Outsourced Compliance Services from Captain Compliance


Outsourcing compliance functions makes sense for several reasons, whether you are a large firm or small. First and foremost, compliance is a complex and rapidly evolving field with numerous regulations and requirements to navigate. Outsourcing compliance allows organizations to tap into the specialized knowledge and expertise of compliance firms that stay up to date with the latest regulatory changes and best practices. This ensures that organizations can efficiently meet compliance obligations without the burden of constantly monitoring and interpreting regulatory updates themselves.

Additionally, outsourcing compliance can provide cost savings. Maintaining an in-house compliance department requires significant investment in hiring and training qualified staff, establishing infrastructure, and ongoing maintenance. By outsourcing, organizations can leverage the resources and capabilities of compliance firms, which already have established systems, processes, and trained professionals in place. This can lead to greater operational efficiency and cost-effectiveness.

Outsourcing compliance also offers an objective perspective. External compliance firms like Captain Compliance bring a fresh set of eyes and independent assessment to the organization's compliance practices. They can provide unbiased evaluations, identify potential gaps or weaknesses, and offer recommendations for improvement. This objectivity helps organizations gain a comprehensive and unbiased view of their compliance posture and enhances the overall effectiveness of their compliance programs.

Furthermore, outsourcing compliance allows organizations to focus on their core competencies and strategic initiatives. Compliance can be time-consuming and resource-intensive, diverting valuable internal resources away from core business activities. By entrusting compliance to external experts, organizations can allocate their internal resources towards driving innovation, enhancing customer experience, and achieving business objectives.

Lastly, outsourcing compliance can enhance risk management and mitigate potential liabilities. Compliance firms have experience in assessing and managing risks associated with regulatory non-compliance. They can conduct thorough risk assessments, implement robust control frameworks, and provide ongoing monitoring and reporting. This proactive approach helps organizations identify and mitigate compliance risks, reducing the likelihood of penalties, fines, reputation damage, or legal consequences.

Outsourcing compliance brings specialized expertise, cost savings, objectivity, a focus on core competencies, and improved risk management. It allows organizations to streamline compliance efforts, stay up to date with regulations, and allocate internal resources effectively, ultimately leading to greater operational efficiency and reduced compliance-related risks.

Below are a list of different compliance services that the super heroes at Captain Compliance can help with:

Fintech Licensing

With its experienced compliance professionals working as licensing professionals, Captain Compliance has centuries of collective knowledge in obtaining and maintaining thousands of regulatory licenses for fintech companies in areas like money transmission, cryptocurrency, prepaid access, currency exchange, lending, and gaming. The Captain Compliance super hero team provides a fully outsourced solution in all key component parts of getting and staying licensed. Captain Compliance emphasizes excellent project management to help ensure timely results. Captain Compliance and its staff have serviced and worked at, a statistically significant portion of licensed U.S. money transmitters.

Federal Compliance

Captain Compliance is one of the industries proven providers of AML/CFT, fraud prevention, and regulatory compliance services to the fintech industry. Comprised of an incredibly deep bench of long-time practitioners from all corners of the fintech industry, the firm builds, localizes, enhances, and audits compliance programs. It serves many of the industry’s leading fintech companies throughout the world.

Banking Compliance

Captain Compliance has well-credentialed former bank compliance officers who serve all types of banks as well as challenger/neo/digital banks in most areas of bank regulatory compliance. Numerous clients come from the fintech industry and several of the fintech banking market leaders. Captain Compliance brings a unique, first-hand experience to its work, with services might include:

  1. Compliance program development: bank design and implementation of a comprehensive compliance program, including policies, procedures, and controls to ensure adherence to all applicable laws and regulations.

  1. Regulatory liaison: act as a liaison between the bank and its regulators, helping to manage regulatory relationships and respond to regulatory inquiries or examinations.

  1. Risk assessment: conduct risk assessments to identify the bank's compliance risk areas and develop strategies to mitigate these risks.

  1. Training: provide training for bank staff on compliance topics to ensure that everyone understands the bank's compliance obligations and how to meet them.

  1. Audit and review: conduct audits or reviews of the bank's compliance program to ensure its effectiveness and identify any areas that need improvement.

  1. Regulatory updates: provide updates on changes in laws or regulations that affect the bank, helping the bank to stay current in its compliance obligations.

