Service Organization Control I Type II Report (SOC I)

The Rhode Island Student Loan Authority (RISLA) is seeking proposals from qualified firms to conduct a Service Organization Control I Type II Report (SOC 1) focused on their student loan processing and servicing operations. The contract aims to evaluate and report on the design and operational effectiveness of controls over a three-year period, from January 1, 2025, through December 31, 2027. The report will be prepared in accordance with the standards set forth by SSAE No. 18, ensuring compliance with industry best practices for attestation engagements. The scope includes assessing control objectives related to RISLA’s internal processes, with the goal of providing assurance to user entities regarding the reliability and security of their financial reporting controls. The solicitation, posted on September 23, 2025, has a response deadline of October 24, 2025, and the contract size is estimated between $50,000 and $150,000. The selected firm will be responsible for delivering the SOC 1 Type II reports following each testing period, with the first report due by March 1, 2026, and subsequent reports due by the same date each year through 2027. The RFP details the requirements for staffing qualifications, proposal instructions, and pricing, emphasizing the importance of expertise in SSAE standards and experience with financial reporting controls in the student loan industry. This initiative is part of RISLA’s ongoing efforts to ensure robust internal controls and transparency in its student loan operations.