Genesis Global completes SOC 2 Type II Compliance
London-based capital markets software provider, Genesis Global Technology has successfully completed Type ll Service Organization Control (SOC 2) certification audits for security and data privacy practices.
A vital industry-standard, SOC 2 compliance measures the security, availability, processing integrity, confidentiality, and privacy of customer data across solutions. The certification assures Crypto.com’s ability to not only implement critical security policies but also prove compliance over an extended period.
The audit was conducted by consulting firm Schellman & Company LLC, affirming that Genesis’ information security practices, policies, procedures, and operations adhere to AICPA trust services criteria in security, confidentiality, processing integrity, and privacy.
SOC 2, defined by the American Institute of Certified Public Accountants (AICPA), consists of a series of auditing measures to ensure that service providers securely manage user data and privacy. It goes to further verify the commitment Genesis Global is making to ensure that their business operations and procedures are at the highest level of security, trust, and transparency.
Speaking of the development, Stephen Murphy, CEO and co-founder of Genesis Global said: “SOC 2 Type 2 certification validates the strength of the processes and controls we have to keep client data confidential and secure. With the largest, most innovative financial firms as clients and partners, our technology is the framework for modern, high-performance systems for trading, portfolio management and a range of financial operations and compliance requirements. Our expertise ensures we deliver the highest levels of data security, privacy and governance.”
Genesis bills itself as the low-code platform for capital markets software development, which enables the rapid creation of products and solutions without having to write substantial lines of code. The paradigm has increasingly gained momentum in the financial industry as it enables relevant service providers to build their own solutions faster and simpler.
Firms looking to digitize manual workflows can benefit from Genesis Application Library, which offers a suite of products, ranging from interest rate pricing to a wealth management portfolio structuring product.
In 2022, Genesis Global Technology raised $20 million in fresh funding from a host of US banking giants including Bank of America, BNY Mellon and Citi. The financing comes five months after Genesis, which has built a low-code/no-code application platform specifically for the financial markets, raised $200 million led by Tiger Global Management.
