ARLINGTON, Texas, Feb. 17, 2011 /PRNewswire/ -- First Rate, a leading provider of performance measurement solutions for the financial services industry, announced today that for the eighth consecutive year, it has earned the Statement on Auditing Standards (SAS) 70 Type I Certification.
Developed by the American Institute of Certified Public Accountants (AICPA), the SAS 70 defines the professional standards used by a service auditor to review the internal controls of a service organization. To comply with the requirements of the Gramm-Leach-Bliley Act, organizations providing services to companies in the financial services industry are required to have a SAS 70 review conducted. "The importance of data security cannot be understated in today's information age. We continually strive to optimize our security procedures and we're very pleased to have been certified again this year," said Bo McWilliams, First Rate's ASP Manager.
The significance of the service auditor's report lies in its ability to provide First Rate customers with an understanding of the internal controls in operation within the company. Specifically, the review, conducted by a national CPA firm, examines First Rate's control environment as related to management oversight and personnel, as well as the company's information systems, data transmission and risk assessment processes. First Rate's data, network and building security were also closely reviewed.
The report details how First Rate manages client data, giving customers confidence that their information is protected and risks are mitigated in accordance with the best industry standards. "First Rate provides peace of mind to wealth management professionals. As Your Performance Solution Partner™, we're committed to excellence in the delivery of our services and establishing internal controls that inspire trust and promote transparency," said David Stone, First Rate's President.
About First Rate
Wealth management companies nationwide trust First Rate for superior investment performance measurement technology. Dedicated to providing a unique level of focus, depth and expertise, First Rate's solutions optimize all facets of asset management: risk assessment, portfolio analysis, GIPS compliance, investment reporting, and more. The First Rate Performance Suite™ allows investment firms to calculate accurate rates of returns, efficiently analyze the results and generate dynamic, client-ready presentations that empower internal resources to deliver improved client service. For more information about First Rate, visit www.FirstRate.com.
SOURCE First Rate