Global Outsourced Compliance

Captain Compliance’s team of veteran compliance officers, and analysts are positioned as an outsourced resource for compliance program execution with many financial services businesses. The firm handles many of the day-to-day functions required to maintain an effective compliance program, including transaction monitoring and reporting; sanctions screening; KYC and customer due diligence; onboarding and enhanced due diligence; fraud prevention; consumer compliance; and taking overall leadership of the program. Providing flex talent at variable cost, with excellent bench depth and quality assurance, Captain Compliance is a strong alternative to hiring directly in many cases.

Captain Compliance is proud to provide services to the following industries:

∙B2B payments providers, foreign exchange servicers, payments processors, bill payment companies, online wallet providers, payroll providers, stored value issuers and managers

∙Virtual currency exchangers, administrators, and blockchain companies

∙Money Services Businesses such as money transmitters, prepaid access providers, currency exchangers, and check cashers

∙Consumer lenders, business lenders, and cash advance lenders

∙Online marketplaces

∙Traditional banks, challenger banks, neo-banks, digital banks, fintech banks, and credit unions

∙Investment firms


Healthcare Related Compliance Services

Compliance services in the healthcare industry are crucial for ensuring that organizations adhere to regulatory requirements and maintain the privacy, security, and integrity of sensitive healthcare information. A compliance firm specializing in healthcare offers a range of services to help organizations navigate complex regulations and mitigate risks. Here are detailed explanations for each of the line items mentioned:

  1. National Committee for Quality Assurance (NCQA): The National Committee for Quality Assurance (NCQA) is a non-profit organization that develops and maintains accreditation standards for healthcare organizations. NCQA sets rigorous criteria to assess the quality of healthcare services provided by these organizations. A compliance firm can assist healthcare organizations in preparing for and achieving NCQA accreditation. This involves conducting assessments, developing policies and procedures, implementing quality improvement programs, and ensuring compliance with NCQA guidelines.
  2. Medicaid Certification Requirements: Medicaid certification requirements refer to the criteria that healthcare providers must meet to participate in the Medicaid program, which provides healthcare coverage to low-income individuals and families. Compliance firms help healthcare organizations understand and meet these requirements by conducting comprehensive audits and assessments, ensuring accurate documentation and reporting, developing compliance programs, and assisting with the application process. They ensure that providers meet the necessary criteria to receive Medicaid reimbursement and maintain compliance with Medicaid regulations.
  3. SOC 2 Audits: SOC 2 (Service Organization Control 2) audits are an industry standard set by the American Institute of Certified Public Accountants (AICPA) to assess the security, availability, processing integrity, confidentiality, and privacy of systems at service organizations. Compliance firms perform SOC 2 audits to evaluate and validate an organization's controls and processes related to the secure handling of sensitive data. They assist healthcare organizations in identifying and addressing vulnerabilities, implementing necessary controls, and producing a comprehensive report on their compliance with SOC 2 standards.
  4. Health Insurance Portability and Accountability Act (HIPAA): HIPAA is a federal law in the United States that establishes privacy and security standards for protected health information (PHI). Compliance with HIPAA is crucial for healthcare providers, health plans, and healthcare clearinghouses. A compliance firm specializing in HIPAA assists organizations in understanding the requirements of the law, conducting risk assessments, developing and implementing policies and procedures, training employees, and ensuring the organization's overall compliance with HIPAA regulations. They help organizations safeguard PHI, mitigate risks, and respond effectively to potential breaches or incidents.
  5. Health Information Trust Alliance (HITRUST): The Health Information Trust Alliance (HITRUST) is an organization that developed the Common Security Framework (CSF), a comprehensive set of security controls and privacy requirements for healthcare organizations. Compliance firms provide expertise in HITRUST CSF implementation, offering services such as risk assessments, gap analysis, control selection and implementation, policy development, and ongoing monitoring. They guide organizations in achieving HITRUST certification, which demonstrates their commitment to protecting sensitive health information and complying with industry-recognized security standards.

In summary, a compliance firm specializing in healthcare-related services provides valuable support to organizations by assisting with NCQA accreditation, Medicaid certification requirements, SOC 2 audits, HIPAA compliance, and HITRUST implementation. Their expertise helps organizations maintain regulatory compliance, enhance data security and privacy, and mitigate risks in the healthcare industry.