CMG Life Services Inc., a leader in the life settlement industry, today announced that it has successfully completed its second Service Organization Controls (SOC) 1 Type II audit of its life insurance policy origination and policy management and monitoring services. The Type II audit provides a significantly higher level of assurance than the Type I audit.

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CMG Life Services Inc. has undergone a rigorous audit by an independent third party to ensure that it has sound controls over the financial reporting information that CMG processes for its client.

(Naples, FL) October 1, 2015 — CMG Life Services Inc., a leader in the life settlement industry, today announced that it has successfully completed its second Service Organization Controls (SOC) 1 Type II audit of its life insurance policy origination and policy management and monitoring services.  The Type II audit provides a significantly higher level of assurance than the Type I audit.  CMG’s most recent report covers the period June 1, 2014 through May 31, 2015.  The rigorous SOC 1 Type II audit, which included detailed testing of the operating effectiveness of CMG’s controls, was performed by Grant Thornton LLP, one of the six global Public Accounting firms.

A SOC 1, also known as SSAE16, is a United States auditing standard developed by the American Institute of Certified Public Accountants.  The SOC 1 is the adopted version of the International Standards for Assurance Engagements (ISAE) 3402, which is the international standard for the audit of the controls over financial reporting at a Service Organization.  The key operational components that were audited in CMG’s most recent SOC 1 audit included general management controls, risk management, processes to ensure conformity with client specifications, information security, communications systems, and client reporting. The successful completion of the voluntary audit illustrates CMG’s ongoing commitment to create and maintain the most stringent control environment for the execution of client directives and the protection and accuracy of their financial reporting information.

“Our successful completion of a SOC 1 Type II review,” says Marnee Davison, CMG’s Vice President – Operations and Premium Management, “demonstrates to current and future clients that CMG has undergone a rigorous independent audit to assure our clients that we are processing their transactions in accordance within their guidelines, and providing them with accurate, secure and timely reporting.”

As organizations continue to outsource components of their operations, SOC reports provide the management groups of the organizations outsourcing their operations with the comfort that their service organizations have implemented sound control environments to provide them with accurate information and protect their data.

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