Ensuring Compliance in the FinTech Industry

In today’s fast-paced digital world, businesses handling sensitive financial data must prioritize security, compliance, and trust. For companies like Wafeq, a leading provider of accounting and financial software, compliance is not just about meeting regulations—it’s about delivering confidence to their customers and stakeholders.

To solidify their security framework and ensure compliance with international standards, Wafeq pursued SOC 1 & SOC 2 certifications. These standards validate a company’s ability to manage financial reporting controls (SOC 1) and safeguard customer data (SOC 2). However, navigating the complex compliance process required a structured and expert-led approach. That’s where Sahl stepped in.

While Wafeq was already committed to strong security measures, achieving SOC 1 & SOC 2 compliance required them to align their internal processes with rigorous industry standards. The challenges included:

• Aligning internal policies and security controls with SOC 1 & SOC 2 requirements.
• Creating well-documented compliance frameworks to demonstrate adherence to auditors.
• Ensuring continuous risk monitoring and data protection for sensitive customer information.

For Wafeq, SOC compliance was critical not only for regulatory reasons but also to build customer trust and expand into new markets. However, they needed the right compliance partner to streamline the process and ensure a smooth journey to certification.

To help Wafeq achieve SOC 1 & SOC 2 compliance, Sahl provided an end-to-end compliance solution, ensuring that every requirement was met efficiently. Our expert team worked closely with Wafeq to:

• Conduct a Readiness Assessment — Analyzed existing security and compliance frameworks, identifying gaps and areas of improvement.
• Develop and Strengthen Policies — Created comprehensive policies and procedures to align with SOC 1 & SOC 2 standards.
• Implement Risk & Security Controls — Introduced best practices for data protection, system monitoring, and access management.
• Prepare for External Audits — Ensured all necessary documentation, reports, and controls were in place for a smooth certification process.
• Provide Compliance Training — Equipped Wafeq’s team with essential knowledge to maintain ongoing compliance beyond certification.

With Sahl’s support, Wafeq successfully achieved SOC 1 & SOC 2 compliance, leading to:

• Stronger Security Framework — Enhanced security measures to safeguard financial data.
• Regulatory Confidence — Ensured compliance with globally recognized security standards.
• Increased Client Trust — Boosted customer confidence and market credibility.
• Operational Efficiency — Streamlined compliance processes, making future audits simpler and faster.

By partnering with Sahl, Wafeq successfully attained SOC 1 & SOC 2 compliance, reinforcing their commitment to security, transparency, and operational excellence. Compliance is no longer just about meeting regulations—it’s about ensuring long-term business resilience and customer confidence.