Inveniam, a fintech company bringing transparency to data-rich private market assets, announced the completion of its SOC 2 Type 1 certification. Achieving SOC 2 Type 1 certification entails undergoing a rigorous audit overseen by an independent auditor to ensure a firm’s process and controls are secure.
“This painstaking, year-long process ultimately is a considerable milestone for Inveniam and a sign of things to come. It took a lot of input and development to get this done and I applaud all of my colleagues on the achievement.”
Inveniam.io’s auditor was Armanino LLP and began the SOC 2 Type 1 audit procedures in late 2020.
“To engage with large, established institutions, Inveniam — still a relatively small, young company — must demonstrate its deference to compliance and regulatory frameworks,” said Pat O’Meara, Chairman and CEO of Inveniam. “As a business dedicated to creating and harnessing better data via distributed ledger technology, we prioritized this initiative knowing that customers would rest easier if Inveniam’s security protocols were recognized as being up to such high standards.”
The SOC 2 Type 1 procedure evaluates a number of corporate processes, from the availability and accessibility of its data to system integrity to hiring policies.
“In order to gain the most the SOC 2 Type 1 assessment, and in turn, mature in the process, we decided to gather and formulate all of the materials necessary for the auditors rather than outsource the work,” said David Loffredo, President of Inveniam Solutions. “This painstaking, year-long process ultimately is a considerable milestone for Inveniam and a sign of things to come. It took a lot of input and development to get this done and I applaud all of my colleagues on the achievement.”
Inveniam monitors its business risks daily based on the processes developed during the audit.