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Compliance Coach Announces Partnership with Identity Theft Resource Center (ITRC) to Combat Identity TheftSAN DIEGO --(Business Wire)-- Compliance Coach Inc., a leading provider of automated regulatory compliance solutions to the financial services industry, today announced a partnership with the Identity Theft Resource Center, Inc. (ITRC) to jointly promote each other's services to combat identity theft and raise awareness among the business community for the need to comply with the FACT Act Identity Theft Red Flags Rule by November 1, 2008. The Federal regulation imposes new responsibilities on businesses to prevent consumer identity theft. The impact is broad and the Rule affects every single bank, credit union, mortgage lender, auto dealer, credit card lender, payday lender, utility company, municipality, phone company, and any consumer or small business lender in the country. Each affected entity must perform a risk assessment, identify covered accounts and applicable red flags, then map the red flags to detection and response procedures and implement a written identity theft prevention program. They must also train appropriate staff and update the program periodically and report on its effectiveness, at least annually. Failure to comply can lead to civil monetary penalties for each violation, regulatory enforcement action, private plaintiff lawsuits, negative publicity and loss of business. Earlier this year, Compliance Coach launched CompliancePal, a user-friendly web-based software that uses a unique five-step system to facilitate compliance with the Red Flags Rule. The CompliancePal software enables companies to comply more quickly, and with less effort. "We are honored to partner with ITRC, the leading non-profit organization in the nation that assists both consumers as well as businesses in combating identity theft," said Sai Huda, chairman and CEO, Compliance Coach. "We look forward to working with the ITRC to furthering Red Flags compliance in the business community. Most businesses are not fully aware of the new regulation, or are behind in their compliance efforts. CompliancePal will get them into, and keep them in, compliance," continued Huda. "Complying with the Red Flags Rule will be a challenging endeavor for most businesses. We are delighted to partner with Compliance Coach to raise the business community's awareness and introduce both of our companies' expert services to facilitate compliance and deter identity theft," said Jay Foley, Executive Director, ITRC. "CompliancePal is a timely, practical and cost effective compliance solution. We recognize this type of product as a viable tool for the business community," continued Foley. CompliancePal, a web-based software, walks the user through a series of questions and produces: the required risk assessment; the mapping of red flags to appropriate detection and response procedures; the written program; the training materials; and the compliance status report, everything necessary to pass an audit. The software is updated regularly to address new identity theft schemes and red flags so a company can easily update its identity theft program and maintain compliance. To use the solution, companies simply sign-up online and access the software via the Internet. A demo can be viewed at http://www.compliancepal.com. About Identity Theft Resource Center The Identity Theft Resource Center is a nationally recognized non-profit organization that focuses on identity theft, assisting both consumers and businesses in combating this issue. ITRC is based in San Diego, California and provides a call center that handles approximately 9,000 calls a year from identity theft victims. Its staff provides knowledgeable assistance and support to consumers and businesses in resolving their fraud and identity theft issues. It maintains a web site that receives more than 22 million hits per year, providing awareness on identity theft topics. It also provides educational workshops, seminars, training and expert consulting services to the business community and government on identity theft prevention best practices. ITRC has received numerous awards and commendations for its work including the National Crime Victims Service Award. Additionally, ITRC has a complete breach response program to help businesses prepare for a data loss or respond to a data exposure event. Visit www.idtheftcenter.org. About Compliance Coach Compliance Coach Inc. is a leading provider of automated regulatory compliance solutions to the financial services industry. Seven of the top 10 banks and hundreds of financial services companies throughout the U.S. rely on Compliance Coach's solutions and services to mitigate compliance risk. Compliance Coach provides risk assessment software, e-learning and other tools to enable compliance with applicable laws and regulations. Its products and services are supported by an in-house team of nationally recognized legal, compliance and technology experts. CompliancePal is the company's latest revolutionary web-based software that uses a unique five step system to enable compliance with the new FACT Act Identity Theft Red Flags Rule, quicker and easier. The company is privately held and venture capital backed by four of the top 10 banks: Wells Fargo, Bank of America, Citigroup and Washington Mutual are the company's primary investors. It is based in San Diego, California and has a regulatory relations office in Washington, D.C. For further information, visit http://www.compliancecoach.com. Compliance Coach(R) is a registered trademark and CompliancePal(TM) is a trademark of Compliance Coach, Inc. Patents pending. Copyright (C) 2008 Compliance Coach, Inc. All rights reserved. |
