Press Release: ARO Manager achieves SOC 1 Type 2 Compliance
March 7, 2023
AssetBook ARO Manager achieves a new level of SOC Compliance for improved ARO financial reporting.
Calgary, AB, March 07, 2023 – Calgary-based oil & gas data and software provider XI Technologies Inc. (“XI”) announced today the achievement of SOC 1 Type 2 compliance for their AssetBook ARO Manager software module. ARO Manager is a tool that helps companies monitor and report their Asset Retirement Obligations (ARO) to manage end-of-life commitments for oil and gas assets. The module was granted SOC 1 Type 2 compliance to the effective date of Nov 30, 2022 with a bridge letter available to end of December if required.
SOC (System and Organization Controls) is a certification standard that companies use to validate the trustworthiness of financial controls of software. Furthermore, Type 2 compliance includes the design and testing of these controls to ensure that they are operating effectively over a defined period (typically 12 months).
ARO Manager has demonstrated compliance with the standard by providing evidence that XI Technologies, the business processes, and information technology infrastructure of the application are fortified with appropriate controls, thereby safeguarding clients’ financial data.
“Ensuring our clients have secure, auditable processes has always been a foundational piece of ARO Manager,” says Amber Anderson, VP of Operations for XI Technologies. “When our clients store their financial data in our system, and count on us to correctly calculate their ARO, they’re putting an enormous amount of trust in us, which is a responsibility we take seriously. We are excited to comply and receive this SOC 1 Type 2 certification as we know it provides the assurance our clients deserve.”
Not only does ARO Manager align with SOC compliance standards, but it also offers additional audit-friendly functionalities. These features include the automatic generation of comprehensive change logs, enabling easy tracking of all modifications made to projects. Moreover, the platform facilitates effortless comparison of projects, highlighting all the differences between them, thereby ensuring complete transparency and accuracy. Such capabilities are a testament to the platform’s commitment to delivering the utmost accountability and trustworthiness to its users, satisfying the needs of both auditors and executives alike with delivery of accurate reports on current and future ARO plus standardized accretion reports for financial requirements.
To view ARO Manager’s SOC report, or for more information on AssetBook ARO Manager, get an in depth look here.
About XI Technologies
XI Technologies provides the data-driven solutions that Canadian energy companies need for informed decision-making, competitive analysis, A&D scoping, asset planning, business development, liability management, drilling, operations, regulatory compliance, and risk management.