Providence Title Co. of Texas, a multi-office title agency located in Texas, received a Service Organizations Controls (SOC) 2 Type 1 report from HA&W and is certified as compliant with the American Land Title Association (ALTA) Title Insurance and Settlement Company Best Practices.
Providence Title chose to undergo SOC 2 testing and reporting to provide assurance to lenders across the country that the agency has the proper procedures and controls in place as it relates to privacy, security and risk management, the company said in an announcement. In addition to SOC 2 requirements, controls designed for the SOC 2 report were structured to satisfy ALTA Best Practices test procedures through the AICPA Trust Service Principles of security, confidentially, processing integrity, availability and privacy. To date, Providence Title has completed its SOC 2 Type 1 testing and is undergoing its observation period for its Type 2 report.
Providence Title SOC 2 testing and reporting was conducting by HA&W’s title industry services group, combining HA&W’s ComplianceSuccess Program with its Information Assurance Services disciplines.
“Providence Title strives to be a leader in the title industry,” Providence Title Co. President John Kulasa said. “As such, we recognized quickly the importance of compliance with ALTA Best Practices and chose to take our assurance up a notch by undergoing SOC 2 testing and reporting. HA&W showed us how we could approach this as a singular risk management program that fulfills our needs to ALTA Best Practices compliance, as well as the stringent security and privacy risk management requirements of bank and the CFPB.”
“Providence Title is setting a strong example for title agent that take risk management seriously,” HA&W Business Consulting Services Lee Fields said. “They have elevated their security program from a compliance-based approach to an ongoing risk management program that protects the integrity of their business and keeps them ahead of the ever-changing threat environment.”