SSAE-16 SOC1 Certification
Why You Should Care
As technological solutions become more a part of dealer and auto lender operations, EFG took the proactive step in 2016 to achieve the Service Organization Control 1 (SOC 1) Certification under the Statement of Standards for Attestation Engagements 16 (SSAE 16) guidelines from the American Institute of Certified Public Accountants (AICPA). SSAE 16 is the most widely-recognized standard providing companies with a method for reporting information about the design and operation of internal systems and controls relating to privacy and security regulations. SOC 1 reports are designed to certify whether a company utilizes uniform and reliable safeguards as a processor of data belonging to their clients and customers. The successful completion of the SSAE-16 SOC 1 audit is a testament to EFG’s integrity, accountability and its commitment to its clients.
Dealers work with a significant amount of consumer confidential information, including social security numbers, pay stubs, utility bills and more. In addition, the majority of dealers in the U.S. have migrated web-based platforms for conducting business, especially with regards to credit applications. Data security is mission critical to successfully conducting business in today’s market.
The SSAE-16 certification demonstrates to EFG’s clients and customers that the company has the necessary processes in place to ensure that their personal and confidential information is more secure than almost any other provider.
For EFG to obtain the SSAE 16 SOC 1 certification, more than 70 processes that could affect data security and business flow were evaluated. This certification is a significant achievement EFG’s ongoing commitment to ensure industry-leading compliance and data security for its clients and customers.