SBA Lender Service Firm’s Strategic Path to SOC 2 Type II Attestation

A leading SBA lender service firm recently achieved SOC 2 Type II attestation, marking a significant milestone in their commitment to security regulations. This multi-year journey, from initial audit and gap analysis to attaining SOC 2 Type II attestation, has been a strategic priority for the entire company. The collaboration with Systems Engineering played a pivotal role in ensuring robust security and reporting standards, enabling the organization to maintain a secure and productive workforce, and opening new opportunities for business growth.

Systems Engineering helps SBS Lender Service Provider achieved SOC 2 Type II attestation.

THE NEED FOR SOC 2 COMPLIANCE

“As a preferred SBA Lender Service Provider, most of the firm’s clients are community financial institutions. These financial institutions face increased compliance obligations which extend to third-party vendors like us,” explained the President and Founder. “Understanding our clients’ vendor due diligence required a SOC 2 Type II report. We embarked on this journey to enhance our competitive position and significantly enhance our security posture.”

FINDING THE RIGHT PARTNER FOR SUCCESS

The initial steps involved an audit and readiness assessment by a local CPA firm, which highlighted gaps that would need to be addressed to achieve compliance. With IT and compliance responsibilities managed by a small team, the organization needed a strong partner to navigate daily challenges and drive towards SOC 2 Type II compliance. This led them to Systems Engineering.

IMPLEMENTATION OF IT SOLUTIONS

Systems Engineering implemented a multifaceted strategy focused to support SOC 2 that included:

  • Infrastructure Overhaul: Transitioning to a secure, cloud-based infrastructure to support the organizations remote operations and enhance productivity.
  • Policy Development and Compliance Oversight: Establishing rigorous IT security policies.
  • Continuous IT Management and Improvement: Providing ongoing support to ensure the balance between security and productivity is met dynamically.
  • Thought Leadership and Cybersecurity Standards: Applying standards and best practices starting with security awareness training at the user level, moving into the processes and business flows that grant user access to corporate data and sensitive information, sourcing from the tools that shape the business technological backbone.

ADAPTING TO NEW SBA REQUIREMENTS

New SBA requirements for SOC 2 Type II were released just weeks after the organization gained attestation. “The new SBA requirements made our SOC 2 attestation essential for continuing to serve our clients without interruption.” These stringent vendor management practices further underscored the need for SOC 2 compliance. “I’m proud to say we were already ahead of the market,” the President and Founder added.

IMPACT ON BUSINESS OPERATIONS AND GROWTH

Achieving SOC 2 Type II significantly boosted the organization’s credibility, reinforcing their competitive position as an industry leader in outsourced SBA lending services for community institutions. “Since achieving our attestation, we’ve seen an increase in client engagement and new business. Our community institutions feel more secure knowing we meet the highest standards of SOC 2 Type II, and we are thankful to have found such a skilled partner in Systems Engineering,” the President and Founder noted.

CONCLUSION

The journey to SOC 2 compliance, facilitated by Systems Engineering, exemplifies how effective partnerships and adaptable internal team dynamics can overcome stringent regulatory challenges.

This case study illustrates the strategic impact of robust IT solutions and proactive management in achieving and maintaining high cybersecurity and compliance standards. From help desk and cloud security to 24/7 security monitoring and virtual CIO services, Systems Engineering continues to help this firm thrive with a technology-driven, modern, and compliant operation.

 

Contact Systems Engineering for more information.

Systems Engineering is a SOC 2 Type II certified organization. Our SOC 2 Report is available to client and prospects upon request.

For the privacy and security of our client base, we do not publicly disclose business names in case studies on our website.