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Inovatec Recertifies SOC 1 and SOC 2 Compliance

November 08, 2023, 07:05 AM
Filed Under: Industry News

Inovatec Systems, a provider of cloud-based software solutions for lenders, announced it has successfully completed the SOC 1 and SOC 2 financial reporting and compliance examinations, in compliance with industry-wide data privacy and information security standards. The scope of these examinations covers the company’s Loan Origination (LOS), Loan Management (LMS), and customer direct lending portal solutions. The examinations were performed by Schellman & Company, an independent certified accounting firm.

The System & Organization Controls (SOC) examinations determine a financial services organization’s ability to accurately, securely, and responsibly manage data privacy and security information of clients, protecting the interests of those organizations and customers that utilize these systems. A SOC 1 certification addresses an organization’s internal controls over financial reporting, and the SOC 2 report addresses a service organization’s controls relevant to its operations and security compliance.

Inovatec has developed a unique line of lending automation solutions that reduce human interaction while creating efficiencies and improving customer experiences. Its easily configurable solutions can help lenders improve workflows, increase productivity, and support an expanding roster of third-party solutions and services that include fraud prevention, income and identity verification, decisioning models, and payment acceptance.

“Ensuring data security and privacy has always been of paramount importance at Inovatec, and we have been adamant about developing security processes and protocols that protect sensitive data,” said Vlad Kovacevic, co-founder and Chief Executive Officer of Inovatec. “These SOC 1 and SOC 2 certifications illustrate our longstanding commitment to invest in the appropriate technologies and methodologies to ensure that customer data is always managed in accordance with industry best practices.”

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