Tradeteq, the technology provider for illiquid credit distribution, has achieved SOC 2 Type 1 attestation, demonstrating its commitment to protecting and managing customer data at the highest industry standard.
Tradeteq’s platform is used by banks, insurers and investors to help transform trade finance into an efficient, transparent and global financial market. SOC 2 Type 1 attestation is the latest addition to its security credentials, which include ISO27001, GDPR controls and other global security, safety and data protection requirements.
SOC 2 is a rigorous compliance standard, developed by the American Institute of CPAs (AICPA), that is designed to specify how organisations should manage customer data. It defines criteria based on principles of security, availability, processing integrity, confidentiality, and privacy – and is becoming a prerequisite for many firms in the procurement of technology services.
Tradeteq achieved SOC Type 1 attestation with assistance from Laika, Inc., a compliance-as-a-service platform that specialises in helping companies to manage their privacy compliance. Its integrated audit partner, Laika Compliance LLC, then certified that Tradeteq had met the standard.
The SOC 2 Type 1 audit assesses security processes at a specific point in time and Tradeteq is now working towards attestation of the SOC2 Type 2 standard, which observes operations over a six-month period.
Simon Needham, Chief Technology Officer at Tradeteq, comments: “We handle high volumes of sensitive data on a daily basis and safeguarding and protecting that data has always been paramount to us. Achieving this SOC 2 standard is an important milestone, providing further evidence of our ongoing commitment to security. Alongside our extensive existing credentials, it gives our clients further assurance that we have rigorous controls in place around how we collect, use, and distribute their information.”
Leith Khanafseh, Managing Partner of Laika Compliance, LLC adds: "Tradeteq demonstrates an intelligent and thoughtful design of their information security programme through their Type 1 report. We look forward to evaluating the functionality of their control architecture over time."