PEXA Security Compliance
PEXA stands for Property Exchange Australia, and is an online property exchange network enabling the ability for subscribers to complete the conveyancing lifecycle on a 100% digital platform.
If you are a conveyancer that has not already been subscribed to PEXA, then you should be considering this in the near future. The benefits of an entirely digital process for conveyancing not only makes the process faster, less prone to error, and far more agile (For example, last minute changes and amendments can be made without drastically delaying the process), but it provides your clients with a service offering that meets their expectations in a digital world and delivers the best customer experience for this process.
To become and maintain your status as a subscriber to PEXA, there are a few compliance requirements which you need have in place, not least of which is your security requirements to access the service. Details of subscriber security obligations can be found in the PEXA Subscriber Security Policy, located on the PEXA website here;
PEXA Subscriber Security Policy v3.pdf 0.2Mb
For many businesses, adherence to this policy is either assumed, or delegated to an external service provider such as their IT systems provider. Without proper oversight and reporting ability, this can present risk of non-compliance due to assumptions and/or complacency by either party.
To ensure your systems are compliant, ServiceScaler recommends approaching a provider with good knowledge and understanding of PEXA security obligations, with preference given to a provider who is proactively able to detect non-compliance events, and provide reports on both ongoing policy compliance/non-compliance.
For more information on PEXA subscriber security obligations head to the PEXA website, or contact the team at ServiceScaler to learn more.