Validates company’s commitment to data security, integrity and availability
Congruent Solutions, a leading technology solutions and operations outsourcing services provider to the Retirement Plan industry, announced that the company has been successfully re-certified for SOC 1 Type II and SOC 2 Type II demonstrating its strong commitment to data security, integrity and availability on behalf of its clients. In addition to the five Trust Principles, Congruent was audited by an independent agency for the 17 COSO principles.
SOC, or System and Organization Controls, is a series of standards that help measure the efficiency and effectiveness of a service organization in regulating and protecting client information. An independent certified public accountant audits the service organization to assess whether appropriate SOC safeguards and procedures are in place.
“SOC certification is an indicator of very high levels of data integrity and data availability. It assures our customers in the retirement industry that their data will be protected when they work with us. SOC 2 Type II certification proves that Congruent’s systems are designed to keep our clients’ sensitive data secure and conforms to regulatory requirements. The certification validates the various policies and strategies implemented by Congruent to safeguard clients’ data,” explains Balaraman Jayaraman, Co-Founder and President, Congruent Solutions.
SOC 1 Type I is concerned with the service organization’s policies and procedures related to handling its clients’ financial reporting and the audits conducted at a specific point in time. Type II is more rigorous, and the systems are evaluated over a period of time.
In SOC 2, standard operating procedures are audited for organizational oversight, vendor management, risk management, and regulatory oversight and are designed for more advanced IT service providers such as managed IT service providers, cloud computing vendors, data centers, and SaaS (software-as-a-service) companies. It requires compliance to a set of criteria called the Trust Services Principles, including the security of the service provider’s system, the processing integrity of this system, the availability of this system, the privacy of personal information that the service provider collects, retains, uses, discloses and disposes of for user entities and the confidentiality of the information that the service provider’s system processes or maintains for user entities.
For close to two decades, Congruent has been helping the Retirement Plan industry address its business challenges through its innovative technology solutions and operations outsourcing services. Congruent’s new generation CORE suite of solutions helps Plan Providers & Record Keepers provide a self-service platform for all the stakeholders – Plan Sponsors and Participants. The comprehensive back-office administration services offered by Congruent cover the entire life cycle of a plan administration from Enrolment, Processing Contributions, Loans and Distributions, Conversions and De-conversions, to Compliance Testing and Form 5500 preparation. Congruent’s Retirement Technology Services team provides comprehensive services across the entire software development lifecycle.
Its deep domain expertise, technology capabilities and process driven approach has made Congruent the partner of choice for leading plan providers, record keepers and third party administrators.
For more information, please visit www.congruentsolutions.com
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