Sandbox Wealth, a turnkey banking platform for non-bank financial institutions, has concluded its initial SOC 2 Type II audit after a months-long process with no exceptions noted. This milestone underscores the firm's commitment to compliance and security while maintaining our focus on building innovative solutions for affluent families.
Developed by the Association of International Certified Professional Accountants (better known as the AICPA), a SOC 2 examination is a report on controls at a service organization, including fintech platforms like Sandbox Wealth. These reports cover an array of "trust services criteria" relevant to security, availability, processing integrity, confidentiality, or privacy. SOC 2 reports are intended to meet the needs of a broad range of users who need detailed information and assurance about the controls at a service organization. For early-stage firms, institutional relationships often hinge on an ability to deliver evidence of a clean SOC 2 report.
"One of the first major initiatives we targeted as a firm was to successfully complete our SOC 2 Audit. Over the last year, we've seen fintechs, banks, and their customers negatively impacted by poor controls," said Ray Denis, founder and Chief Executive Officer of Sandbox Wealth. "In this environment, choosing the right partners and effectively managing risk puts us at a competitive advantage."
Sandbox's platform combines data aggregation and analytics with cash management and open-architecture credit solutions for non-banks, including registered investment advisors, family offices, and insurance carriers. This combination of enhanced analytics with liquidity solutions enables clients to decide how they manage their liquid capital within the full context of their balance sheets and cash flow.
Because of the intricacies of sourcing data from thousands of financial institutions while building partnerships with multiple banks and non-bank lenders, an early focus on safety and security was non-negotiable.
"Our members trust us with their most sensitive financial data," said Mr. Denis. "In return, we are building enterprise-grade security into our foundation."
