Independent Audit Validates Analytics’ Internal Controls and Processes
Minneapolis, MN — Analytics Consulting LLC, national leader in class action settlement administration, announced that it has completed the rigorous SSAE 18 (SOC 1) Type II Audit. Now more than ever, independent audits like SOC 1 Type II are imperative for protecting confidential information. This attestation verifies that Analytics has the proper internal controls and processes in place to deliver notice and claims management services to its clients. Boulay a PCAOB, accredited accounting firm, performed the audit and appropriate testing of Analytics’ controls that validates our process and security controls. This a renewal of a prior SSAE 18 (SOC 1) Type II Audit. In accordance with SSAE 18 (Statements on Standards for Attestation Engagements), the SOC 1 Type II audit report includes Analytics’ description of controls as well as the detailed testing of its controls over a minimum six-month period.
The Importance of Independent Audits
“Analytics’ clients rely on them to protect class member information and the integrity of the settlement administration process,” said Lisa Simmons, Chief Executive Officer of Analytics. “As a result, Analytics has implemented best practice controls demanded by our clients to address information security, compliance, and settlement implementation risks. This independent third-party opinion validates these controls provide assurance regarding the claims management solutions provided by Analytics.”
What Exactly is SOC 1 Type II?
SOC 1 Type II is a reporting on the controls at a service organization that was established by the American Institute of Certified Public Accountants (AICPA). This report is in compliance with the SSAE 18 auditing standards which focus on the controls of a service organization that are relevant to an audit of a user entity’s financial statements. The standard demonstrates that an organization has adequate controls and processes in place. Without these best practices, organizations can put the confidential and sensitive information of their clients at risk of identity theft, data breaches, and more. Federal regulations such as Sarbanes-Oxley, Gramm-Leach-Bliley and the Health Insurance Portability and Accountability Act (HIPAA) require corporations to audit the internal controls of their suppliers, including those that provide technology services.
What Does This Mean for Analytics?
As national leader in class action settlement administration, Analytics strives for the highest levels of certification in compliance, meeting and exceeding legal requirements. Receiving this attestation puts Analytics in a position once again to exceed the industry standards expected of class action settlement administration firms. Considering every Federal agency with a consumer and investor protection mandate employs Analytics’ services, the SSAE 18 (SOC 1) Type II Audit goes a long way in securing integrity of Analytics’ claims and notice administration practices.
For more than 49 years, Analytics has been a pioneer in the management of class action, mass tort, and distribution fund claims programs. Established in 1970, our consulting practice is focused on providing high security communications and claims management solutions to law firms, government agencies and Fortune 500 companies across the country.
With decades of experience, Analytics has deep experience expertly managing engagements across multiple service lines including class action settlements, mass torts, and governmental/corporate services. We have managed more than a 2,500 engagements, processed millions of claims and distributed billions of dollars. Our engagements have ranged from the simple to the complex, and included some of the largest and most complex settlements in history.
Analytics has offices in Minneapolis, New York, and Washington DC. The firm can be reached at 952.404.5700. For more information about Analytics, visit www.analyticsllc.com.