2020 Analytics, a provider of loan portfolio analytics software, today announced the successful completion of their 2020 System and Organizational Controls (SOC) 1® Type 2 examination, as well as their 2020 SOC® 2 Type 2 examination. These achievements reflect their long-standing commitment to strong internal controls, while giving them a competitive edge in their industry.
“As a rapidly growing data analytics company providing solutions to financial institutions, the combined SOC 1 and SOC 2 examinations help us in bringing an additional layer of comfort to our clients, their auditors, and examiners,” explained Dan Price, President of 2020 Analytics. “Many solutions in our industry rely on sub-servicers’ attestations, as opposed to having an audit of their specific application. [This] helps differentiate us from our competitors.”
The company’s SOC 1 Type 2 examination focused on their internal controls over financial reporting, assessed over a period of time. For their SOC 2 Type 2 examination, 2020 Analytics was audited against the AICPA Trust Services Criteria for Security, Availability, Processing Integrity, and Confidentiality, providing assurance regarding the effectiveness of the company’s controls over a period of time.
The effort was completed by the professional and independent third-party audit firm, 360 Advanced, Inc.
“The 360 Advanced team was a pleasure to work with. Their team took the time to understand our process and business model, which made the overall performance of the engagement move smoothly,” concluded Price.
About 2020 Analytics
2020 Analytics is the premier loan portfolio analytic Software as a Service provider for credit unions. The Tampa, FL, company has more than 60 collective years of industry knowledge, providing risk, profitability, and current expected credit loss (CECL) analysis of consumer and commercial loans. The team consists of financial consultants and certified public accountants who have experience with audits, due diligence, NCUA exams, and Financial Accounting Standards Board (FASB) standards.