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EFG Companies Fortifies Dealer and Lender Data Security Through SSAE 16 SOC 1 Certification

soc-service-org_b_marks_2c_webEFG’s Continued Leadership in Both Compliance and Technology Sets Industry
Bar for Customer Service Excellence

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today it has been awarded 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). This certification represents another significant achievement in EFG’s ongoing commitment to ensure industry-leading compliance for its clients and customers.

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.

For EFG to obtain the SSAE 16 SOC 1 certification, more than 70 processes that could affect data security and business flow were evaluated. Examples of the processes evaluated include:

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NAMAD and EFG Companies Announce 2nd Annual Northwood University Scholarship Recipients

Scholarship Recipient: Norma Benavides
Norma Benavides

Northwood Students Norma Benavides and Isabelle Daoud Selected Based on Academic Merit, Leadership and Dedication

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, together with the National Association of Minority Automobile Dealers (NAMAD), announced today that Northwood University students Norma Benavides and Isabelle Daoud are the recipients of the annual NAMAD Private Donor Scholarship. The annual scholarship will fund the remainder of Benavides’ and Daoud’s four-year tuition while they attend the Automotive Marketing and Management Program at Northwood University, representing an investment of up to $200,000 from EFG.

Scholarship Recipient Norma Benavides

A senior at Northwood University, Norma Benavides, from Laredo, Texas, grew up with first-hand experience of dealership operations through her father’s independent dealership. In her previous three years at Northwood, she has held the Public Relations Chair for the Northwood University Auto Show, as well as the Chair of the Distinguished Women Event for the university’s Signature Events Team. Benavides has made the Dean’s List every semester, and has received the Association of Finance & Insurance Professionals certification.

“This scholarship perfectly fits my career aspirations, as well as my background,” said Benavides. “My career goal is to one day become an automotive dealer and operate a dealership. I have learned that this career has many challenges, but with perseverance and passion it can be rewarding.”

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Enterprise Financial News Volume 10

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Get a new perspective on how to maximize your dealership profitability while staying compliant with the experts from EFG Companies.

EFG Companies knows how to turn your entire team into an F&I and sales driving machine! Contact us today to find out how.

Download the 10th volume of Enterprise Financial News Magazine.