Citco Fund Services received annual Service Organization Control 1 (“SOC1”) Type #2 Certification for its Fund Administration, Investor Relations Operations and Custody service offering
Citco Fund Services (“CFS”) is pleased to announce, that for the year ended September 30, 2015, it has successfully received SOC 1 Type #2 certification from an independent auditing firm for the twelfth consecutive year. The examination in respect of the processes and controls within CFS resulted in the provision of an unqualified audit opinion from the independent audit firm.
The 2015 SOC 1 Type #2 Report has been prepared in accordance with the guidelines contained in the United States Statement on Standards for Attestation Engagements (“SSAE”) No. 16 and International Standard On Assurance Engagements (“ISAE”) 3402 and its related amendments and interpretations.
The 2015 SOC 1 Type #2 Report has combined two previously separate SOC 1 reports around Single Manager/Fund of Hedge Funds and Private Equity/Real Estate operations. The 2015 SOC 1 Type #2 Report includes CFS operations that provide fund administration and related investor relations services for Single Manager, Fund of Hedge Funds, Private Equity and Real Estate clients. In addition the 2015 SOC 1 Type #2 Report includes custodial services which are available to CFS clients.
The independent examination consisted of an evaluation of the design and operating effectiveness of the CFS controls related to month end net asset value (“NAV”) processes, investor relations processes and information technology. From a fund accounting and investor relations perspective, CFS controls included an examination of (for single manager, fund of hedge funds, private equity, and real estate unless specifically stated) support trade processing, price verification, reconciliations of cash and positions, middle office services for fund of hedge funds, enhanced middle office (including affirmation and confirmation) for single manager funds, NAV production, allocations and investor relations services. Custodial processes include trading, settlements, transfers, corporate actions, securities and cash reconciliation, statement and pricing, static data, vault and network relationship management. From an information technology perspective, the examination included controls related to change management, back-up, retention, restoration and replication, logical security, physical security, incident management and job scheduling / system monitoring.
The completion of the SOC 1 examination demonstrates the continuing commitment of CFS to quality and confidentiality, as well as further demonstrates, that CFS continues to maintain a high level of internal control.
We welcome any inquiries that our clients may have with respect to the 2015 SOC 1 Type #2 Report.