Cology News

Cology Completes SSAE16 2014 Audit

January 15, 2015

Cology Receives SSAE16 (SOC 1 Type II) Audit with Zero Exceptions

January 15, 2015

Cology reaffirms its commitment to the highest standards of security and controls for their lender clients
Mather, CA (January 15, 2015) Cology, LLC announced today that it has completed its annual Statement on Standards for Attestation Engagements No.16 (SSAE 16) Type II audit and has illustrated to external auditors that comprehensive internal controls continue to be in place and the controls work as designed. The Type II report includes all the examination and confirmation steps involved in a Type I examination plus an evaluation of the effectiveness of the controls. This level of examination provides a significant level of assurance, transparency, and confidence in the control systems.

“This is the third year in a row that Cology has completed the SSAE 16 audit with zero exceptions,” said Paul Rehnberg, Managing Director. “It demonstrates our ongoing commitment to quality technology and loan processing solutions, and defines the culture and integrity of the people that continue to provide unmatched service to our clients and their customers.”

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The SSAE 16 audit replaced SAS 70 as the standard by which service organizations demonstrate the establishment of effectively designed control objectives and activities. The American Institute of Certified Public Accountants developed the SSAE 16 in order to enable an organization to report on significant subject matter other than financial statements.

About Cology:
Cology provides end-to-end loan processing services and essential infrastructure which allows credit unions, community banks, and other lenders to offer cost effective private student loan programs. For information on how to become a lending resource for students or to learn more about the company visit: www.cology.com. Cology is a subsidiary of the First Marblehead Corporation, a leading provider of private student loan solutions for lenders, credit unions, and schools.