OSC Names FDIC Executive as Chief Compliance Officer

OSC Expands Compliance Risk Services; Names FDIC Executive as Chief Compliance Officer

Atlanta – OSC, the financial risk management and insurance services company, named Kirk A. Stephens as Senior Vice President and Chief Compliance Officer.

Stephens, a 20-year veteran of the Federal Deposit Insurance Corp., most recently provided strategic direction and advice on supervisory examinations conducted through six regional FDIC offices and oversaw and managed the operations of the Senior Deputy Director of Supervisory Examinations office of the FDIC in Washington, D.C.

In his role as chief compliance officer, Stephens will manage OSC’s portfolio of risk management regulatory and compliance services for banks and other mortgage lenders. The core of these services builds upon OSC’s investment in state-of-the-art collateral tracking services. OSC, for example, assists financial institutions in the preparation for federal risk management banking and financial examinations.

With its OSC Compliance Services, the OSC tracking technology sets the standard for integrated, automated insurance and tax escrow processing and offers a single-source solution that meets all the federal requirements and can document compliance.

OSC is owned by Breckenridge Insurance Group, an underwriting manager, insurance services and wholesale broker. Tracey Carragher, CEO of Breckenridge, said that “our customers face more and more complex regulatory challenges, especially as the housing markets begin to strengthen. Kirk brings to OSC an exceptional understanding of the changing regulatory environment which our customers face every day.”

In his role at the FDIC Stephens reviewed the efficiency and effectiveness of examinations and advised on the overall financial condition of the regional banking operations. Prior to joining the Washington, D.C. FDIC management team, Stephens was a case manager in the Atlanta region where he directed and coordinated the risk management examinations of financial institutions with assets ranging from $20 million to $140 billion. He began his career at the FDIC as a federal bank examiner.

Stephens said, “OSC has invested additional capital in compliance operations that supports a new generation of technology that aligns with federal risk management guidelines and the requirements of the new consumer protection laws and regulations. “

Stephens will manage both internal compliance and be responsible for providing financial risk management advisory and compliance services to lenders.

Earlier this year, OSC announced it was one of the first financial risk management and collateral protection firms to complete the SSAE16 SOC1 audit, the successor to SAS 70 standard. The audit documents that the OSC systems and processes meet the industry’s highest standards.

Carragher said, “With SSAE16, we’ve completed a series of initiatives that places OSC in the forefront of compliance and technology leadership in the insurance and lending markets. Kirk’s understanding of the changing federal regulatory marketplace enables OSC to offer new products and services that meet the changing compliance needs of our customers.”

About OSC

OSC, a specialist in insurance and risk management services and products offers a comprehensive range of portfolio protection and financial risk management services to both large and small institutions. OSC, with its parent company Breckenridge Insurance Group, augments its traditional collateral protection insurance coverage options with additional lending, insurance and risk management products.