LOS Provider's Internal Controls and Processes Are Verified for the Third Consecutive Year
BURNABY, BC / ACCESSWIRE / November 30, 2021 / Inovatec, leading provider of cloud-based loan origination and loan management solutions, today announced that it has again completed its SOC 1 and SOC 2 Type II audits, performed by KirkpatrickPrice. This compliance benchmark is evidence of Inovatec's ongoing commitment to providing quality solutions and services that abide by the highest security guidelines. Inovatec's security and compliance procedures have been annually audited by a recognized third party since 2018.
Inovatec's sophisticated solutions create efficiencies for lenders, dealers, credit analysts, and underwriting teams. Its robust automation expedites the approval process, providing a competitive advantage for lenders in a challenging market. The company serves as a consultative business partner to lenders, helping them to deliver an efficient, customizable financing experience. Inovatec conducts independent audits to validate its security compliance each year, confirming that its LOS, LMS, and Direct solutions meet and exceed all industry standards.
SOC 1 and SOC 2 audits provide independent, third-party validation that a service organization's information security practices meet industry standards stipulated by the AICPA. During a SOC 1 audit, a service organization's controls that are relevant to ICFR are tested. An SOC 2 audit tests a service organization's non-financial reporting controls as they relate to security, availability, processing integrity, confidentiality, and privacy of a system. The SOC 1 and SOC 2 reports delivered by KirkpatrickPrice verify the suitability of the design and operating effectiveness of Inovatec's controls to meet the standards for both of these sets of criteria.'
'Maintaining data security and adhering to the strictest compliance guidelines is paramount for our company and our clients, and we are pleased that our technologies and methodologies have passed these rigorous auditing processes,' noted Vlad Kovacevic, Inovatec's chief executive officer. 'Even as we achieve these certifications, Inovatec's pledge is to continue investing in advanced technologies and new protocols to fortify our platform and give clients and consumers the utmost confidence that their personal information is truly secure.'
'Inovatec's clients rely on the company to protect consumer data throughout the loan origination process,' said Joseph Kirkpatrick, president of KirkpatrickPrice. 'As a result of this responsibility, Inovatec has implemented best practice controls to address information security and compliance risks. Our third-party opinion validates these controls and the tests we perform provide assurance that Inovatec's practices and solutions will meet its clients' expectations.'
Inovatec's white papers on Risk Mitigation and Regulatory Compliance can be found here, outlining how lenders can effectively adapt to changing security policies.
Inovatec Systems Corporation is committed to providing modern end-to-end solutions and improving outcomes for lenders in North America. As an industry-leading provider of cloud-based lending solutions, Inovatec's suite provides businesses with a flexible and intuitive platform. Inovatec's success-based pricing disrupts standard practice by allowing lenders to only pay for the transactions they book-an industry first.
KirkpatrickPrice is a licensed CPA firm, PCI QSA, and a HITRUST CSF Assessor, registered with the PCAOB, providing assurance services to over a thousand clients in North America, South America, Asia, Europe, and Australia. The firm has more than a decade of experience in information security by performing assessments, audits, and tests that strengthen information security practices and internal controls. KirkpatrickPrice most commonly performs assessments on SOC 1, SOC 2, PCI DSS, HIPAA, HITRUST CSF, GDPR, ISO 27001, FISMA, and FERPA frameworks, as well as advanced-level penetration testing. For more information, visit www.kirkpatrickprice.com, follow KirkpatrickPrice on LinkedIn, or subscribe to our YouTube channel.
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SOURCE: Inovatec Systems
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