the industry's first regulatory directive on "Transactional Internet Banking."
"We're ecstatic to have Paul Reymann and the ReymannGroup on board with us," added Holt. "It's been a period of rapid growth and innovation at HEIT. The strategic acquisition of ReymannGroup and addition of Paul to our executive team emphasizes HEIT's commitment to continue strengthening our team and offerings - remaining the financial industry's leading managed services and technology outsourcing provider."
Keywords: Acquisitions, Finance, Financial Institutions, HEIT, HEIT Inc., Investing, Investment, Mergers, Mortgage, Real Estate, Technology.
This article was prepared by Information Technology Newsweekly editors from staff and other reports. Copyright 2011, Information Technology Newsweekly via VerticalNews.com.
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