New PYA White Paper: Framework Offers Companies Solution for Cybersecurity Risk for Title and Settlement Companies

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PYA has released a white paper that discusses the importance of the AICPA’s cybersecurity risk management framework and System and Organization Controls for Cybersecurity in assessing the strength and effectiveness of cybersecurity risk management programs for title and settlement companies.

A new PYA white paper outlines the American Institute of Certified Public Accountants’ (AICPA) cybersecurity risk management framework and System and Organization Controls (SOC) for Cybersecurity, and the role they play in the development of an effective cybersecurity risk management program and the assessment of cybersecurity risk readiness for title and settlement companies.

A cybersecurity breach can result in tremendous financial loss—to the tune of millions of dollars—and reputational damage— sometimes fatal—for afflicted companies. To help mitigate the risk, the AICPA released a cybersecurity risk management reporting framework last year.  The framework is used as a reference point for independent certified public accountants (CPAs) to engage SOC reporting on the overall effectiveness of an organization’s cybersecurity risk management program.  The SOC for Cybersecurity, when combined with the Best Practices Framework developed by the American Land Title Association (ALTA) offers many benefits over a stand-alone Best Practices certification.

According to the white paper, “Alone, the ALTA Best Practices Certification does not include this level of detailed information…With a SOC for Cybersecurity Report, not only will lenders and customers of a title and settlement company be able to see the company’s entity-wide commitment to developing effective controls over cybersecurity, lenders and customers will also have the assurance of a CPA’s independent opinion on the description and effectiveness over the entity’s cybersecurity controls.”

PYA assists title and settlement companies by conducting SOC 2 and SOC cybersecurity risk management examinations; gap analysis to determine if an organization is ready for SOC 2 or SOC cybersecurity; and examinations to mitigate regulatory, financial, and reputational risks.

PYA Title Industry Thought Leader to Facilitate ALTA Springboard Roundtable Discussions

Debra Gentry, director of PYA’s ALTA Best Practices Services Group, will serve for the second consecutive year as a roundtable discussion facilitator on the American Land Title Association’s (ALTA) 2018 Springboard. The Springboard is an opportunity for title insurance and settlement industry professionals to network, attend informative sessions, and utilize “braindates,” an innovative platform for ALTA attendees to customize their experience.

Debra will lead a roundtable talk on “Finding Your Rhythm,” guiding positive discussion, encouraging dialogue, and contributing to the conversation with an eye on solving industry problems. She will also facilitate discussions during the “Ideas Festival,” covering topics such as:

  • Customer Experience
  • Digital Closings
  • Wire Transfer Fraud

Additionally, Debra will host two braindate information sessions: “Is Your SOCs Drawer in Order? SOC Cybersecurity and Other Cybersecurity Issues” and “Training Staff? Who, What, When and Where?”

The Springboard takes place March 20-21, 2018, in Atlanta, Georgia. Learn more and register.

For more information on ALTA Best Practices or SOCs compliance and risk management programs, or to request a speaker on these topics for your organization or event, contact one of our PYA executives below at (800) 270-9629.

Defining ALTA Best Practice Approaches

As the American Land Title Association’s (ALTA) Best Practices are fast becoming an industry standard, it is important for title and settlement agents to understand the types of recognized engagements that accounting practitioners can perform and that mortgage lenders will accept. The American Institute of Certified Public Accountants (AICPA) released non-authoritative Technical Questions and Answers that describe four types of acknowledged engagements: examinations, reviews, agreed-upon procedures, and consulting engagements. Some lenders may also consider allowing a title agent’s self-certification in some instances.

PYA provides all the engagement types identified by the AICPA for, and on behalf of, title and settlement agents. The following table provides a comparison of each engagement type.

Defining ALTA Best Practice Approaches

 

PYA Title Industry Experts to Facilitate Roundtable Discussions at ALTA Springboard

ALTA SpringboardEugene McCullough, the title industry service director at PYA will join Debra Gentry, a director within the ALTA Best Practices Services group, as facilitators for the American Land Title Association’s (ALTA) 2017 Springboard.  The Springboard is an opportunity for title insurance and settlement industry professionals to network, attend informative sessions, and derive inspiration for their careers.

McCullough and Gentry will facilitate general sessions during the “Ideas Festival,” covering such topics as:

  • Staffing and development
  • Culture of compliance
  • Connecting to the customer

The Springboard takes place March 8-9, 2017, in Fort Worth, Texas.  Learn more and register.

If you would like more information about ALTA Best Practices compliance or implementation, or would like to request a speaker on this topic for your organization or event, contact one of our executives below at (800) 270-9629.