Benjamin Robinson, former chief privacy executive at Bank of America, is forming a new company with Don Andersen, president of Innovative Software Solutions, to help financial services firms address identity theft and comply with regulations such as the USA Patriot Act.
The new company, called Innovative Risk Solutions, will help firms address four areas of operational and regulatory risk - identity theft, privacy, compliance and information security.
Robinson says the company will deliver the first compliant data model for identity theft and introduce an end-to-end product for compliance that addresses the needs of financial institutions, regardless of size or reach.
The firm will also help financial institutions address privacy in a comprehensive and systematic manner, he states, as well as provide best practices and training for institutions to effectively manage and protect data.
"We fully comprehend the pressures and risk that financial institutions face as they balance the regulatory requirements with the demands of the customer to secure identification data," says Robinson.
Robinson will serve as the president and chief executive officer of the new venture. Prior to joining the Bank of America he served as president and CEO of MasterCard Cardholder Solutions and also as chief privacy officer for MasterCard International.
He currently serves on the Federal Reserve Board's Consumer Advisory Council. In 1993 he worked on the US House of Representatives' Committee on Banking, Finance, and Urban Affairs, advising on banking issues affecting the US. He has also held senior positions at Mellon Bank and the former Fleet Bank.