Toronto, Ontario – January 19, 2018 – Insurance Systems Inc., a company that provides technology solutions to the Property and Casualty (P&C) insurance industry, today announced that they have successfully completed a System and Organization Controls (SOC) 1® Type II Audit examination for their ISI Enterprise Insurance Policy Administration Software System. Insurance Systems Inc. retained international CPA and business advisory firm, Skoda Minotti, for it’s SOC 1® audit work. Skoda Minotti was selected after an intensive search based on their reputation as aleading risk advisory and compliance firm.
Ben Osbrach, CISSP, CISA, QSA, CICP, CCSFP partner-in-charge of Skoda Minotti’s risk advisory group says, “We were excited to work with ISI from the very start. They are an intriguing organization delivering high quality services and their business adds to our growing SOC reporting practice.”
SOC 1® engagements are performed in accordance with the American Institute of Certified Public Accountants’ SSAE 18, Statement on Standards for Attestation Engagements (SSAE) No. 18, Reporting on Controls at a Service Organization. The SOC 1® Type II examination is performed by an independent auditing firm and is intended to meet the needs of the management of user entities and the user entities’ auditors, as they evaluate the effect of the controls at the service organization on the user entities’ financial statement assertions. These reports are important components of user entities’ evaluation of their internal controls over financial reporting for purposes of complying with laws and regulations such as the Sarbanes-Oxley Act and the user entities’ auditors as they plan and perform audits of the user entities’ financial statements.
Skoda Minotti’s testing of ISI’s control environment included examination of their policies and procedures regarding physical security, environmental security, computer operations, application change control, information security, and data communications. Upon completion of the examination, ISI received a Service Auditor’s Report with an unqualified opinion demonstrating that their policies, procedures, and infrastructure controls were suitably designed and operating effectively to achieve the related control objectives throughout the examination period.
“The successful completion of our SOC 1® Type II examination audit provides ISI’s clients with the assurance that the controls and safeguards we employ to protect and secure their data are in line with industry standards and best practices,” said Terry Neilson, President & CEO.
About Insurance Systems Inc.
Founded in 1997, ISI and its team of insurance professionals are dedicated to developing and implementing innovative software products for the property and casualty insurance industry. ISI’s flagship product, ‘ISI Enterprise’, is ideal for small to mid-size commercial and personal lines carriers ranging from $10 to $400 million in premiums written annually. Headquartered in Toronto, Canada, the company has a vast client base of diverse property and casualty insurers. For more information about ISI, visit www.insurancesystems.com or contact firstname.lastname@example.org.
About Skoda Minotti
Skoda Minotti is a Certified Public Accounting Firm based in Cleveland, OH offering a variety of tax, finance, and business advisory services in virtually every area of business. The Risk Advisory practice specializes in SOC Reporting, PCI DSS Compliance, HIPAA Compliance and HITRUST validation, FISMA, NIST, and other regulatory information security assessments. Staff in Skoda Minotti’s Risk Advisory hold several industry certifications including Certified Information Systems Auditor (CISSA), Certified Information Systems Security Professional (CISSP), Qualified Security Assessor (QSA), GIAC Penetration Tester (GPEN), and GIAC Web Application Penetration Tester (GWAPT). For more information about Skoda Minotti’s Risk Advisory Services, please visit risk.skodaminotti.com.