Westlake, OH December 29, 2017 – Proformex, Inc., a company that has developed a powerful software tool for the purposes of integrating, adding, managing, and monitoring data and information related to life insurance, today announced that it has successfully completed a System and Organization Controls (SOC) 2® Type I Audit examination for their Policy Monitoring System. Proformex, Inc. retained international business advisory firm Skoda Minotti for its SOC 2® audit work. Proformex, Inc. selected Skoda Minotti after an intensive search based on their reputation as a leading risk advisory and compliance firm.
Ben Osbrach, CISSP, CISA, QSA, CICP, CCSFP, partner-in-charge of Skoda Minotti’s risk advisory group says, “We were excited to work with Proformex from the very start. They are an intriguing organization delivering high quality services and their business adds to our growing SOC reporting practice.”
SOC 2® engagements are performed in accordance with the American Institute of Certified Public Accountants’ (AICPA) AT-C 205, Reporting on Controls at a Service Organization and based on the trust service principles outlined in the AICPA Guide, Reporting on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy. The SOC 2® Type I report is performed by an independent auditing firm and is intended to provide an understanding of the service organization’s suitability of the design of its internal controls. A service organization may select any or all of the trust service principles applicable to their business and Proformex chose to report on security, availability, confidentiality, and processing integrity. The successful completion of this voluntary engagement illustrates Proformex’s ongoing commitment to create and maintain a secure operating environment for their clients’ confidential data.
Skoda Minotti’s testing of Proformex’s controls included examination of their policies and procedures regarding network connectivity, firewall configurations, systems development life cycle, computer operations, logical access, data transmission, backup and disaster recovery, and other critical operational areas of their business. Upon completion of the audit, Proformex received a Service Auditor’s Report with an unqualified opinion demonstrating that their policies, procedures, and infrastructure meet or exceed the stringent SOC 2® criteria.
“The successful completion of our SOC 2® Type I examination audit provides Proformex’s clients with the assurance that the controls and safeguards we employ to protect and secure their data are in line industry standards and best practices,” said Michael Pepe, Chief Executive Officer.
About – Proformex, Inc.
Proformex was founded in 2010 as the TOLI Vault to address the unique needs of life insurance owners, trustees, agents, and beneficiaries. The founders set out to develop a software tool that would aid in the management of all data and information related to life insurance. The result is Proformex, a software platform which helps users understand and monitor the asset of life insurance.
Proformex delivers a product which assists life agents and brokers in the monitoring of life insurance policies and annuities, allows them to access an extensive data base of all their life insurance policies – regardless of carrier, and provides and archive for storage of important life insurance and related documents. Life insurance owners, trustees, and beneficiaries also use Proformex to make sure that their life insurance asset is periodically monitored and managed so they are aware of changes in variables such as cash value, death benefit, premiums required, lapse age, or financial rating of the insurance carrier.
About – Skoda Minotti
Skoda Minotti is a Certified Public Accounting Firm based in Cleveland, OH offering a variety of tax, finance, and business advisory services in virtually every area of business. The Risk Advisory practice specializes in SOC Reporting, PCI DSS Compliance, FISMA, NIST, and other regulatory information security assessments. Staff in Skoda Minotti’s Risk Advisory hold several industry certifications including Certified Information Systems Auditor (CISSA), Certified Information Systems Security Professional (CISSP), Qualified Security Assessor (QSA), GIAC Penetration Tester (GPEN), and GIAC Web Application Penetration Tester (GWAPT). For more information about Skoda Minotti’s Risk Advisory Services, please visit risk.skodaminotti.com.