BRENTWOOD, Tenn., April 14, 2020 /PRNewswire/ -- Ncontracts, the leading provider of integrated risk, vendor and compliance management solutions for financial institutions, has announced that it successfully completed its Statement on Standards for Attestation Engagements (SSAE) 18 audit and adheres to the latest standards for Service Organization Controls (SOC) 1 Type II and SOC 2 Type II. This rigorous accreditation demonstrates Ncontracts' industry position as a trusted partner dedicated to rigorous security, compliance, and operational controls.
The SSAE 18 is an independent audit standard that provides an objective assessment of Ncontracts' internal operations to assure clients the company can safely and consistently deliver effective risk management services and software. A properly conducted SSAE 18 audit establishes the right controls are in place to secure data, maintain availability, protect processes, and ensure compliance and confidentiality.
The SSAE 18 also requires written attestation from management that system descriptions are true and complete, providing additional assurance by creating liability and pressure for management.
"Ncontracts encourages its financial institution clients to seek out third-party vendors with SSAE 18s for a more transparent and objective view of their compliance controls," said Michael Berman, Ncontracts CEO. "It's important for us to practice what we preach and give our clients that same peace of mind."
These comprehensive audits are conducted by independent auditors over several months, culminating with an onsite audit to authenticate the effectiveness of policies and controls.
Ncontracts provides risk management and compliance solutions to a rapidly expanding customer base of more than 1,400 financial institutions located in all 50 states and U.S. territories. The company's powerful combination of software and services enables financial institutions to achieve their risk management and compliance goals with an integrated, user-friendly, cloud-based solution suite that encompasses the complete lifecycle of operational risk. www.ncontracts.com