OMI launches a Risk Management Solutions and Consulting Practice for the Financial Services Industry
ATLANTA, GA (April 1, 2013) – Atlanta-based OMI is pleased to announce the formation of 366° Comply, a risk management solutions and consulting practice aimed at addressing anti-money laundering and counter terrorism financing compliance regulations within the financial services industry. 366° Comply will assist financial institutions and money service businesses in creating operational efficiencies to manage compliance risk.
Through a strategic partnership with BSA Technologies, developer of financial risk management software, OMI’s 366° Comply division offers a comprehensive approach to customer due diligence, automated client risk rating, and transactional monitoring. Utilizing BSA RADAR®, a Cloud-based software application, 366° Comply provides an efficient way to capture, store, analyze and report customer information needed to comply with anti-money laundering and counter terrorism financing regulations while streamlining the account opening process overall.
“366° Comply’s primary focus is the lowering of financial institution’s costs by automating existing compliance processes currently being performed manually,” says OMI CEO Brad Banyas. “Expectations are getting tougher under the U.S Patriot Act and the Bank Secrecy Act, among others. And the combined strength of 366° Comply and RADAR® will further improve the quality of overall compliance efforts with processes and automation that address the many challenges.”
Financial institutions navigating today’s complex AML and CTF compliance landscape find addressing and implementing sound business practices and adhering to compliance policies are more critical than ever before. Banks, credit unions and broker/dealers benefit from 366° Comply’s team of highly experienced professionals focused on guiding companies through the complexities of regulatory compliance. According to Banyas, the goal is to provide industry leading solutions and to partner with financial institutions in identifying and defining proper strategies to monitor, manage and control compliance risk and expense.
“OMI has been serving the financial services sector for over 13 years. Our deep history in managing customer communications was a natural progression to providing risk management services,” explains Banyas. “Our close partnership with BSA Technologies and the RADAR® risk management platform will provide exceptional value to our customers; helping them save money while minimizing their regulatory compliance risks.”
Banyas appointed Thomas E. Orton III, CPA to head the Risk Management Services Group as Practice Manager. “With Tommy’s background in auditing and compliance, we are confident our clients will see immediate value in the new Practice area from OMI.”