April 8, 2015- Brady & Kosofsky, PA., becomes one of the first real estate closing law firms in North Carolina to achieve SOC2 SSAE 16 Type 1 Audit Certification. What does that mean? To be honest, I am sure it means something different to everyone in the industry. There are still some who have NO IDEA what it means, but I am willing to bet that by December 2015, they will understand what it means not to have taken appropriate steps to meet the new compliance benchmarks contained in Gramm Leach Bliley, CFPB Bulletin 2012-03 and the OCC third party risk guidelines which have become the focus of the CFPB and many Banks and Servicers.
To our firm, the first step was taken back in 2008 when we committed ourselves to a paperless office. in 2013 we adopted the ALTA BEST PRACTICES, and in Jan 2014 they were implemented. The next step was the SOC2 SSAE 16 TYPE 1, to be followed by a third party ALTA BEST PRACTICES AUDIT and a SOC2 SSAE 16 TYPE 2 within the next couple of months.
NOW we are compliant ( I think), but more importantly we took this opportunity to revisit every single part of our business. From our insurance relationships, to hiring manuals, to payroll practices, background checks and new intake documents. We have rebuilt each workflow, and made the appropriate changes in our Service Level Agreements, Statements of Work and our production system…. (AH! the new toys are my favorite!!!)