IFS Announces SOC 2 Type II Audit Certification
Davidson, NC March 13, 2020 – Impact Financial Systems, Inc., a leading provider of business led automation solutions for the financial services and brokerage industry, today announced that it has successfully completed a System and Organization Controls (SOC) 2® Type II Audit examination for their Automation Platform Solutions System. Impact Financial Systems, Inc. retained international business advisory firm Skoda Minotti for its SOC 2® audit work. Impact Financial Systems, Inc. selected Skoda Minotti after an intensive search based on their reputation as a leading risk advisory and compliance firm.
Ben Osbrach, CISSP, CISA, QSA, CICP, CCSFP, partner-in-charge of Skoda Minotti’s risk advisory group says, “We were excited to work with IFS from the very start. They are an intriguing organization delivering high quality services and their business adds to our growing SOC reporting practice.”
SOC 2® engagements are performed in accordance with the American Institute of Certified Public Accountants’ (AICPA) AT-C 205, Reporting on Controls at a Service Organization and based on the trust service principles outlined in the AICPA Guide, Reporting on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy. The SOC 2® Type II report is performed by an independent auditing firm and is intended to provide an understanding of the service organization’s suitability of the design and operating effectiveness of its internal controls. A service organization may select any or all of the trust service principles applicable to their business and IFS chose to report on security, availability, processing integrity and confidentiality. The successful completion of this voluntary engagement illustrates IFS’s ongoing commitment to create and maintain a secure operating environment for their clients’ confidential data.
Skoda Minotti’s testing of IFS’s controls included examination of their policies and procedures regarding network connectivity, firewall configurations, systems development life cycle, computer operations, logical access, data transmission, backup and disaster recovery, and other critical operational areas of their business. Upon completion of the audit, IFS received a Service Auditor’s Report with an unqualified opinion demonstrating that their policies, procedures, and infrastructure meet or exceed the stringent SOC 2® criteria.
“The successful completion of our SOC 2® Type II examination audit provides IFS’s clients with the assurance that the controls and safeguards we employ to protect and secure their data are in line industry standards and best practices,” said Jeff Deming, COO.
About Impact Financial Systems, Inc.
IFS' President and Chief Executive Officer, founded IFS in 2002 after spending 20 years in various leadership positions in the financial services industry. Through these experiences a common and persistent occurrence was discovered --business stakeholders had great difficulty articulating complex business requirements and IT teams had equal difficulty in accurately interpreting requirements and assessing user needs. Large, detailed requirements documents and traditional waterfall development methods led to repeated project failure. This result occurred despite universal agreement that IT teams had delivered solutions that appeared to precisely match requirements documents supplied by business stakeholders.
A Vision to create a new and modern web-based business process automation platform was fostered, a platform that would empower business analysts and subject matter experts to develop complex process automation solutions utilizing a highly agile methodology without heavy reliance on IT. In pursuit of this vision, IFS was founded and the IFS Automation Platform was created to provide a better, faster and more economical approach to the automation of complex, repeatable business processes.
The IFS Automation Platform allows business users to quickly, cost-effectively and accurately create and deploy powerful solutions that automate customer service requests for all service delivery channels.
Based on the IFS staff's background and expertise in the financial services space, IFS has also developed industry-leading automation solutions for client onboarding and asset movement. Today, IFS supports 17 of the nation's largest financial services and insurance firms with these automation solutions. Because of the flexibility and scalability of the IFS Automation Platform, IFS also creates other custom service request automation solutions for its clients depending on their unique needs. Some examples include certificate of insurance processing and proposal generation.
About Skoda Minotti
Skoda Minotti is a Certified Public Accounting Firm based in Cleveland, OH offering a variety of tax, finance, and business advisory services in virtually every area of business. The Risk Advisory practice specializes in SOC Reporting, PCI DSS Compliance, HIPAA Compliance and HITRUST validation, FISMA, NIST, ISO 27001, Vulnerability and Penetration Testing, and other regulatory information security assessments. Staffs in Skoda Minotti’s Risk Advisory hold several industry certifications including Certified Information Systems Auditor (CISA), Certified Information Systems Security Professional (CISSP), Qualified Security Assessor (QSA), GIAC Penetration Tester (GPEN), and GIAC Web Application Penetration Tester (GWAPT). For more information about Skoda Minotti’s Risk Advisory Services, please visit skodaminotti.com/risk.