LSQ, a provider of working capital finance and payments solutions, completed its System and Organizational Controls (SOC) 2 Type 2 third-party audit for its LSQ FastTrack platform.
The successful completion of the third-party audit demonstrates LSQ’s continued commitment to deliver high-quality services to its clients and partners by implementing best practices in data privacy and security.
SOC 2 is a voluntary compliance standard for service organizations developed by the American Institute of CPAs (AICPA) that specifies how organizations should manage customer data. The standard is based on the following trust services criteria: security, availability, processing integrity, confidentiality and privacy. The third-party attestation validates an organization’s description of the system and the suitability of the design as well as operational effectiveness over a period of time.
“The threats to IT environments have never been greater,” Steve Piubeni, director of compliance at LSQ, said. “Businesses have an obligation to vet their vendors to ensure they meet specific standards; in fact, it’s a regulatory requirement for many companies. By completing our SOC 2 examination, we provide those companies with assurance that we are compliant with these rigorous standards.”
According to LSQ director of information security, Danny Wall, the completion of the SOC 2 audit will allow companies to begin accessing LSQ’s working capital finance and payments platform much more quickly.
“Our process to onboard clients onto LSQ FastTrack has always been efficient,” Wall said. “A large part of the implementation time has been the client going through the process of verifying IT security and privacy within LSQ and the platform. Now, with SOC 2, customers can expedite that process and start realizing the value of the solution faster.”
