RegTech firm PassFort has revealed it has successfully completed its System and Organisation Controls (SOC 2) Type 2 audit.
The audit – established by the American Institute of Certified Public Accountants – focuses on a service organisation’s non-financial reporting controls as they relate to the security of a system.
Following this audit, PassFort mentioned in doing so it ‘maintains its adherence to one of the most stringent auditing standards for service companies’ and provides additional assurance to PassFort’s clients that its business process, information technology and risk management controls and properly designed.
According to PassFort, the official audit report provided a thorough review of its internal controls, policies and processes for automated anti-financial crime and compliance solutions. In addition, it also reviewed the firm’s processes relating to risk management and subservice due diligence, as well as PassFort’s entire IT infrastructure, software development lifecycle, logical security, network security, change management and computer operations.
PassFort CTO Henry Irish said, “We are pleased that our SOC 2 report has shown we have the appropriate controls in place to mitigate risks related to the regulatory technology (regtech) services we provide to our customers. We are proud of our record in the audit, achieving the attestation with no exceptions. It’s a testament to the rigour of the team and the high standards we set as a business.”
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