Doing More With Less in the Last Frontier State
Alaska Regulators Streamline Oversight With Cloud-based Case Management
Alaska is like no other state. Its land mass is twice as large as Texas, yet total population is only 730,000. While 41 percent of residents live in Anchorage, many other Alaskans live in remote areas. With an economy and state general fund largely dependent on the oil extraction industry, when crude oil prices collapsed in 2014 the State of Alaska tasked every agency with delivering essential services with fewer resources.
When the mandate came down, the Alaska Division of Banking and Securities had already begun procuring a new case management system to improve regulatory oversight and reduce reliance on spreadsheets. The Division regulates state depository and non-depository financial institutions; enforces the state’s financial services laws, and provides information to consumers, investors, entrepreneurs, and the financial services industry — all with a staff of 23 people. Given the new fiscal environment, streamlining processes took on greater urgency.
The Division chose to implement MicroPact’s STAR Financial software, an out-of-the box solution that is configurable to meet the client’s specific needs. The cloud-based software consolidates all licensing, registration, chartering, exam scheduling, results tracking, complaints, and investigation activities onto a single system.
STAR Financial has enabled Alaska regulators to:
- Access financial records from a single source of data
- Consolidate multiple systems once available only in Juneau and Anchorage, more than 800 miles apart
- Exchange critical data with the Nationwide Mortgage Licensing System & Registry and other interfaced systems
“It’s worked well, it’s reliable, and it gets the job done without needing a lot of custom configuration,” says Kevin Anselm, Division Director, Alaska Division of Banking and Securities. “The MicroPact team has worked closely with us to meet our objectives despite the budget constraints.”
Download the case study to learn more.
From initial application to registration, examination and enforcement, MicroPact’s Financial Regulatory Compliance software solution consolidates and streamlines oversight capabilities in the promotion of a fair and sound financial marketplace.
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