For nearly a decade, Matrix Applications (“Matrix”) has undergone independent third-party SOC (Service Organization Control) audits conducted by an accredited and reputable certified public accountant (CPA) firm.
“This is a big achievement for Matrix. It gives stakeholders reassurance that our company’s services are safe and effective. We are very proud of our team for taking the extra steps to confirm the integrity of our systems,” says Stephen Mellert, Managing Director at Matrix Applications.
About SOC 1 and SOC 2
SOC reports ensure companies’ systems effectiveness in a formal, verified, audited process. As mentioned above, this is done by a third-party accredited body, designated by the American Institute of Certified Public Accountants (AICPA). These audits are performed every year to ensure continuous commitment to providing quality services.
SOC 1 relates to a company’s accounting and financial controls. It involves two types: Type 1 and Type 2. Type 1 looks at a specific point-in-time measurement, while Type 2 is more rigorous and focuses on a longer period.
On the other hand, SOC 2 involves more emphasis on an organization’s information systems. It is centered around the Trust Services Criteria, which analyzes security, availability, processing integrity, confidentiality, and privacy. Like SOC 1, SOC 2 also has Type 1 and Type 2. SOC 2 Type 1 confirms that the controls exist in a system and Type 2 verifies its effectiveness.
SOC 1 and SOC 2 audits must be performed annually or when significant changes are made.
Why SOC 1 and SOC 2?
Matrix chose to pursue certification for the SOC 1 Type 2 and the SOC 2 Type 1 for its applications. The SOC 1 Type 2 has been audited since 2015 with its most recent completion being this past year.
SOC 2 Type 1 was completed in early 2022. It focused on security, availability, and processing integrity. SOC 2 Type 2 is scheduled to begin in September 2022.
About Matrix Applications LLC Matrix Applications is a New York-based fintech service bureau that offers a suite of collateral management, margining and clearing systems for institutional fixed income trading and equities securities lending. We are a team of capital markets and systems professionals delivering financial technology solutions to institutional firms since 2000. We work hands-on with our clients to identify an optimal mix of services to best fit their needs, from systems to back-office operations assistance. With in-house and offshore developers, we provide our clients with the right solution at the right price. Comprised of industry veterans and financial professionals, we leverage our extensive technical experience, a deep network across the finance industry and a team of ops, regulatory and legal gurus to deliver bespoke managed services for firms big and small.