Tamarack Technology, a provider of artificial intelligence-based automation and business intelligence software designed for the equipment finance industry, obtained SOC 2 Type 1 compliance for its suite of AI products and its protection of client data. LB Carlson, a Minneapolis-based CPA firm, conducted the audit.
Designed by the American Institute of Certified Public Accountants (AICPA), SOC 2 refers to system and organization controls. Achieving SOC 2 Type 1 compliance is a reflection of Tamarack’s commitment to ensuring the security of its clients’ (and their customers’) data and confirms that all of the company’s system requirements adhere to the trust services criteria relevant to the security standards set by the AICPA.
“The equipment finance industry is fueled by sensitive customer data and, as such, nothing is as important to the application of AI and automation technology than protecting the integrity and security of our clients’ data,” Tim Appleget, director of SaaS products at Tamarack, said. “Earning the SOC 2 compliance certification demonstrates that we have met the AICPA’s highest standards of data privacy and adhered to the principles of security when protecting customer data. And as the implementation of our AI products continues to increase, having SOC 2 compliance gives us the ability to secure the data of new clients from day one.”
Tamarack’s suite of AI products uses data from across an organization’s digital systems — past and present — to speed up operational workflows and automate decisions like approval, syndication and funding. Tamarack enables customers to use their data in conjunction with commercial data sources to differentiate their businesses.
A core component of SOC 2 compliance is following the AICPA standards and establishing a set of procedures and processes that are followed by Tamarack employees and contractors. Examples of these procedures include establishing and implementing processes for change management, support ticketing and vendor risk analysis.
Tamarack began the SOC 2 compliance review process in last January and LB Carlson completed the audit in October. LB Carlson issued the final report for the audit this month.
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