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 2 compliance for its Tamarack AI Product Suite and the protection of client data. The audit was conducted by the Twin Cities-based CPA firm LB Carlson.

SOC 2 Type 2 certification, developed by the American Institute of CPAs (AICPA), is a rigorous audit process that evaluates an organization's controls related to security, availability, processing integrity, confidentiality and privacy of data. It is part of the Service Organization Control (SOC) reporting framework and is specifically designed for technology and cloud computing organizations that handle customer data.

"We understand the importance of data security and privacy for our clients," said Scott Nelson, President and CTO at Tamarack Technology. “Achieving SOC 2 Type 2 compliance reflects Tamarack’s commitment to ensuring the security of our clients’ and their customers’ data. With stringent policies and procedures to safeguard data security and integrity, clients can focus their attention on using their data for business intelligence and applying AI tools to their data to increase productivity, reduce operational costs, better manage risk and gain competitive advantage.”

The Tamarack AI Product Suite aggregates and organizes data from across an organization's digital systems – past and present – into a single data structure that then allows customers 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 their own 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 earned SOC 2 Type 1 compliance in December 2022. The company began the compliance review process for Type 2 in May 2023, and the audit was conducted by the CPA firm in April 2024. The final report from LB Carlson was issued in June 2024.