Millennium Capital and Recovery Corp. recently achieved the SSAE 16, AT101 Service Organization Controls (SOC) 2 report representing the third consecutive year in which the recovery management service provider attained this coveted certification as recognized by the American Institute of Certified Public Accountants (AICPA). 

Executives highlighted a SOC 2 examination is widely recognized because it represents that a service organization has been through an evaluation of their control activities as they relate to the applicable Trust Services Principles and Criteria.

Millennium’s SOC 2 report not only includes the service organization’s system description, but also includes detailed testing of the design and operating effectiveness of its organization’s controls.

“This report serves to demonstrate for our company's market-leading clients and their executive management teams our commitment to excellence and determination in providing an unparalleled level of service,” Millennium chief executive officer Robert Bronchetti said.

“This has proven to be a significant benefit to our customers in assisting them when they are performing their independent audits on our company as one of their major suppliers,” Bronchetti continued.

"Over the past several years our company’s initiative related to compliance has made us the leader in our field in this regard and enabled us to grow our prestigious list of customers. This achievement, for which our company is the first in our industry, was undertaken this year with an increased emphasis on our vendor management process,” he went on to say. 

Bronchetti insisted the auditors' “unqualified opinion” is the best one that can be issued, and the opinion included a stringent assessment of the company's processes for qualifying service providers, background check verification, monitoring, site inspections and compliance with stated standards and procedures. 

Additionally, Millennium stressed its processes are aimed at compliance with Consumer Financial Protection Bureau mandates, too.

“It was evaluated for effectiveness and verified for consistency and accuracy,” Millennium officials said.

Millennium’s full report covers the areas of security, availability and confidentiality controls. The entire report is available to Millennium’s customers and prospective customers, and their auditors for use in satisfying their risk management and governance requirements.

For more information, visit www.mcrc.biz or call (877) 500-6272.