Boston, Massachusetts (PRWEB) November 02, 2012
Financial Recovery Technologies LLC (FRT), the leader in class action settlement recovery, today announced it has attained a Service Organization Control (SOC 2) Type 2 report, providing a third-party attestation that FRT meets all AICPA-defined criteria related to the Trust Principles of Processing Integrity, Security, and Confidentiality. With this report, clients know that FRT has undergone rigorous testing to validate that its policies and process controls are secure, robust, and reliable.
FRT chose to perform a SOC 2 attestation over other SOC reports (e.g. SSAE 16) because only the SOC 2 report directly addresses prospect and client concerns related to the following:
1. Processing Integrity: FRT must ensure all system processing, including claim filing and payment distribution, is complete, auditable, accurate, and timely.
2. Security: FRT must prevent unauthorized access, physical or logical, to all private and/or proprietary information.
3. Confidentiality: FRT must ensure that information designated as confidential is protected by the system, as committed or agreed.
Using any other SOC report to address the above concerns can be misleading. For example, the SSAE 16 (also called SOC 1) report is intended specifically to validate controls related to the organization’s financial statements. Therefore, it is inappropriate to apply the results of the SSAE 16 attestation to any concerns other than those related to the generation of the entity’s financial statements.
As opposed to a Type 1 attestation, FRT chose to undergo a Type 2 attestation, for which the standards are more demanding. A Type 1 report provides assurance only that the organization has sufficient policies and procedures in place to meet the AICPA’s standards. The Type 2 report, conversely, assures the reader that the organization is adhering to those policies and procedures. Evidence for this conclusion is provided in the results of dozens of tests administered over the course of the entire 3-month reporting period.
“We are extremely pleased to have received the SOC 2 Type 2 attestation, as it exceeds the expectations of many large institutions that partner with FRT,” said Robert I. Adler, president of FRT. “Industry standards indicate to us that the SOC 2 Type 2 is what should truly be used to judge an organization’s policies and process controls. Other reports and certifications do not reflect a service organization’s ability to serve its clients.”
About Financial Recovery Technologies
Founded in 2008, Financial Recovery Technologies is a technology-based services firm that helps investors identify eligibility, file claims, and collect funds made available in securities class action settlements. With more than $100 million in total recoveries to date, Financial Recovery Technologies provides a proprietary turnkey solution that allows its clients to fulfill their fiduciary responsibilities with transparency and accuracy. Financial Recovery Technologies is a Cross Country Group company (http://www.crosscountrygroup.com). For more information, go to http://www.frtservices.com.