What does this mean, and how does it affect you?
SOC stands for “System and Organization Controls.” It is a series of standards designed to measure how well a given service organization conducts and regulates clients’ data regarding services, operations, and compliance. The AICPA (American Institute of CPAs) defines and manages the standards that comprise SOC.
A SOC 2 audit report shows the trustworthiness of the services ClassWallet provides and the presence of proper and robust internal controls and security processes both in design and implementation.
These reports can play an important role in:
- Oversight of the organization
- Vendor management programs
- Internal corporate governance and risk management processes
- Regulatory oversight
There are two types of reports:
A Type I report looks at the description or design of controls as of a specified date. A Type I report includes the same sections as the Type II; there is just no testing included outside of a test of one to confirm the description or design of controls.
A Type II report also looks at the design of controls but additionally includes testing of the operating effectiveness of controls over a period of time.
What Does Compliance to SOC 2 Mean to You?
Simply put, SOC 2 Type II Compliance provides you with confidence and peace of mind that ClassWallet takes privacy and confidentiality very seriously.
- ClassWallet, as a SOC 2 Type II certified organization, has been audited by an independent certified public accountant who determined that ClassWallet has the appropriate SOC safeguards and procedures in place.
- SOC standards place a heavy emphasis on the processing of users’ data and the confidentiality and privacy of the information processed by these systems.
If you have any questions about ClassWallet’s SOC 2 compliance or any other issue related to information security, contact your Account Manager for further assistance.