Leading lender service provider completes its fifth year of SOC 1 Type II compliance audit certification
CHICAGO, Aug. 19, 2015 — Windsor Advantage, LLC, a leading lender service provider to banks and credit unions participating in Small Business Administration (SBA) loan programs, has successfully completed the comprehensive SAS-70/SSAE-16 Type II audit.
A milestone in compliance, Windsor Advantage recently satisfied all requirements of the comprehensive 12 month audit. “Windsor’s dedication to designing and implementing controls ensures our clients receive the highest level of service in a compliance-focused environment. Successfully completing the SAS-70/SSAE-16 Type II audit for the past five years validates that these controls are operating effectively,” said Managing Director Shawn Andrews.
The SAS-70 and SSAE-16 standards are issued by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA) and are regarded as the toughest U.S. standards for assessing an organization’s internal controls to ensure consumer data protection in the financial services industry. Many financial services firms require that their third-party service providers be SAS-70/SSAE-16 compliant to meet requirements set forth in the Gramm Leach Bliley Act. However, very few lender service providers have obtained SAS-70/SSAE-16 certification, and even fewer have invested the time and resources to obtain Type II certification.
Windsor Advantage has not only successfully obtained SAS-70/SSAE-16 certification but has taken the additional, significant step of completing the more rigorous Type II audit for its entire organization. This more stringent certification involves an assessment of Windsor’s corporate-wide policies and procedures related to handling client data and addresses the design and implementation of all critical controls. The Type II audit also measures the security of Windsor’s information technology and disaster recovery plans. Most importantly, this more thorough audit assures clients that Windsor Advantage not only has the appropriate policies and procedures documentation but that these same controls operate effectively in practice.
“The security and confidentiality of client information is critically important to Windsor Advantage,” said Andrews. “We provide lenders with a comprehensive solution to SBA and USDA lending delivered in a control environment that has been audited by an international audit and consulting firm specializing in controls audits.”
Windsor Advantage manages and controls risk through the thoughtful design, implementation and audit of a robust information security program. Information security policies reflect risk reduction strategies and provide vital support to Windsor management as it strives to reduce the risk profile and prevent both internal and external threats. Windsor’s strategic planning process incorporates information security as a priority.
The audit of Windsor Advantage took 12 months and was completed by Plante Moran. Founded in 1924, Plante Moran is an audit, tax and consulting firm with more than 2,000 professionals in 22 offices and a dedicated SAS-70/SSAE-16 practice.
About Windsor Advantage, LLC
Windsor Advantage offers banks and credit unions an outsourced SBA and USDA department focused on the development and implementation of innovative lending strategies.
Windsor provides a comprehensive SBA and USDA loan department to lenders nationwide. Services include prequalification, loan structuring, application processing, loan closing, secondary market sales, loan servicing, SBA compliance and regulatory exam support. Windsor also provides continuing training and technical assistance to lenders at no cost.
With more than 100 years of collective SBA and USDA lending experience, cutting edge systems and rigid controls, Windsor Advantage is uniquely qualified to support its clients to develop and execute a thoughtful and profitable SBA 7(a) and USDA loan program. Windsor Advantage is based in Chicago, Illinois, with offices in Indianapolis, Los Angeles and Boston. For more information, call 312-724-6425 or visit www.WindsorAdvantage.com.