COVID-19 STATEMENT: Conformance Technologies is here and ready to support you and your merchant customers during this challenging period. Our highly developed technology stack enables us to maintain normal service levels during this time. We are confident that services and deliverables will not be disrupted should any employee need to take time to focus on their health and are adding additional layers of contingency planning. We are committed to and effectively supporting you, your business and your merchant customers in any way that we can.
Assessing and monitoring SMB risk and compliance is a complex and dynamic process with lots of moving parts.
For major service providers and banks with portfolios of small and midsize businesses, Know Your Customer (KYC) validation and risk assessment during underwriting is fraught with a myriad of manual tasks that can take days, even weeks, to perform. Gathering data for comprehensive risk assessments is time-consuming and error prone. And once credit is extended and SMBs are onboarded, continuous business monitoring is rarely performed.
These same companies and their SMB customers face an ever-increasing number of international, federal, state and local regulations, plus industry-specific regulatory mandates. The sheer number that must be adhered to is overwhelming, while the process of achieving and reporting regulatory compliance is constantly evolving, highly manual, time-intensive and error prone. To say the least, it is difficult for most organizations to attain and maintain compliance, respond to regulatory scrutiny and provide accurate compliance verification reporting on a timely and accurate basis.
Conformance Technologies offers a comprehensive and cost-effective suite of solutions designed to effectively assess and monitor SMB risk and compliance, while reducing the effort and complexity surrounding these tasks. Organizations can make better, faster decisions about the businesses in their portfolios to reduce risk, improve customer experience, lower costs and generate ongoing revenue streams. SMBs benefit from faster onboarding and access to services that are easy-to-use, saving time and money while alleviating significant operational headaches.