Windsor Advantage, LLC, a Chicago, Illinois-based lender service provider for banks and credit unions participating in Small Business Administration (SBA) loan programs, recently achieved a compliance milestone.
The lender completed the comprehensive year-long SAS-70/SSAE-16 Type II audit, certifying Windsor Advantage’s various controls over customer service and consumer protection.
"Windsor's dedication to designing and implementing controls ensures our clients receive the highest level of service in a compliance-focused environment,” Managing Director Shawn Andrews said.
The SAS-70 and SSAE-16 standards come from the Auditing Standards Board, the certification and auditing arm of the American Institute of Certified Public Accountants (AICPA).
The two certifications are regarded as the toughest standards in the United States that are used to assess an organization's internal controls. The audits are intended to ensure an organization has adequate controls for consumer data protection in the financial services industry.
In order to bolster the company’s standing among the various banks Windsor Advantage works with, the firm obtained not only the SAS-70/SSAE-16 certifications, but also completed the more rigorous Type II audit.
The more stringent Type II certification looks into corporatewide policies and procedures for handling client data. It also addresses the structure and implementation of critical controls, including disaster recovery plans.
"The security and confidentiality of client information is critically important to Windsor Advantage," Andrews said. "We provide lenders with a comprehensive solution to SBA lending delivered in a control environment that has been audited by an international audit and consulting firm specializing in controls audits."
Windsor Advantage’s complete audit took 12 months, and was performed by the Plante Moran auditing and consulting firm.