|Feb 25 2013|
|GCG Earns AICPA’s Service Organization Controls (SOC) 2 Report|
For more information, contact: Jennifer Krusch 631-470-5167 | Jennifer.Krusch@gcginc.com
GCG Earns AICPA’s Service Organization Controls (SOC) 2 Report
The first and only claims administrator to receive this prestigious certification
Lake Success, N.Y. (Feb. 25, 2013) –The Garden City Group, Inc. (GCG), the nation’s recognized leader in class action settlement and bankruptcy administration, is proud to announce that it has received a Service Organization Controls (SOC) 2 Report, which attests that GCG’s claims administration process controls are designed to meet the rigorous trust services criteria established by the American Institute of Certified Public Accountants (AICPA) for all five of the AICPA’s Trust Service Principles.
GCG is the only claims administrator to have earned this certification, which independently confirms GCG’s status as the industry leader in claims administration quality. “We’re honored to receive this recognition of our services and dedication to not only our clients, but also to the claimants in the cases we administer,” said David Isaac, chief executive officer, GCG. “We have distinguished ourselves by consistently providing the highest quality services possible, and are pleased to have a respected accounting firm independently and objectively confirm our exemplary service.”
EisnerAmper LLP (EisnerAmper), which issued the SOC 2 Report only after conducting its examination in accordance with attestation standards established by the AICPA, is internationally recognized as one of the premier firms providing audit, tax and advisory services. EisnerAmper’s SOC 2 Report attests to the quality of the entire GCG claims administration process, beginning with claimant notification, continuing to claimant communications, claims processing, claims calculation, and the distribution of settlement recoveries, and concluding with the secure destruction of documents and data. It also includes the protection of all data GCG receives.
“It’s easy for an administrator to say that it provides high quality service,” observed GCG’s president, Neil Zola, “but it’s quite another matter to provide independent and objective proof.”
GCG, voted the New York Law Journal “Best Claims Administrator” three years running, has had its claims administration system independently audited seven times over recent years in connection with separate class action and SEC settlements, including the $6.15 billion WorldCom Securities Litigation. In each of those audits, GCG’s claims processing was found to be over 99.7% accurate. Now, EisnerAmper’s SOC 2 Report establishes that GCG’s claims administration process is designed to operate under the AICPA’s demanding standards for security – GCG’s claims administration system is protected from unauthorized physical and logical access; availability – it is available for operation and use as committed; processing integrity – it processes claims completely, accurately and timely; confidentiality – confidential information obtained by GCG is protected as committed; and privacy – personally identifiable information is collected, used, retained, disclosed, and disposed of each in conformity with GCG’s commitments and with the generally accepted privacy principles issued by the AICPA and the Canadian Institute of Chartered Accountants.
About The Garden City Group, Inc. (GCG)
GCG (www.gcginc.com) is the recognized leader in legal administration services for class action settlements and other claims administration, bankruptcy cases and legal noticing programs, with more than 1,000 employees in offices coast-to-coast. GCG has been named Best Claims Administrator by the New York Law Journal for three years in a row. The firm has been engaged in many high-profile distribution matters, including the General Motors bankruptcy, the $20 billion Gulf Coast Claims Facility and the $7.8 billion Deepwater Horizon Economic Property Damages Settlement, the $6.15 billion WorldCom settlement, the $3.4 billion Native American Trust Settlement and the $3.05 billion VisaCheck/MasterMoney Antitrust settlement.
Based in Atlanta, Ga., Crawford & Company (www.crawfordandcompany.com) is the world's largest independent provider of claims management solutions to the risk management and insurance industry as well as self-insured entities, with an expansive global network serving clients in more than 70 countries. The Crawford System of Claims Solutions® offers comprehensive, integrated claims services, business process outsourcing and consulting services for major product lines including property and casualty claims management, workers compensation claims and medical management, and legal settlement administration. The Company’s shares are traded on the NYSE under the symbols CRDA and CRDB.