CU DIRECT SUCCESSFULLY COMPLETES SAS 70 TYPE II AUDIT OF ITS WEB-BASED AUTO LENDING NETWORK AND PROGRAM
Ontario, CA, April 20, 2011 -- CU Direct Corporation (www.cudirect.com), parent for the CUDL, Lending Insights, and new Lending 360 and CUDL Retail brands, has announced that the company has successfully completed a SAS 70 Type II audit of its controls related to the company’s CUDL3 and CUDL DApp systems. This is the fifth consecutive year that the Credit Union Service Organization (CUSO) has achieved SAS 70 Type II Certification of its web-based auto lending network and program.
The SAS 70 certification verifies that the company has sufficient controls in place in areas such as change management, customer service and development practices. The company’s certification also attests to the accuracy of the controls description, as well as the thoroughness and accuracy with which controls are designed, implemented and monitored.
CU Direct’s successful completion of the SAS 70 audit process demonstrates how its control objectives, activities and systems function in accordance with industry best practices. The certification also demonstrates CU Direct’s commitment to ensuring that the CUDL3 and CUDL DApp platforms’ service and support procedures exceed operational quality and efficiency standards.
The examination was conducted by Certified Public Accountants McGladrey & Pullen, and conforms to the standards established by the American Institute of Certified Public Accountants (AICPA). SAS 70 (Statement on Auditing Standards No. 70, Service Organizations) is an internationally recognized auditing standard developed by the AICPA to demonstrate that a service provider has adequate controls and safeguards in place when they host or process data belonging to their customers.
CU Direct’s objective for having the SAS 70 Type II review was to once again achieve independent confirmation of the soundness and security of the CUDL System, which enables members to access credit union financing information at auto dealerships through web-based platforms.
“The SAS 70 Type II Certification is very important to us as an organization, as it is verification that we have successfully incorporated the necessary processes and safeguards to protect the data and assets our credit union partners entrust us with,” stated Gene Oishi, CU Direct’s vice president of operations. “We are committed to maintaining the internal policies and procedures necessary to ensure our customer’s transactions are fully protected.”
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About CU Direct Corporation
Established in 1994, CU Direct Corporation is the credit union industry’s foremost provider of leading lending solutions. Parent to the CUDL, Lending Insights, Lending 360 and CUDL Retail brands, CU Direct Corp. offers a diverse, extensive library of products and services designed to help credit unions advance their lending programs and achieve overall portfolio success. For more information about CU Direct Corporation’s brands and full range of best-in-class lending products and services visit www.cudirect.com.