Compliance Coach announces partnership with Identity Theft Resource CenterMortgagePress.comCompliance Coach, Identity Theft Resource Center, ITRC, identity theft, mortgage fraud, FACT Act Identity Theft Red Flags Rule, CompliancePal
Compliance Coach Inc., a provider of automated regulatory
compliance solutions to the financial services industry, has
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 Nov. 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."
"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 of the 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."
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 online by clicking here.
For more information, visit www.idtheftcenter.org or www.compliancecoach.com.
