One of our top priorities is ensuring that our clients and partners receive the highest level of protection possible throughout their real estate translation, which is why Pango Group goes through a rigorous audit process on an annual basis. Known as the Statement on Standards for Attestation Engagement No. 18 (SSAE 18) SOC 1 & SOC 2 Type II audit, these audits recur annually, and Pango Group continues to be diligent about staying up-to-date on these crucial controls and safeguards.
The Consumer Financial Protection Bureau (CFPB) continues to evolve its mandated regulations. Pango Group is proud to be the first independent escrow company in California to complete this certification to ensure that our client’s nonpublic personal information (NPPI) is protected.
Adds Pango Group CEO Scott Akerley, “We have invested a tremendous amount of time and resources over the past 18 months into these certifications to make sure we are leaders in compliance. This is a great accomplishment and will allow us to continue our top-notch service in a changing regulatory environment.”
The SOC audit process benefits clients and partners tremendously because of the protections it provides. Clients who work with Pango Group can rest assured that their customer’s data and information are always shielded from hackers by appropriate systems. This helps to mitigate loss from those attempting to steal financial and computing resources, in addition to personal information.
The SOC 1 report audits the controls relevant to a service organization’s financial reporting systems, whereas the SOC 2 report focuses on vital policies and procedures not directly tied to revenue.
The SOC 1 audit is widely recognized because it represents that a service organization has been through an in-depth audit of their control activities, including controls over information technology and related processes. By obtaining a SOC 1 report, Pango Group has demonstrated that they have adequate controls and safeguards when they host or process data belonging to their customers. Completing the SOC 2 audit assures Pango Group clients that they utilize the appropriate systems to safeguard their data and information.
Squar Milner, the largest independent accounting and advisory firm in California and one of the largest 75 accounting firms in the nation, performed both of these extensive audits on behalf of Pango Group.
Akerley went on to say, “Clients can count on us to comply with industry best practices, and we hope that our efforts allow them to concentrate on growing their business instead of worrying about compliance.”
What is CFPB?
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. Mandated by Dodd-Frank, Congress established the CFPB to protect consumers by carrying out federal consumer financial laws. Other functions of the CFPB include researching consumer behavior, monitoring financial markets for new risks to consumers, and promoting financial education.
What is SSAE 18?
In both the Escrow and Title Industries, SSAE 18 SOC 1 and SOC 2 Type Il is becoming the industry standard designed to provide an overview of a Service Organization’s description of internal controls and processes relevant to their customers. The audit is helpful for Service Organizations to gain an understanding of the quality and type of controls and processes that are in place. An SSAE 18 SOC 1 and SOC 2 Type Il audit has an audit opinion and a description of services relevant to the services under review.
What does this mean? An Independent External Auditor provides an audit opinion describing the type and quality of controls a company has in place, designed to comply with industry best practices.
If you’re interested in learning more, have questions, or need escrow assistance, please reach out. We’d love the opportunity to be your trusted escrow partner.