WHAT IS A SOC 2 TYPE II REPORT, AND WHY IS IT ESSENTIAL FOR COMPLIANCE?
Compliance in the appraisal process means following federal and state guidelines. It also means protecting our clients and their borrowers’ information with the utmost security, privacy, and confidentiality. At Dart Appraisal, we actively invest time in compliance and security to ensure your information is safe, which is why we opted in for our SOC 2 Type II report.
So, what is a SOC 2 Type II report? This report, which an independent certified accounting firm completes, captures how our company safeguards your data and how well our processes and controls operate over a six month time period. Companies can also opt for a SOC 2 Type I report, which only reviews the security processes at a specific time and there is not an onsite or virtual audit to review and test the actual policies provided.
Overall, SOC requirements are ingrained in five Trust Service criteria:
- Privacy: How data is collected, used, retained, and disclosed.
- Confidentiality: Data obtained remains confidential while in use.
- Security: Data is guarded against theft, breach, unauthorized access, or disclosure.
- Processing Integrity: All systems that process data are accurate and valid.
- Availability: Data is available and prepared to use as part of business processes.
By completing this report, we want to show our clients that we exceed industry standards in compliance by opting in for this audit. We are proud to have completed this report, proving that our procedures have been appropriately reviewed and tested. We plan to continue our participation in this audit to demonstrate our commitment to security so our clients know they can always put their trust in Dart.
Contact us today at 888-DART-123 or firstname.lastname@example.org.
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