AdvisX helps financial
manage regulatory risk.
AdvisX has a long history of combining real-world compliance experience with pragmatic technological innovations to help financial institutions effectively manage the cost of regulatory risk.
Originally founded in 1991, the firm began by providing compliance consulting services, and soon found that its geographic analysis services for the Community Reinvestment Act were being sought by many small- to mid-sized financial institutions. From there, the firm expanded into CRA and HMDA reporting, building practical interfaces between common programs that most banks already had in-house and the stringent the regulatory agency submission protocols.
Within a few years, the firm was providing regulatory risk management assistance for more than 100 financial institutions. Its expertise came to the attention of larger financial institutions, and soon it was providing regular CRA geographic distribution analysis, HMDA and fair lending assistance to several financial institutions, such as Bank of the West, Sanwa Bank, Fremont Investment & Loan, and other multi-state financial institutions. Its list of services grew to include a wide range of compliance services.
By the early 2000s, the company had developed a database application to assist a number of financial institutions in managing their appraisal reviews. The firm’s expertise in using technology to analyze lending patterns not just geographically, but also regarding ethnicity, race and gender through matched pair analyses, resulted in it being brought in to work with a number of multi-billion dollar financial institutions, including California-based Countrywide Financial Corporation, Wisconsin-based M&I Bank, a $64 billion institution, and New Jersey-based Cendant Corporation.
In 2008, the firm worked with RSM International to develop a secure, online database application to help case manage a large anti-money laundering audit. The database application was used to manage more than 50,000 AML investigations by nearly 300 users working simultaneously in multiple locations throughout the country. In 2009, the company launched its QueueBase product, a suite of online database applications geared primarily for the use of financial institutions. The first application in the product suite was AML Case Manager. In addition to AML investigations and audits, the firm has conducted hundreds of Fair Lending analyses.
Since 2010, the firm has been involved in the validation testing of a series of BSA/AML systems and making recommendation reviews for financial institutions throughout the country.
In addition to providing services for numerous small- and mid-sized institutions, the firm’s principals have worked on projects for several of the largest institutions, including:
- Wells Fargo
- Countrywide/Bank of America
- GE Capital
- Toronto Dominion
- RBC Bank
- US Bank
- First General Bank
The firm also provides ongoing compliance services to credit unions throughout the nation through AffirmX, LLC, a Maryland-based company. Clients include:
- Atlantic City FCU
- Department of Labor FCU
- Educational Systems FCU
- First Education FCU
- Justice FCU
- Meriwest FCU
- Money One FCU