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News < Back Sarbanes Oxley : People : Security Privacy Expert Benjamin Robinson Starts His Own Company Former Bank of America Executive Forms New Company to Address the Operational and Regulatory Risk of the Financial Services Market
Privacy expert Benjamin Robinson, former chief privacy executive at Bank of America, and Don Andersen, president of Innovative Software Solutions, announced the formation of Innovative Risk Solutions, one of the first companies to help financial institutions proactively address identity theft case management and compliance with the FACT Act, Sarbanes-Oxley, the Patriot Act and other federal regulations. Innovative Risk Solutions is addressing the four most critical areas of operational and regulatory risk for banks, insurance companies and other financial institutions: identity theft, privacy, compliance and information security. "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. Our experience, proprietary technology and unique solution-mindset will deliver value to the industry. We understand the struggles and increasing risk financial institutions face and we have solutions to address those needs," said Benjamin Robinson, president and chief executive officer of Innovative Risk Solutions. Identity Theft: A Mounting Concern The prevalence of privacy violation and identity theft has increased significantly over the past two years. In fact, the Federal Trade Commission estimates the cases of identity theft at 10 million per year, which equates to 27,118 per day, 1,130 per hour and 19 per minute. The federal government is aggressively implementing regulations to manage this growing epidemic, including the Fair and Accurate Credit Transactions (FACT) Act that outlines significant requirements for banks and other financial institutions whose customers are victims of identity theft. All financial institutions must now be in compliance with the FACT Act or face an $11,000 fine per violation. Innovative Risk Solutions helps financial institutions address and manage the risk of identity theft and privacy concerns. Addressing the Risk of Financial Services Institutions Innovative Risk Solutions has developed a center of excellence in fourcritical areas of operational and regulatory risk: 1. Identity Theft -- Innovative Risk Solutions has significant patent- pending deliverables in the identity theft arena and is delivering the first compliant data model for identity theft. This solution enables institutions to create a comprehensive, fully-compliant program around identity theft and positively impact their customer satisfaction. 2. Privacy -- Innovative Risk Solutions has developed a privacy framework that enables financial institutions to address privacy in a comprehensive and systematic manner. By taking a unique practitioner's approach to privacy, Innovative Risk Solutions provides valuable and practical solutions for financial institutions. 3. Compliance -- Innovative Risk Solutions is introducing the first end- to-end product for compliance that addresses the needs of every financial institution, regardless of size or reach. This compliance program is setting new standards in the industry and changes the way financial services organizations educate their staff on compliance issues. With Sarbanes-Oxley, the Patriot Act and other regulatory requirements, compliance is more critical and more complex than ever. 4. Information Security -- Innovative Risk Solutions provides best practices and training for financial services institutions to effectively manage and protect their data. By benchmarking the practices and employees, financial institutions can protect their data, and ultimately, their organization. Led by Privacy Expert Benjamin Robinson, privacy expert, will serve as the president and chief executive officer of Innovative Risk Solutions. With almost 20 years experience in executive and privacy leadership roles, Mr. Robinson was most recently Chief Privacy Executive of Bank of America. Previously, he served as President and CEO of MasterCard Cardholder Solutions Inc., a subsidiary of MasterCard International and also chief privacy officer for MasterCard International. An author, including Financial Privacy & Electronic Commerce: Who's in My Business (Writers Club Press, 2000), as well as numerous papers and articles on the banking industry, Robinson is nationally recognized in the field of privacy and compliance. He currently serves on the Federal Reserve Board's Consumer Advisory Council. In 1993, Robinson worked on the U.S. House of Representatives' Committee on Banking, Finance, and Urban Affairs, advising former Congressman Joseph P. Kennedy II on banking issues affecting the United States. Prior to the United States House of Representatives, Robinson held senior positions with Mellon Bank and former Fleet Bank. Innovative Risk Solutions specializes in managing operational and regulatory risk for the financial services industry. An affiliate company to Innovative Software Solutions, the two companies work together to deliver technology and services that help financial services institutions effectively manage risk. Headquartered in Charlotte, NC, Innovative Risk Solutions has developed a center of excellence in managing privacy, identity theft, compliance and information security for the financial services industry. 
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