Cloud lending provider is compliant with rigorous data privacy and security standards
BURNABY, BC, February 2, 2023– Inovatec Systems, a major provider of industry-leading, cloud-based software solutions for lenders, announced that it has successfully completed all SOC certification processes, including SOC1, SOC2, and SOC3 audits, and is in compliance with all industry-accepted data privacy and information security mandates. The certification was conducted by Schellman Compliance LLC, an ANAB and UKAS accredited certification body based in the United States.
SOC (System and Organizational Control) reports are designed to help providers establish trust in their services and products, including service delivery processes and controls. An independent certified public accounting (CPA) firm must perform the evaluations, which are designed to help providers demonstrate the ability to manage risk and meet contractual obligations.
SOC certification includes: SOC1, covering financial reporting capabilities and their impact on client financial reporting responsibilities; SOC2, which assesses data security and privacy processes; and SOC3, a comprehensive evaluation of system requirements as they relate to service commitments. Inovatec successfully satisfied the requirements of the SOC1, SOC2, and SOC3 examinations.
“Maintaining comprehensive SOC compliance is of paramount importance to Inovatec, our partners, and our clients, who rely on us to use a combination of advanced technology and best practices to ensure data privacy and security,” said Danijela Kovacevic, Inovatec’s chief operating officer. “We invest heavily in hardening our platform and training our staff on appropriate measures to protect sensitive data. The SOC certification validates that our efforts to adhere to accepted industry practices are correct and appropriate.”
Inovatec’s cloud-based technology allows lenders to streamline loan processing, decisioning, and management with intelligent automation that can be configured to meet lender needs. Inovatec’s systems allow lenders to adjust workflows as needed, helping them to grow their business in a competitive industry, without compromising on data security, privacy, and regulatory compliance.
For information on Inovatec’s integrated loan origination system, loan management system, and customer portal solution, visit www.inovatec.com.