The firm now has the 2022 ISAE (UK) 3000 System and Organisation Controls (SOC) 2 Type I Service Auditor’s Assurance Report, supported by KPMG in its application.
SOC 2 is an auditing procedure that ensures companies securely manage data to protect the interests of their organisation and the privacy of their clients.
The SOC 2 Type I report provides a view at a specific point in time by reporting that the controls provided by Phoebus are fit for purpose, meet market expectations and are implemented correctly.
It follows the firm’s accreditation with the ISO 27001 international standard for information security in 2016, which is audited and renewed regularly. The current accreditation now in place until the next review in 2025.
Warren Higgins, chief information officer at Phoebus, said: “This accreditation is a great achievement and demonstrates how Phoebus meets the most stringent security measures that align with worldwide industry standards and best practices for all sizes of institutions. We expect to receive SOC 2 Type 2 accreditation by the end of 2023.”
SOC 2 Type 2 evaluates the operational effectiveness of data controls over a longer period of time, between 12 and 18 months, as opposed to a single point of time.
Phoebus: ‘Cementing our reputation’
Richard Pike, chief sales and marking officer (pictured), added: “Phoebus is regularly in the news for winning new business and renewing existing client contracts. But it is often too easy to forget how much work goes on behind the scenes to ensure we continually offer the highest quality of support to clients, new and old, of all sizes.
“The time and investment Warren and his team continually puts into ensuring our service levels and controls are second to none is significant. This cements our reputation of being the supplier of choice for loan servicing solutions in the UK and Ireland.
“This applies to our product delivery, infrastructure and delivering the controls required to be an active and compliant supplier of the services we provide to all our clients.”
