In the News
Title Alliance Receives both SOC 1 and SOC 2 Attestation Reports
Title Alliance, Ltd, a RESPA-compliant ESOP leader in joint ventured title insurance agencies, announced today that it has received a SOC 2 and that Title Alliance and its affiliated have received a SOC 1. The project was spearheaded by Jadah Hill, Regional Director, Kelley Kernicky, IT Manager, and Kim Olshefski, Escrow/Risk Manager all for Title Alliance. In conjunction with the Independent National Risk Rating Credentia l received by the company in July, the most recent security reports prove that Title Alliance continues to make customer security and privacy a priority.
Raja Paranjothi, CISA of Oread Partners LLC, a Kansas City based firm specializing in a risk consulting and attestation practice, performed the audits and issued the reports. The process took approximately 6 months to be completed.
The SOC 2 focuses on business’ system security, confidentiality, availability, privacy, and/or processing integrity across your various systems.
“A SOC 2 report provides assurance to lenders that Title Alliance has proper security controls and procedures in place as it relates to the network, applications and non-public personal information they are managing,” says Paranjothi.
The SOC 1 focuses on the company’s internal controls that impact customers’ internal controls over financial reporting. Final SOC 1 reports provide information on controls at a service organization.
“A SOC 1 report is a significant investment in time and resources for any company,” continues Paranjothi. ”By completing a SOC 1 report, Title Alliance and its Affiliates have provided comfort and confidence to their lenders that they have proper controls in place as it relates to their employment practices, operations and Information Technology for title insurance services they provide.”
“There are a limited number of companies that have both a SOC 1 and SOC 2 report,” says Paranjothi. “By having both reports, Title Alliance has proved they are committed to doing the right thing for their lenders and consumers.”
“It remains imperative that we focus on our customer and take every precaution to safeguard their information,” says Hill. “Oread Partners came to us as a referral from Marx Sterbcow of Sterbcow Law Group, one of our highly respected RESPA Attorneys. Working with Raja has been a pleasure. He will be a valuable part of our organization staying ahead of the curve in our industry”.
About Oread Partners:
Oread Partners LLC is a risk consulting and attestation practice. Oread Partners’ consultants use their 17 years of consulting experience and guidance to build client relationships that last. Their SOC reports, IT risk and security consulting and ALTA Best Practice Certification experience are just the core of their business specialties. Our consultants truly pride themselves on being pragmatic, relationship-driven consultants as opposed to the black-and-white auditors many companies are accustomed using when they need assurance.
About Title Alliance:
Title Alliance, Ltd, an ESOP Company is located in Media, PA and has been creating RESPA compliant title joint ventures since 1983 with lenders, mortgage bankers, realtors, builders and credit unions. Their roots date back to 1948 when their first agency, which is still in existence today, was formed. For more information or to find out how a Title Alliance’s partnership or title management skills could benefit you visit them online or contact Lindsay Smith at 800-220-3901 x 165.
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