Bank Secrecy Act, IFRS Convergence and Cyber Security Threats Generating Unprecedented Demand for Expertise at Banks and Financial Institutions

Corporate Resource Services, Inc. (NASDAQ:CRRS), (the “Company” or, “CRS”), a diversified technology, staffing, recruiting, and consulting services firm, today commented on increased demand for the company’s professional staffing services targeted to the financial sector.

“Banks and financial services institutions have been hit with a ‘perfect storm’ in terms of compliance and risk management,” said John Messina, Chief Executive Officer for CRS. “The Patriot Act continues to place necessary pressure on compliance with the Bank Secrecy Act. At the same time, all companies that currently use GAAP¹ to report financial results are preparing for a transition to the International Financial Reporting Standards (IFRS). These trends, joined with unprecedented threats to IT security and customer data, are generating tremendous demand for consultants with the experience and knowledge needed to mitigate risk and ensure compliance.”

Recognizing that institutions need additional expertise and resources without entirely outsourcing their audit and risk management functions, CRS works with banks and financial services companies to provide qualified professionals on demand – allowing for full compliance with a more cost-efficient, flexible staffing model.

“Compliance in today’s regulatory environment is a constantly-changing, ongoing process,” said Tom Seavey, Managing Director for CRS’ Professional Services Group. “The growth of global terrorist organizations drives a similar increase in compliance standards with the Bank Secrecy Act. Companies are challenged to keep pace when faced with equally complex challenges in IT security and pending convergence with IFRS. Our professionals can engage with clients immediately – providing up-to-date expertise and the bandwidth necessary to assess risk and achieve compliance on time.”

Through the company’s AccountAbilities Professional Group, CRS has access to more than 1,000 highly specialized financial risk and technology consultants assigned daily to clients in the U.S. and abroad. Based in Newport Beach, Calif., AccountAbilities serves many of the largest regional, national and international banks, as well as financial and consulting divisions of the most prominent national and global CPA firms.

“Unlike previous events including Y2K and even Sarbanes Oxley, compliance in today’s financial services market is open-ended and constantly evolving,” added Seavey. “In the past year alone, our division experienced growth in excess of 400 percent – and expects to meet similar demand for the foreseeable future.”

Forward Looking Statements:

Certain information contained in this press release, particularly information regarding completion of this offering, constitutes forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “comfortable with,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

About Corporate Resource Services, Inc.

Corporate Resource Services, Inc. provides cloud-based enterprise applications and hosting services to PEO and staffing companies, as well as diversified staffing, recruiting, and consulting services. The Company offers trained employees in the areas of Insurance, Information Technology, Accounting, Legal, Engineering, Science, Healthcare, Life Sciences, Creative Services, Hospitality, Retail, General Business and Light Industrial work. The company’s blended staffing solutions are tailored to our customers’ needs and can include customized employee pre-training and testing, on-site facilities management, vendor management, risk assessment and management, market analyses and productivity/occupational engineering studies.

The Company operates approximately 250 staffing and on-site facilities throughout the United States and the United Kingdom and it offers its services to a wide variety of clients in many industries, ranging from sole proprietorships to Fortune 1000 companies. To learn more, visit http://www.crsco.com

¹ Generally Accepted Accounting Principles

For more information, contact:
Makovsky
Mike Goodwin, 212-508-9639
mgoodwin@makovsky.com

Source: Corporate Resource Services, Inc.