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CCC Receives SOC 1 Certification

Chicago Clearing Corporation is now SOC 1, Level 2 certified.  This certification replaces the AICPA’s previous SAS 70 Type II certification (which CCC also had).

What do these terms mean?  In short, the SOC 1 certification, or Service Organization Control 1, ensures that CCC’s practices and services are safe and secure, thorough and efficient.

The long version, for those of you who just have to know the gritty details, is this:  Third party auditors have reviewed CCC according to the strict standards determined by the American Institute of CPAs.  (I will assume you know what CPA stands for.)   These standards are laid out in their hugely popular “Statement on Standards for Attestation Engagements (SSAE), No. 16,” published by the AICPA.  I won’t give away the ending if you haven’t read it, but the document, “addresses examination engagements undertaken by a service auditor to report on controls at organizations that provide services to user entities when those controls are likely to be relevant to user entities’ internal control over financial reporting.”  My italics.  Intense stuff, huh?

The auditors hung around our offices for a week and a half, examined every procedure, and interviewed every employee.  We were afraid to sneeze.  We even washed the microwave to stay on the safe side.

But the good news?  CCC passed SOC 1 with flying colors.  Let the secure transmission of trade data begin!  (Or, if you are an existing customer-- continue!)