Providence Title Company of Texas Receives SOC 2 Type 2 Report with Focus on ALTA Best Practices Compliance from HA&W, LLP
July 12, 2016
The report demonstrates that Providence Title Company of Texas has effective risk management procedures in place over a period of time
July 12, 2016- HA&W, LLP, a nationally-recognized tax, accounting and business consulting firm, announced today that Providence Title Company of Texas, a multi-office title agency located in Texas, has received a Service Organizations Controls (SOC) 2 Type 2 report from the firm and is certified as compliant with ALTA Best Practices.
Providence Title chose to undergo SOC 2 testing and reporting to provide assurance to lenders across the country that the agency has the proper procedures and controls in place as it relates to privacy, security and risk management. In addition to SOC 2 requirements, controls designed for the SOC 2 report were structured to satisfy ALTA Best Practices test procedures through the AICPA Trust Service Principles of security, confidentiality, processing integrity, availability and privacy. Providence Title had previously completed its SOC 2 Type 1 testing and has now completed its observation period to receive its SOC 2 Type 2 report.
Providence Title’s SOC 2 testing and reporting was conducted by HA&W’s dedicated Title Industry Services group, combining HA&W’s ComplianceSuccess Program with its Information Assurance Services. HA&W’s ComplianceSuccess Program pioneered ALTA Best Practices compliance testing and reporting, and as the industry leader, has continued to refine it. The depth of the team’s industry knowledge and business expertise allows them to offer a comprehensive range of products and services that go far beyond compliance and serve the industry with innovation available nowhere else.
“Providence Title strives to provide an outstanding settlement experience for all parties involved in the transactions we close,” said John Kulasa, president of Providence Title Company. “Rather than self-verify our compliance with ALTA Best Practices, we determined that a third party-verified SOC 2 Type 2 report would provide the necessary understanding of our internal controls as they relate to security, confidentiality and privacy, while helping our lender partners satisfy the CFPB’s requirements for vetting third-party vendors. Providence Title demonstrates to our customers our ability to safely and securely handle their transactions throughout the entire settlement process by also incorporating the ALTA Best Practices component into our SOC 2 Type 2 report.”
The testing and reporting conducted during a SOC 2 testing engagement goes above and beyond the requirements of ALTA Best Practices and is recommended for title agents who want to demonstrate the highest levels of assurance.
“With the issuance of a SOC 2 Type 2 report, Providence Title has demonstrated their commitment to a robust risk management program that can stand up to scrutiny from customers, lenders and regulatory examiners,” said Lee Fields, managing director of Business Consulting Services at HA&W. “Providence Title has elevated its security program from a compliance-based approach to an ongoing risk management program that keeps them ahead of the ever-changing threat environment.”
For more information about HA&W’s Title Industry Services group, contact Lee Fields at [email protected] or 770-353-4776.
ABOUT HA&W’S TITLE INDUSTRY SERVICES GROUP:
HA&W’s Title Industry Services group elevates the operational effectiveness of agents, underwriters and lenders across the title industry. The group pioneered ALTA Best Practices compliance testing and reporting, and as the industry leader, has continued to refine it. The depth of the team’s industry knowledge and business expertise allows them to offer a comprehensive range of products and services that go far beyond compliance and serve the industry with innovation available nowhere else. Whether in compliance, business valuation, cyber security, enterprise risk management, mergers and acquisitions, or tax planning, HA&W protects its title industry clients and strengthens their businesses, delivering peace of mind.
To learn more about HA&W’s Title Industry Services, visit http://www.compliancesuccess.com.