GlobeOp Financial Services (LSE:GO.) has successfully completed an independent examination - SOC 1 in accordance with SSAE No 16, (formerly SAS 70) and ISAE 3402 Type ll - of its middle and back office, fund administration and transaction solutions services.
A Big Four auditing firm examined the design and operating effectiveness of specified controls for the period from October 1, 2010 to September 30, 2011 at all 10 GlobeOp offices on three continents.
"We see billion dollar hedge funds, managed account platforms and investors raising the bar on the scope and robustness of their administrator's operational controls," said Vernon Barback, GlobeOp president and chief operating officer. "Having adopted the new standards last year before they became mandatory, we again expanded the scope of our examination this year, as we have for the past five years."
This year, GlobeOp's examination added cash trade processing services, and physical and environmental security and problem management controls related to data center services for managed services clients.
The 2011 examination again included controls that support new fund set-up; trade processing, cash disbursements, reconciliations of trades, positions and cash; net asset value (NAV) production; investment valuation; loan operations; client financial reporting; investor services; independent valuation services; automated shareholder allocations; and German Aktiengewinn tax calculations. The information technology controls examined related to logical and physical security, data transmission, change and problem management, system back-up and recovery and job scheduling.