Integrating SOC II Type II Compliance Into Construction Payment Management

Financial institutions, title companies, and contractors handle vast amounts of sensitive data daily. Adopting digital tools can help your organization manage this data while promoting operational efficiency. However, partnering with vendors that treat security as a company value is vital.

Enter LMS Project, a security-minded solutions provider that ensures your peace of mind via our robust security auditing processes and certifications. Our primary security certification and auditing framework is SOC II Type II. Learn how we use this framework to protect your data while simplifying construction payment management.

What Is SOC II Type II Compliance?

Service Organization Control (SOC) was developed by the American Institute of Certified Public Accountants (AICPA). The standard gives peace of mind to banks, title agents, and other entities that handle sensitive information.

SOC Type II compliance is the gold standard for data security and operational integrity in technology service providers. SOC compliance is built around five key trust service criteria:

●     Security: Protecting you from data breaches and unauthorized access.

●     Availability: Keeping the platform up-and-running.

●     Processing Integrity: Guaranteeing that transactions are accurate and complete.

●     Confidentiality: Restricting access to sensitive information to authorized users only.

●     Privacy: Protecting personally identifiable information (PII).

A Type II certification demonstrates LMS Project’s commitment to maintaining effective security standards. Our organization has passed the SOC II audit process and received a detailed report outlining the scope and efficacy of our security processes.

What Is a SOC II Type II Audit?

A SOC II Type II audit examines an organization’s security controls over a set timeframe to verify that they are working consistently.

A Type I audit only documents what controls are in place. A Type II audit tests how well those controls are actually functioning. LMS Project passed a Type II audit, which demonstrates that our security posture is strong and effective at protecting your data.

Benefits of Working With SOC II Compliant Vendors

When you partner with LMS Project, you will benefit from our:

Secure Personnel

Cybersecurity involves much more than implementing access control and defenses like firewalls. It must be part of company culture.

LMS Project embodies security as a company value and extends these concepts to our personnel management strategy. All employees undergo background checks prior to employment. Team members who access sensitive information are also subject to non-disclosure agreements (NDAs) or confidentiality agreements.

Perhaps most importantly, every team member receives regular security training and testing. Our ongoing employee education initiative ensures that our staff members are aware of the latest attack vectors and techniques.

Secure Development

LMS Project uses secure development principles when creating new solutions or upgrading existing tools. Our redundant design review process ensures that adequate security requirements are incorporated into every project. Secure development principles minimize the threat of day-one attacks while encouraging our clients to embrace new tools with confidence.

Cloud Security

Understandably, some financial institutions and title agents are hesitant to move sensitive data to the cloud. LMS Project addresses these concerns with our multi-tenant cloud architecture. Each customer benefits from complete data isolation within the cloud environment. We partner with reputable cloud service providers to minimize the risk to your data.

Additionally, LMS Project encrypts data while it is in transit and at rest. Our entire platform is continuously monitored to detect and address suspicious activity as it occurs. 

Robust Testing

All of our systems are regularly subjected to third-party vulnerability scanning and penetration testing. Our in-house team also performs extensive security testing. This redundancy allows us to find and fix any weaknesses that may increase the risk of a breach.

Compliance

Our external certifications reflect our commitment to regulatory compliance. Third-party evaluations of our SOC II compliance give you peace of mind, knowing that your data is secure.

You can leverage our construction payment management solutions while staying audit-ready. Modernize the way you manage construction payments without compromising your security posture.

Simplified Paperwork

LMS Project accelerates payments via checks and eChecks. With our platform, you can offer same-day payments to contractors and other stakeholders. LMS Project also includes automatic 1099 reporting, insurance certificate submission, and W-9 collection. Take the hassle out of document collection and protect your reputation.

Explore LMS Project

Are you ready to modernize the way you approach construction payment management? LMS Project provides customizable services and user-friendly tools designed to save time, provide peace of mind, and ensure compliance. Our platform creates a better experience for contractors, financial institutions, and title agents.

Schedule a demo of LMS Project today!