New Haven software company Continuity announced last week that its compliance technology had successfully gone live at First Foundation Bank in Irvine, Calif. First Foundation implemented Continuity’s RegAdvisor Pro and RegControls solutions to automate its compliance-management process.
“Strategic and growth-focused institutions such as First Foundation Bank understand the importance of streamlining compliance management and are proactively taking steps and investing in technology to ensure they’re well positioned for future expansion and success,” said Continuity CEO Mike Nicastro. “Our comprehensive compliance-management system is designed to provide banks like First Foundation with the tools necessary to seamlessly and efficiently navigate today’s changing regulatory environment.”
A bank that offers private wealth management, personal banking and business banking services, First Foundation has offices in California, Nevada and Hawaii and holds $5.9 billion in assets. In light of recent growth, the bank sought a comprehensive system to standardize and simplify its compliance processes.
“As our bank continues to expand, we understood that we would need to move beyond relying on spreadsheets and manual processes for compliance management,” said Nancy Smith, chief compliance officer of First Foundation Bank. “Continuity’s advanced automated platform allows us to boost speed and ease of our compliance management, enabling our staff to focus less on tedious manual tasks and more on meaningful customer service and strategic growth-oriented activities.”
Founded in 2008, Continuity had revenue of $4.9 million in 2016 and saw revenue growth of 229 percent over the prior three years, according to Inc.com, which named the company among its 5,000 fastest-growing private companies in the nation in 2017. Continuity’s software is in use at about 220 banks and automates all aspects of compliance management, from interpretation of regulatory issuances through intuitive task delegation, vendor management and board reporting.
