Company

In 1985, Charles Thiel established a partner relationship with Shatswell MacLeod and Company, a community banking Audit firm located near Boston. Over the next 15 years, Charles built a practice focused on computer assisted auditing and Insider/Employee fraud detection services. He lead the development of the first comprehensive CAAT (Computer Assisted Audit Tool) targeted at the banking and credit union markets - totally preconfigured (turnkey) to their requirements. BancAudit is installed in over 100 financial institutions, becoming the preeminent CAAT in the banking vertical.

Reputation in Industry

One of FTG’s strongest assets is customer’s satisfaction with FTG’s products and support services. In a 2007 FTG customer survey, 100% of customers said they would recommend FTG’s products to other financial institutions. The key is FTG’s product quality, its immediate response time to customer questions/issues, the knowledge of FTG’s customer facing professionals, and the flexibility to implement enhancement requests to products.

 

FTG Created

In 2000, Charles, with two other executives, purchased the software assets from Shatswell MacLeod and founded Focus Technology Group (FTG). The same ‘fraud analytic framework’ that comprised the core of BancAudit was now extended to build fraud detection products for External Fraud (Check and Deposit Fraud) and for the detection of Money Laundering and Terrorist Financing behaviors (AML). FTG’s strategy was to partner with leading core processing vendors, thus leveraging their sales force to distribute its products. Partnerships were established and FTG’s products were tightly integrated to these platforms. Today, these clients account for over 300 installations of our software modules.

Two external events began to significantly influence this business model. The events of “911” drove the Patriot Act which in turn, drove the enforcement of the existing Bank Secrecy Act. Bank regulators began to seriously enforce compliance in the AML area. Failures of Enron and WorldCom likewise drove the creation of the Sarbanes Oxley (SOX) law, which reinvigorated the Insider/Employee fraud analytics market and began a migration of auditing services from external firms (i.e. Anderson) back to internal audit departments. It became evident that an open architecture solution would better meet the needs of most banks and that FTG could successful leverage its core ‘fraud analytic framework’. To this end, in 2005 FTG recruited Richard Jefferson an entrepreneur and industry leader in banking software to lead this effort. FTG completed its objective on schedule and by early 2007 had implemented solutions for three major core vendor systems: Fiserv CBS, Fidelity MISER and OSI.

 

 
 
 
   
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