GlobeOp Successfully Completes SAS 70 Type II Examination for Second Consecutive Year
LONDON, UK; NEW YORK, NY, USA – 4 December 2008 – GlobeOp Financial Services (“GlobeOp®”, LSE:GO.) today announced that, for the second consecutive year, it has successfully completed a SAS 70 Type II examination of specified middle-, back-office and fund administration controls by accounting and auditing firm Ernst & Young LLP.
In addition to controls specified in GlobeOp’s initial SAS 70 Type II examination, the specific controls also include automated processes for select derivative product valuations, pricing functions, and automated functions for reconciliation between GlobeOp and third parties.
Operational procedures and controls included in the examination scope support new fund set-up, transaction processing, position reconciliation, cash receipts and disbursements, month-end process, investment valuation and investor relations. The examination also included controls related to logical and physical security, data transmission, change and problem management, and system back-up and recovery processes.
Statement on Auditing Standards No. 70 (SAS 70) was established by the American Institute of Certified Public Accountants. A SAS 70 report is intended for a service organization’s management, its user organizations and the independent auditors of the user organizations. It provides information and an independent assessment of a service organization’s specified controls as they relate to processing of transactions in connection with audits of financial statements.
The independent examination evaluated the design of GlobeOp’s specified controls as of September 30, 2008, and the operating effectiveness of the specified controls for the period from January 1, 2008 to September 30, 2008.
About GlobeOp Financial Services®
GlobeOp Financial Services ® (LSE:GO.) is a leading, independent financial technology specialist providing automated, integrated middle- and back-office, administration and risk reporting services to hedge funds and asset management firms—including banks, insurance companies, mutual & pension funds and proprietary traders. Clients trading a wide range of asset classes and derivatives outsource to GlobeOp to reduce technology investments and operational risks, and to focus resources on asset generation and portfolio management. Established in 2000, GlobeOp today serves more than 180 clients worldwide, representing $108 billion in assets under administration (AuA). With headquarters in London and New York, GlobeOp employs approximately 1,800 people on three continents; offices are also located in Dublin, Ireland; George Town, Cayman Islands; Harrison, NY and Hartford, CT, U.S.A.; and Mumbai (Bombay), India. Further information:
www.globeop.com
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GlobeOp Financial Services
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Sheryl Lee
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