Xevant Announces Compliance With SOC 2 Type 1 Standards

Xevant continues to take steps forward within the pharmacy benefits industry, successfully completing its SOC 2 Type 1 audit.

DRAPER, Utah, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Xevant, the leader and creator of automated data analytics for pharmacy benefits organizations, announced that it has successfully attained its SOC 2 Type 1 compliance for the latest Xevant enterprise software through an audit performed by an independent CPA firm. A widely recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA), SOC 2 compliance confirms Xevant's controls and processes meet certain AICPA Trust Service Criteria, verified through an in-depth independent audit as they relate to security, availability, and confidentiality of a system.

The SOC 2 Type 1 audit, conducted by Larson & Company, evaluates the controls, procedures, and documentation of Xevant's overall security practices. It also examines the design suitability of applicable security controls in Xevant's pharmacy benefits platform and products. 

"At Xevant, information security remains at the core of our operations since we handle and manage confidential customer health data," stated Chad Davis, Security and Compliance Director at Xevant. "By voluntarily meeting the standards and industry benchmarks of the AICPA, this compliance validates that Xevant has built a culture dedicated to safeguarding customer data with extensive processes and security controls that includes strict logical and physical access, employee security awareness training, and comprehensive problem management." 

"With our SOC 2 audit report, we continue to remain committed to the security, availability, and confidentiality of all our customer data," stated Brandon Newman, CEO and cofounder of Xevant. "We understand how important data security and compliance are to our clients (customers) and we are proud of our team's laser-focused effort, meeting the stringent SOC 2 Type 1 standard."

Xevant plans to attain its SOC 2 Type 2 in 2022.

The SOC 2 Type 1 audit report is available to Xevant's customers and prospects under NDA upon request. 

About Xevant: Xevant's revolutionary pharmacy benefits platform infuses real-time automation and alerts throughout the data analysis process accelerating and simplifying the painstaking task of report building for PBMs, TPAs, Health Plans, Brokers and Consultants. With Xevant, critical pharmacy analysis that took weeks, months or more can now be done instantly. The results are optimized business processes, reduced operating costs, and improved patient outcomes. Xevant is the recipient of the Globee Startup of The Year Award and is a certified Great Place to Work company. For more information about how Xevant helps its customers deliver faster, more accurate results visit www.xevant.com. You can also follow Xevant on LinkedIn.

About Larson & Company:  A full-service accounting and business advisory firm with 95 employees and four offices in Utah, Larson & Company has been recognized as a top firm in Utah and the Western region specializing in accounting and advisory services for insurance entities, small-to-medium sized businesses, government organizations, not-for-profit organizations, SOC audits, tax planning and preparation, and accounting.    

Title: Xevant Marketing Director


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