We are proud to announce that Great Pacific Escrow has successfully completed a SOC 1 – Statement on Standards for Attestation Engagement No. 16 (SSAE 16) Type II audit and received our certification as of March 10, 2016. In conjunction with the requirements of this audit, we have successfully established and implemented state of the art systems that meet or exceed the guidelines of The Escrow Institute’s Model Policies and Procedures.
With the strenuous regulations mandated by the Consumer Financial Protection Bureau (CFPB), we are among the first independent escrow companies in California to have achieved this certification on all of our internal controls pertaining to security, availability, processing integrity, confidentiality, privacy and financial reporting.
What This Means
The SOC 1 – SSAE 16 (Statements on Standards for Attestation Engagements No. 16) audit is widely recognized, because it represents that a service organization has been through an in-depth audit of their control activities, which include a detailed review of the organization’s information technology and related processes.
By obtaining a SOC 1 report, we have demonstrated that we have adequate controls and safeguards in place for the hosting and/or processing of data belonging to our customers. We also went through a rigorous audit of our trust accounting procedures to assure that the highest standards of care with our customer’s money were being met.
With this new certification, you can rest assured in knowing that we have complied with and will continue to comply with industry best practices, and it is our belief that our efforts to achieve this certification will provide peace of mind to the lenders, Realtors® and principals that we service.
What Is CFPB?
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. Mandated by Dodd Frank, Congress established the CFPB to protect consumers by carrying out federal consumer financial laws.