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Butterfield Fulcrum Completes Annual SOC 1 Type 2 Attestation
By: Marketwired .
Dec. 11, 2012 05:18 PM
NEW YORK, NY--(Marketwire - December 11, 2012) - Butterfield Fulcrum, a top five global independent fund administrator, is pleased to announce that it has successfully completed an independent examination of its global middle and back office fund administration solutions and related services for the SOC 1 Type 2 attestation.
Ernst and Young, Bermuda, examined the design and effectiveness of specified controls and the scope of the report covered seven jurisdictions in which Butterfield Fulcrum operates or has offices, for the period November 1, 2011 to October 31, 2012. The 2012 SOC 1 Type 2 Report (formerly SAS 70 Type 2 reports) was prepared in accordance with the SSAE No. 16 and the ISAE 3402 focusing on attestation under the dual standards issued by AICPA and the International Auditing and Assurance Standards Board (IAASB).
The independent examination consisted of a stringent evaluation of the design and operating effectiveness of controls related to net asset value ("NAV") processes, investor relations processes, liquidity and compliance reporting services and information technology functions over the 12-month period.
From a fund accounting and investor relations perspective, controls included in the examination covered new client set-up and on boarding, front to middle-office support services encompassing security set-up, trade processing, corporate actions, price verification, reconciliations of cash and positions, expense and income processing and Final NAV production/release and investor services, including custody.
From an information technology perspective, the examination included controls related to change management, logical access, problem and incident management and backup/recovery related procedures.
About Butterfield Fulcrum
Butterfield Fulcrum is a top five independent fund administrator providing Real Time NAV reporting to over 850 alternative funds around the globe. By providing end-to-end processing for front, middle and back office functions, virtually any strategy and structure is supported by an extensive fault tolerant IT infrastructure. By constantly investing in people, technology and processes, the company maintains a leading presence in the alternative fund marketplace.
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