Ncontracts, the leading provider of integrated compliance and risk management solutions to the financial industry, has successfully completed its Statement on Standards for Attestation Engagements (SSAE) 18 audit, distinguishing its adherence to the latest standards for Service Organization Controls (SOC) 1 Type II and SOC 2 Type II.
Additionally, the company has earned its National Institute of Standards and Technology (NIST) 800-53 Security Framework Certification. These rigorous accreditations demonstrate Ncontracts’ position as a trusted partner dedicated to 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.
The NIST 800-53 security framework provides comprehensive and detailed guidance on selecting, implementing, and managing security controls for information systems. Primarily used by U.S. federal government agencies and organizations that work with the government, it has become a widely accepted standard for private sector organizations, providing a comprehensive and well-structured approach to information security. By obtaining this latest certification, Ncontracts enhances its security posture by demonstrating enhanced risk management and compliance and an improved incident response and recovery approach.
Also Read: Cybercriminals Can Use Traditional Malware in ChatGPT to Hit Businesses
“As compliance and risk become paramount for organizations across all industries, we encourage financial institutions to seek out third-party vendors that demonstrate a commitment to the latest standards,” said Michael Berman, CEO of Ncontracts. “These latest accreditations demonstrate our position as a reliable partner and our dedication to delivering superior solutions our clients can trust.”
Ncontracts conducts comprehensive audits by independent auditors over several months, culminating with an onsite audit to authenticate the effectiveness of policies and controls to ensure the highest quality.
For more such updates follow us on Google News ITsecuritywire News. Please subscribe to our Newsletter for more updates.
