The student loan market is highly regulated and ASA is a leader within this industry
Atlanta, GA. (PRWEB) October 17, 2007
Compliance 360, Inc., a provider of governance, risk, and compliance (GRC) management software, today announced that American Student Assistance® (ASA) has selected the Compliance 360 solution to automate their regulatory compliance, policy, and contract management.
ASA, which administers the Federal Family Education Loan Program on behalf of the U.S. Department of Education, had been looking for a solution to centralize all of their compliance activities and documentation as well as an application that could be tailored to fit to their industry-specific requirements and regulations. Specifically, they wanted a more effective way to track compliance with Higher Education Act (HEA) legislation, as well as many state regulations and non-HEA federal laws.
ASA plans to utilize the Compliance 360 solution to manage its corporate compliance program, access regulatory content, and automate process workflow. This strategic move assists in the organization’s initiative to reduce manual processes, improve agility, and provide greater visibility to its overall compliance status.
Through the Compliance 360 solution, ASA will be able to manage regulatory issues, such as the FFELP program and Fair Credit Reporting Act, and have a real-time view into the evidence of compliance throughout their enterprise. All regulations and evidence of compliance are linked and stored in a centralized database, automating the tracking and management of compliance and providing on-demand reporting and compliance visibility. Compliance 360 solutions also offer the added value of increasing productivity and efficiency, reducing redundancy, and minimizing risk.
“We selected Compliance 360 because of their experience and success in the loan origination and servicing market,” says Christopher Sheehan, ASA’s Assistant General Counsel. “Based on the reputation of the product and the company, we knew Compliance 360 would be a solid match for our requirements and a technology partner we could depend on as our business grows.”
"The student loan market is highly regulated and ASA is a leader within this industry,” says Steve McGraw, Compliance 360 Chief Executive Officer. “We are very pleased to be selected by ASA and assist them as they continue to help students successfully manage their education debt.”
About American Student Assistance
American Student Assistance® (ASA) helps college students and their parents to manage higher education debt successfully. ASA’s unique Wellness programs give borrowers the support they need to avoid default. Incorporated in 1956, ASA was the nation's first student loan guarantee agency and a model for the federal student loan guarantee program. The company ensures that the public policy purposes and regulatory requirements of the Federal Family Education Loan Program (FFELP) are met. ASA delivers quality FFELP default prevention, guarantee, origination, and fund delivery services to students, parents, schools, and lenders nationwide. ASA guarantees more than $2 billion in student loans annually and currently manages a student loan portfolio worth more than $41 billion. Based in Boston, ASA employs more than 650 associates nationwide. Visit http://www.amsa.com or call 800.999.9080 for more information.
About Compliance 360, Inc.
Compliance 360 helps companies in regulated industries address the most important facets of a comprehensive governance, risk and compliance management program. The results are reducing risks, improving efficiencies and protecting a company’s brand. The Compliance 360 on-demand software suite includes products that address IT governance, policies and procedures management, incident management, surveys, Sarbanes Oxley compliance and enterprise risk management. Compliance 360 has headquarters in Atlanta, GA and assists over 70,000 users everyday in a variety of highly regulated complex business environments. For more information, visit Compliance 360 at http://www.compliance360.com.
Editor’s Note: Compliance 360 is a registered trademark of Compliance 360, Inc. All other trademarks are recognized as proprietary to their owners.
media @ compliance360.com
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