Oildex Announces Compliance with SSAE 16 SOC 1 Type II Standards
DENVER and HOUSTON − January 9, 2014 – Oildex, the innovator of smart information management solutions for the oil and gas industry, is pleased to announce it has successfully completed its ninth straight SSAE 16 SOC 1 Type II audit which ensures the company’s controls and procedures conform to industry standards and best practices. The review was conducted by an independent auditing firm and is effective from November 2013 through October 2014.
The independent audit evaluated the design and execution of Oildex’s operational controls in addition to the procedures critical to processing vast quantities of information. Successfully completing the SSAE 16 SOC 1 Type II audit is critical for a leading SaaS supplier like Oildex as it provides customers and their auditors with assurance, transparency and confidence in Oildex’s ability to effectively manage and safeguard their data. It is an annual commitment for Oildex to complete the SSAE 16 Type II assessment to ensure regulatory compliance for its thousands of oil and gas industry clients.
“As an online service provider, it is imperative that we keep our customers’ data safe as part of our overall commitment to delivering exceptional customer service,” said Bob Fortin, Oildex Director of Technical Operations. “By successfully completing the rigorous SSAE 16 SOC 1 Type II audit for the ninth year in a row, customers can be assured Oildex’s operational and data processing standards are safe and reliable, enabling them to focus on their core business while we take care of their back-office data exchange and workflow needs.”
SSAE 16 is the professional standard developed by the American Institute of Certified Public Accountants, used for issuing SOC 1 reports in accordance with Service Organization Control (SOC) reporting framework.
Oildex provides smart information management and business process automation Software-as-a-Service (SaaS) solutions to over 7,900 companies and 130,000 registered users in the oil and gas industry. The Oildex suite of services streamlines operations enabling companies to shift from paper-based processes to electronic and provides tools for companies to track and understand their transactions in near-real time. Currently available services include: digital and scanned invoice processing (Spendworks™ and Spendworks Complete™), owner/producer relations data posting (Owner Relations Connect™), check stub reporting (Checkstub Connect™ – CDEX), scanned check stub reporting (CDEX Complete™), joint interest bill processing (JIB Connect™), scanned JIB processing (JIB Complete™), crude oil data exchange (Run Ticket Connect™ – CODE), and production and sales volume reporting. Oildex has offices in Denver and Houston. For more information, please visit www.oildex.com.
Courtney Brewer, Marketing and Public Relations Manager