What Is CSAE 3416, SOC 1 & SOC 2 Certification?
A security compliance audit is a necessity for many businesses. Data and data security, as well as financial and operational controls are critical elements of any firm’s security compliance program, which must comply with regulatory standards.
At Priority Credit Management Corp (PCM Corp), it is imperative that we have a very high level of CSAE 3416 and SOC compliance in place to meet our client's exacting requirements. After all, we manage millions of dollars of other organizations' money.
System & Organization Controls
United States – In the USA, the American Institute of Certified Public Accountants (AICPA) has developed two Service Organization Control (SOC) reports. PCM Corp is experienced in both when dealing with financial as well as operational compliance audits, including:
- SOC 1 Compliance
- SOC 2 Compliance
Here is a great video and article explaining The Difference between SOC 1 & SOC 2.
Canada – The Canadian Chartered Professional Accountants (CPA) has also developed a substantially similar compliance certification called the Canadian Standard on Assurance Engagements (CSAE). This covers both the financial and operational compliance of Canadian Service Organizations and is commonly referred to as:
- CSAE 3416 Type II
Here is a great article that explains in a little more detail What to Ask For When Outsourcing Transactions.
What Does This Mean for PCM Corp Customers?
Organizations that outsource portions or all of the credit and collection functions are relying on their business partner to manage the data and finances correctly.
A CSAE 3416 Type II compliance audit provides a high level of transparency confirming that adequate controls are in place and regulatory standards are met. This can have a direct or indirect impact on your firm’s brand, financial statements, and the stability of the service provider.
PCM Corp is CSAE 3416 Type II compliant and we use a rigorous process. Each month, at unspecified times, PCM Corp’s security compliance auditors attend our offices and test each of our operational and financial controls.
Why Priority Credit?
PCM Corp holds itself to a higher standard than most commercial accounts receivable management firms through the CSAE 3416 type II certification process. With every PCM Corp compliance audit, you will have the peace of mind knowing that you are working with an organization that takes your data and finances seriously.
Who Should Work with A CSAE 3416 Compliant Organization?
As a CSAE 3416 Type II certified commercial credit and collection firm, Priority Credit Management works with leading creditors who want confidence and control over their receivables.
When it comes time to select another credit and collections vendor, partnering with a compliant CSAE 3416 service provider is critical. Working with a CSAE compliant supplier is also a must if your firm falls into one of these two categories:
- Publicly Traded Organization
- Chartered Financial Institution
You need to know that when the next cyber threat happens, your confidential information will be safe in our hands.
Let PCM Corp Help You!
PCM Corp is a Licensed, Bonded and Insured commercial accounts receivable management company. If you need help with credit control, or if you would like to learn more about our security compliance audit processes, we are here for you.