GLENDALE, Calif., Dec. 1, 2015 /PRNewswire/ -- Pango Group has successfully completed a Statement on Standards for Attestation Engagement No. 16 (SSAE 16) SOC 1 & SOC 2 Type II audit.
With the ever-evolving regulations mandated by the Consumer Financial Protection Bureau (CFPB), Pango Group is proud to be one of the first independent escrow companies in California to complete this Type II audit. By establishing and implementing systems that meet the guidelines of ALTA Best Practices and Escrow Institute Model Policies and Procedures, Pango Group is in the best position to be compliant with many of the lender requirements as a result of the CFPB regulations.
When asked about the decision to proceed with these audits, Pango Group CEO Scott Akerley stated, "We realize the consumer's most trusted advisors in the real estate transaction are their Realtors and lenders, and as our partners, we felt a responsibility to provide them with the assurance that we are leaders in compliance. We invested the resources needed over the past three years, into these audits, in order to ensure our systems are secure. Recognizing our role in the industry, providing a safe haven to our clients remains our foremost responsibility."
Who is Pango Group?
Pango Group is a family of companies that together are the leading California-based escrow experts. We manage and own over 25 offices and 250+ employees. For over 20 years, we have collaborated with our partners in the industry to prosper through frequent market fluctuations, legislative changes, and increasing expectations from customers. How? By working together and maintaining a client centric philosophy. Our vision is to create raving fans out of everyone we touch and our goal in every transaction is for our client's to have an amazing experience and create a client for life. This must first start with the employees. In 2014 and 2015, Pango Group was voted Best Place To Work.
Different from Pango Group's previous achievement completing the SSAE 16 SOC 1 and SOC 2 Type I audit, the Type II audit provides an opinion on the operating effectiveness of the controls in place. The controls that were implemented for the Type I audit were tested for their effectiveness and compliance over a twelve-month period. As part of the process, Squar Milner, the largest independent accounting and advisory firm in California, as well as one of the largest 75 accounting firms in the nation, performed both of these extensive audits, testing over 270 controls.
What is SSAE 16?
In both the Escrow and Title Industries, SSAE 16 SOC 1 and SOC 2 Type I and Type II audits are becoming the industry standard designed to provide an overview of Service Organization's description of internal controls and processes relevant to their customers. The audit is helpful for Service Organizations to gain an understanding of the quality and type of controls and processes that are in place. A SSAE 16 SOC 1 and SOC 2 Type II audit has an audit opinion and a description of services relevant to the services under review as of a point in time. An Independent External Auditor provides an audit opinion describing the type and quality of controls a company has in place, which are designed to comply with industry best practices.
The SOC 1 report audits the controls relevant to a service organization's financial reporting systems. A SOC 1 audit is widely recognized, because it represents that a service organization has been through an in-depth audit of their control activities, which include controls over information technology and related processes. By obtaining a SOC 1 report, Pango Group has demonstrated that they have adequate controls and safeguards when they host or process data belonging to their customers.
A SOC 2 engagement is an audit of a service provider that is relevant to compliance or operations. SOC 2 reports specifically address one or more of the following five key system principles: security, availability, processing integrity, confidentiality, or privacy. SOC 2 reports follow a set of criteria to examine whether the Service Organization's controls are effective in delivering their services to their customers. Pango Group is proud to have met or exceeded the stringent SOC 2 criteria.
What is CFPB?
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. Mandated by Dodd Frank, Congress established the CFPB to protect consumers by carrying out federal consumer financial laws. Other functions of the CFPB include researching consumer behavior, to monitor financial markets for new risks to consumers, and to promote financial education.
To learn more about CFPB regulations and how we can help protect your clients, please contact our VP of Escrow Operations, Milly Miller, at 818.863.1334 or firstname.lastname@example.org
SOURCE Pango Group