Colorado-based Title Company Passes Service Organization Control Exam
January 30, 2014
Longmont, Colo.-based Alliant National Title Insurance Co. announced the company’s successful completion of the Service Organization Control (SOC) 1SM SSAE 16 examination.
After passing the exam, Alliant National received an American Institute of CPAs report stating that the company maintains effective controls over its agent quality management system. A-Lign Certified Public Accountants of Tampa, Fla., performed the examination for Alliant National.
Robert Grubb, CEO of Alliant National, said the underwriter’s goal is to provide evidence of the quality of its agents through audited systems lenders can rely on.
“Lenders that rely on Alliant National’s oversight of its agents and its Authorized Service Provider program can now receive assurance that the processes Alliant National has in place are complete and function properly in accurately reviewing or certifying its agents,” he added. “Having verification from an independent auditor, through the SSAE 16, provides lenders a substantive reason to accept Alliant National’s agent oversight and certification methods. The SSAE 16 validates the systems in place to minimize risk of financial loss to customers in connection with a real estate closing.”
Alliant National selected the SSAE 16 standard because it is comprehensive and understood in the financial services sector, according to Grubb.
In addition to completing the exam, Anne-Queline Keller, Alliant Title’s continuous improvement manager, has been certified as an ISO lead auditor. This helps in conducting internal audits of the company’s systems.
SSAE 16 Principles and Criteria
The following principles and related criteria have been developed by the American Institute of CPAs and the Canadian Institute of Chartered Accountants for use by practitioners in the performance of trust services engagements:
- Security: The system is protected against unauthorized access (both physical and logical).
- Availability: The system is available for operation and used as committed or agreed.
- Processing integrity: System processing is complete, accurate, timely and authorized.
- Auditing: The system performs regular audits to ensure Processing Integrity as committed or agreed.
- Corrective and Preventative: The system provides a corrective and preventative plan to ensure complete, accurate and timely processing.