Inovatec, a provider of cloud-based loan origination and loan management solutions, completed its SOC 1 and SOC 2 Type II audits for the third straight year. KirkpatrickPrice performed the audits.

Inovatec’s security and compliance procedures have been annually audited by a recognized third party since 2018.

SOC 1 and SOC 2 audits provide independent, third-party validation that a service organization’s information security practices meet industry standards stipulated by the American Institute of Certified Public Accountants. During a SOC 1 audit, a service organization’s controls that are relevant to internal control over financial reporting (ICFR) are tested. An SOC 2 audit tests a service organization’s non-financial reporting controls as they relate to security, availability, processing integrity, confidentiality and privacy of a system. The SOC 1 and SOC 2 reports delivered by KirkpatrickPrice verified the suitability of the design and operating effectiveness of Inovatec’s controls to meet the standards for both of these sets of criteria.

“Maintaining data security and adhering to the strictest compliance guidelines is paramount for our company and our clients, and we are pleased that our technologies and methodologies have passed these rigorous auditing processes,” Vlad Kovacevic, CEO of Inovatec, said. “Even as we achieve these certifications, Inovatec’s pledge is to continue investing in advanced technologies and new protocols to fortify our platform and give clients and consumers the utmost confidence that their personal information is truly secure.”

“Inovatec’s clients rely on the company to protect consumer data throughout the loan origination process,” Joseph Kirkpatrick, president of KirkpatrickPrice, said. “As a result of this responsibility, Inovatec has implemented best practice controls to address information security and compliance risks. Our third-party opinion validates these controls, and the tests we perform provide assurance that Inovatec’s practices and solutions will meet its clients’ expectations.”