Thomson Reuters today announced it has successfully completed a Statement on Auditing Standards No.70 (SAS 70) Type II examination of its leading full-service investment management business process outsourcing solution (BPO).
The audit provides assurance that Thomson Reuters PORTIA employs uniform and reliable operational controls to safeguard the data of its outsourced services customers worldwide.
Thomson Reuters PORTIA delivers a BPO solution which allows asset managers to outsource some or all elements of the middle to back office operations. Clients can utilize industry experts to support and enhance their operations, improve business performance, reduce overhead expenditures and minimize underlying risk.
SAS 70 is an auditing standard developed by the American Institute of Certified Public Accountants, which sets guidelines for auditors to use in order to fairly and objectively assess the internal controls of service organizations. Thomson Reuters has already completed its SAS 70 Type I audit for PORTIA describing the controls of the solution at a point in time and assessing whether they were suitably designed to achieve these objectives. For the SAS 70 Type II audit, Thomson Reuters needed to demonstrate the operational effectiveness of its controls over a minimum six-month period.
"The completion of the SAS 70 Type II audit demonstrates to our customers that Thomson Reuters is committed to quality of service and delivering value," said Christy Bremner, Global Managing Director of PORTIA, Thomson Reuters. "As an outsourced services provider, it's essential for Thomson Reuters to have effective internal controls and standards in place to protect customer data. A recognized and comprehensive SAS 70 Type II audit gives our clients reassurance about our global processes and controls that we have in place," she added.
Used by more than 300 investment managers in 45 countries managing assets worth more than US $15 Trillion, Thomson Reuters PORTIA is a highly scalable solution which boasts flexible deployment options.
Thomson Reuters PORTIA provides investment operations outsourcing for asset managers across a full array of post trade execution activities. The solution is tailored to meet each client's individual requirements.