Providence Title Receives SOC 2 Type 2 Report, Certification to ALTA Best Practices
July 7, 2016
Providence Title Company, a multi-office title agency located in Texas, has received a Service Organizations Controls (SOC) 2 Type 2 report from the national tax, accounting and business consulting form HA&W LLP.
The consulting firm also certified Providence Title as being compliant to ALTA’s Title Insurance and Settlement Company Best Practices.
Providence Title reported it 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 Title Industry Services group, combining HA&W’s ComplianceSuccess Program with its Information Assurance Services.
“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.”
Contact ALTA at 202-296-3671 or [email protected].