Windsor Advantage Completes SOC I Type II Compliance Audit
Premier Lender Service Provider Rises to Highest Standards in Compliance
INDIANAPOLIS, May 9, 2012 /PRNewswire/ -- Windsor Advantage, LLC , a leading lender service provider to banks participating in Small Business Administration (SBA) loan programs, has successfully completed a comprehensive Service Organization Control (SOC 1 Type II) audit. This 13 month audit has proven the efficacy of the internal controls used to protect the invaluable personal and corporate information entrusted to Windsor Advantage. A milestone in compliance, the SOC I Type II audit opinion reassures client banks who choose Windsor to facilitate their participation in the SBA 7(a) and USDA loan programs.
"Successfully completing the SOC 1 Type II audit reflects our dedication to designing and implementing the internal controls necessary to ensure our bank clients receive the highest level of service in a rigidly maintained compliance environment," said Managing Director Shawn Andrews.
The American Institute of Certified Public Accountants (AICPA) recently issued a new auditing standard, SSAE 16, as a replacement for SAS-70. SSAE 16 is regarded as the toughest U.S. standard for assessing an organization's internal controls to ensure consumer data protection in the financial services industry. Many financial services firms require that their third-party service providers issue SOC 1 Type II reports to meet requirements set forth in the Gramm Leach Bliley Act. However, very few lender service providers have issued a SOC 1 report, and even fewer have invested the time and capital to obtain Type II certification.
Windsor Advantage has not only successfully obtained an unqualified opinion from its accounting firm, Blackman Kallick, LLP, on its SOC 1 report but has taken the additional, significant step of completing the more rigorous Type II audit for its entire organization. This more stringent certification involves an assessment of Windsor's corporate-wide policies and procedures related to handling client data and addresses the design and implementation of all critical controls. The Type II audit also measures the security of Windsor's information technology. Most importantly, this more thorough audit assures clients that Windsor Advantage not only has the appropriate policies and procedures in place but that these same operate effectively in practice.
"The security and confidentiality of client information is critically important to Windsor Advantage. From the very beginning, we designed every aspect of our processes with a focus on the reliability and integrity of the data we maintain," said Andrews. "Windsor Advantage is uniquely qualified to provide lenders with a comprehensive solution to SBA lending, executed by a company with extensive experience, cutting-edge systems and deep relationships all delivered within an environment that has been audited by a large CPA firm specializing in audits of internal controls."
Blackman Kallick, LLP is a Chicago, IL-based certified public accounting firm with more than 220 accounting professionals and a dedicated Service Organization Control Reporting practice.
About Windsor Advantage, LLC
Windsor Advantage provides a comprehensive outsourced SBA department solution to banks across the country. Services include application packaging, loan closing and compliance, secondary market sales, loan servicing and regulatory exam support. Windsor also provides continuing training and technical assistance to banks at no cost. With more than 150 years of collective SBA lending experience, cutting edge systems and rigid controls, Windsor Advantage is uniquely qualified to support its clients to develop and execute a thoughtful and profitable SBA 7(a) loan program.
The company is based in Indianapolis, Indiana with offices in Chicago, Los Angeles, Boston, Charlotte and Kansas City. For more information, call 317.602.6648 or visit www.WindsorAdvantage.com.
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SOURCE Windsor Advantage, LLC
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