Tamarack Technology, Inc., a provider of artificial intelligence (AI)-based automation and business intelligence software designed for the equipment finance industry, has successfully obtained SOC 2 Type 1 compliance for its suite of AI products and the protection of client data. The audit was conducted by the Twin Cities-based CPA firm, LB Carlson.

Designed by the American Institute of Certified Public Accountants (AICPA), SOC 2 refers to System and Organization Controls. Achieving SOC 2 Type 1 compliance is a reflection of Tamarack’s commitment to ensuring the security of its clients’ (and their customers’) data and confirms that all system requirements adhere to the trust services criteria relevant to the security standards set by AICPA.

“The equipment finance industry is fueled by sensitive customer data and, as such, nothing is as important to the application of AI and automation technology than protecting the integrity and security of our clients’ data,” said Tim Appleget, Director of SaaS products at Tamarack. “Earning the SOC 2 compliance certification demonstrates that we have met the AICPA’s highest standards of data privacy and adhered to the principles of security when protecting customer data. And as the implementation of our AI products continues to increase, having SOC 2 compliance gives us the ability to secure the data of new clients from day one.”

Tamarack’s suite of AI products uses data from across an organization's digital systems – past and present – to speed up operational workflows and automate decisions like approval, syndication and funding. Tamarack enables customers to use their data in conjunction with commercial data sources to differentiate their business and elevate competitive advantages that drive more value with customers.

A core component of SOC 2 compliance is following the AICPA standards and establishing a set of robust procedures and processes that are followed by Tamarack employees and contractors. Examples of these procedures include establishing and implementing processes for change management, support ticketing and vendor risk analysis.

Tamarack began the SOC 2 compliance review process in January 2022, and the audit was conducted by the CPA firm in October 2022. The final report from LB Carlson was issued in December 2022.