Bayside Business Solutions, a developer of portfolio management software, today announced that it has successfully completed a Statement on Standards for Attestation Engagement No. 16 (SSAE 16 or SOC 1) Type 2 audit for their CADENCE Portfolio Management System and Hosting Services. A SOC 1 Examination is performed by an independent auditing firm and examines the controls and processes involved in storing, handling, and transmitting data securely. The successful completion of the voluntary audit illustrates Bayside Business Solutions’ ongoing commitment to create and maintain the most stringent controls for the protection and security of its customers’ confidential information. More information about Bayside Business Solutions and their services can be found at www.baysidebiz.com.
The Type 2 audit, which included detailed review of the design and operating effectiveness of Bayside Business Solutions’ controls, was performed by an independent, licensed Certified Public Accounting firm that specializes in conducting SSAE 16 audits. Skoda Minotti, CPAs, Business & Financial Advisors, a nationally recognized firm examined Bayside Business Solutions’ controls related to network connectivity, firewall configuration, computer operations, database access, data transmissions, backup, software development, and other areas which support the CADENCE Portfolio Management System and Hosting Services. Bayside Business Solutions received a Service Auditors’ Report with a clean opinion and no exceptions were noted during testing, demonstrating that Bayside Business Solutions’ policies, procedures, and operations for the areas reviewed met or exceeded the stringent SSAE 16 criteria.
“Bayside is proud to have achieved this important compliance designation,” stated Jay McKinney, Senior Vice President of Operations at Bayside Business Solutions, “which independently verifies our commitment to the highest standards of service and operational transparency with our CADENCE solution, hosting services, and corporate governance.”
SOC Reporting has become increasingly important for data-handling service providers since the passage of the Sarbanes-Oxley legislation, which requires a company’s business partners to have adequate internal controls. Bayside Business Solutions’ customers can easily incorporate its Service Auditors’ Report in their Sarbanes-Oxley compliance programs as proof that appropriate controls are in place. The SOC 1 Type 2 examination can also help Bayside Business Solutions’ customers to comply with other regulations, including HIPAA (Health Insurance Portability and Accountability Act), GLBA (Gramm-Leach-Bliley Act of 1999), and ISO 27001.
Bayside Business Solutions Incorporated is a privately-held company founded in 1998 and introduced its flagship product, FactorSoft to the commercial lending market. Over time, the product expanded to accommodate additional types of lending, collaterals, and controls. In 2011, the third generation of the product, CADENCE, was introduced as a full spectrum commercial lending platform. The CADENCE platform is capable of monitoring a variety of lending products, from factoring to asset based lending and everything in between. Bayside Business Solutions is based in Birmingham, Alabama, with offices also in Los Angeles, California.
Bayside Business Solutions helps provide nearly 200 commercial lending organizations the ability to administer asset-based lending, invoice discounting, inventory lending, factoring, and other forms of commercial finance—on a single software platform, all while improving administrative efficiency and providing a robust toolset to mitigate risk. Bayside Business Solutions’ CADENCE Portfolio Management System and Hosting Services delivers a blend of next generation technology with industry-leading functionality; integrating software, hardware, and professional services to create the ultimate portfolio management system.