ISO 27001 Certification and SOC 1, 2, & 3 Audits Make Formidium’s Security and Privacy Stronger
Downers Grove, Illinois, USA, March, 23, 2023 – Formidium, a global leader in providing third-party fund administration and back-office technology solutions, has received ISO/IEC 27001:2013 certification from the UK branch of the Bureau Veritas. The business also completed SOC 1 (Type 2), SOC 2 (Type 2), and SOC 3 audits for the year 2022. Formidium’s SOC audits were performed by the Atlanta office of Wipfli LLP, a Wisconsin, USA-based CPA firm.
ISO/IEC 27001:2013 certification proves Formidium’s commitment to protecting its customers' data and maintaining its high standards of data security, confidentiality, integrity, and system availability. The achievement of this certification also demonstrates Formidium's commitment to risk management, business continuity, and data protection. The international standard specifies the requirements for an information security management system (ISMS). ISO/IEC 27001:2013 provides a framework for managing sensitive information and keeping it secure. It provides the guidelines for establishing, implementing, maintaining, and continually improving information security.
SOC audits are designed to meet the Company’s objectives for ensuring the security, availability and confidentiality of customer data. They provide assurance to the service organization's users and their auditors that the organization has met the standards established by the American Institute of Certified Public Accountants. In this environment, financial and data assets are protected and strong information security policies (ISP) are followed. SOC 1 (Type 2) audits cover financial reporting, processing of financial transactions, and/or maintenance of related sensitive data. SOC 2 (Type 2) audit cover compliance, operations, and the effectiveness of a firm’s internal controls.
"Achieving ISO 2700:2013 certification and SOC audits shows our commitment to internal controls, security, data protection, and privacy protection," said Manish Agrawal, Co-Founder and Chief Solutions Officer of Formidium. "Formidium puts a high priority on protecting our customer data and providing a controlled environment. These certifications and audits demonstrate our commitment to maintaining the highest level of security for our clients."
Formidium is a leading global technology-enabled fund administrator and investment back-office technology solutions provider based in Downers Grove, Illinois. Its innovative platform utilizes the proprietary technology applications of Seamless (a web-based fund accounting application integrating portfolio, fund accounting, and investor reporting) and CommonSubDocTM (an investor onboarding portal with extensive AML/KYC features and capital activity tracking, as well as a CRM solution).
Formidium employs over 1000 professionals across its global offices and currently serves more than 1000 investment funds. Formidium’s operations and technology are SOC 1, SOC 2 and SOC 3 audited.