OpenGamma, an analytics firm providing software dedicated to reducing the cost of trading derivatives, has announced its successful completion of the Service Organisation Controls (SOC) 2 Type 1 certification.
Following a period of extensive auditing OpenGamma has been certified by Ernst & Young (EY) for its controls relating to security, highlighting its commitment to protecting customer data.
Developed by the American Institute of Certified Public Accountants (AICPA), SOC 2 is the standard for security compliance by hosted service providers. Firms must demonstrate their ability to design and implement controls, policies, procedures and practices to protect the interests of their clients.
Peter Rippon, CEO at OpenGamma: “This certification marks a significant step towards achieving our long term goals. Managing customer data has always been a top priority and this independent validation demonstrates just how seriously we take handling our clients’ sensitive position files.”
Beyond security, SOC 2 compliance provides customers with an assurance of high levels of organisational maturity, from the internal processes around customer commitments to the professional development of employees. OpenGamma is committed to performing further SOC 2 examinations in future years, providing ongoing confidence in its ability to maintain and expand on these high standards.