Our Security Promise Fintech’s SOC 1 (SSAE 16) Report
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Fintech FTX Payment Processing & Data Security
Fintech is committed to providing a scalable security framework to help protect customer businesses against the evolving mix of Internet threats. The security methodology used by Fintech protects customers though a multi-level approach, which employs culture, policy and technology to reduce and detect risks to our customers' vital services.
An independent third party has performed an annual SOC 1 (SSAE 16) Type 2 examination for Fintech every year since 2005. The SOC 1 (SSAE 16) examination evaluates the design and operating effectiveness of our internal controls activities and safeguards to host and/or process data, quality control procedures, physical and logical access security, and system availability. In accordance with AICPA regulations, a SOC 1 (SSAE 16) service auditor’s report can only be provided to existing customers and their auditors, therefore the contents cannot be displayed on our web site.
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What is a SOC 1 (SSAE 16)?
A SOC 1 examination, formerly known as “SAS 70”, is performed in accordance with Statement on Standards for Attestation Engagements No. 16 ‘Reporting on Controls at a Service Organization’ (“SSAE 16”). The Fintech SOC 1 examination focuses on those of our controls that may be relevant to an audit of the financial statements of our customers. The examination is performed to evaluate the design and operating effectiveness of internal controls to achieve specified control objectives. Section 404 of the Sarbanes-Oxley Act of 2002 makes SOC 1 audit reports even more important to the process of reporting on the effectiveness of internal control over financial reporting.
The objective of a SOC 1 (SSAE 16) Type 1 examination is the expression of an opinion about whether internal controls have been effectively designed to meet certain control objectives related to the service(s) provided by a service organization to customers. The objective of a SOC 1 (SSAE 16) Type 2 examination additionally includes an expression of an opinion about whether these controls were operating effectively to meet these control objectives during a specific period of time. Fintech receives a SOC 1 Type 2 service auditor’s report annually. The most recent report found no exception in our control procedures.