RiskWatch, Inc. announced today that it has signed an agreement with AaSys of Tampa, Florida to distribute its RiskWatch for Financial Institutions software.
RiskWatch recently released a new updated version of RiskWatch for Financial Institutions software which allows organizations to do a self-assessment against the FFIEC (Federal Financial Institutions Examination Council) guidelines. The software also assists organizations to do self-assessments compliance with requirements such as the FFIEC IT Framework, the Gramm-Leach Bliley Act (GLBA), the HIPAA Final Security Rule, the ISO 17799-2005 and 27001, SB 1386 (Identity Theft), and the PCI (Payment Card Industry) standards.
"RiskWatch is the leading risk analysis software and has the best FFIEC compliance-based analysis software, which is a perfect match for our association of Florida banks who are looking for compliance solutions," explained Tony Coleman, President of AaSys.
According to a recent study conducted by AMR Research, about $6 billion or 22 percent of all compliance spending this year will reflect efforts by companies to become compliant with the FFIEC requirements, as well as regulations related to the Sarbanes-Oxley Act. Compliance spending is likely to continue upward in 2007, reaching about $28 billion.
Sarbanes-Oxley and previous corporate scandals have refocused corporate strategies to incorporate risk management, governance, and other concerns into their daily operations.