BOSTON, Jan. 21, 2014 /PRNewswire/ -- Redi2 Technologies, a leading provider of hosted fee billing and revenue management solutions for the global financial services industry, today announced the successful completion of its SSAE No. 16 SOC 1 Type 1 and Type 2 audits, giving its clients the assurance that their hosted revenue management system and process controls are secure and aligned with industry best practices.
The reports have been prepared according to guidelines contained in AICPA Statement on Standards for Attestation Engagements (SSAE) No. 16, "Reporting on Controls at a Service Organization" (SOC 1). The audit covered software design, documentation, change management, test-to-production cutover processes, and ensured that necessary controls were in place and functioning effectively.
The audit gives Redi2 clients the peace of mind that comes with knowing that their most sensitive information is safe. "We are pleased that Redi2 made this a priority for their firm," said Carl Jano, Senior Vice President and CFO of a growing New York-based investment management firm that has been using Redi2 Revenue Manager™ for the past three years. "Now that they have successfully completed this rigorous independent audit, our internal and external auditors have additional evidence of the robust controls associated with our hosted fee billing and revenue management solution – it made for a seamless contract renewal effort with one of our preferred solution partners."
Furthermore, the audits of Redi2's geographically redundant data centers include a thorough examination of its physical security, climate control, multi-failover processes, uninterruptible power supply (UPS), back-up electrical power, fire prevention and suppression systems and other features and controls.
In addition to eliminating unknown and variable operating expenses, Redi2's hosted solutions enhance the quality of its clients' operations. Redi2 personnel have expertise in all facets of fee processing and revenue management, enabling clients to confidently entrust the support of these sensitive functions to a trusted and reliable value-added partner. Redi2 partners with its clients to define industry best practices and to incorporate them into its hosted offering so that the entire Redi2 community benefits from the insight derived.
"Our clients choose our hosted solutions over on-premise alternatives because we continually invest in our offering to meet their ongoing risk management and business needs." said Redi2 CEO Seth Johnson. "Unlike on-premise software, our Web-based solution allows us to dynamically update the software and enhance our client's capability very quickly, without placing additional demands on clients' internal IT resources."
Financial services firms are increasingly relying on third-party service providers for secure hosted software as a service (SaaS) solutions. Frequently, an investment firm's auditors request, and sometimes require, information about the hosted functions and service provider, including its facilities, internal controls, and procedures.
A SSAE No. 16 SOC audit provides independent assurance by a certified public accounting (CPA) firm that a service organization handling transactions on behalf of another firm has controls in place that are appropriately designed and operating as intended.
The KPMG report "Who is the Typical Fraudster" suggests that financial services firms pay closer attention to how their revenue tracking and analysis functions are managed. "Too many firms rely on over-extended staff using spreadsheets and homegrown applications to support their sensitive revenue management processes," Johnson added. "These systems and staff, especially when working alone or in small groups, can easily be compromised as a result of an internal data breach or human error." The SSAE No. 16 SOC audit report allows Redi2's clients to give their auditors and clients a new level of confidence in the accuracy, efficiency and security of their fee calculation, billing and collection, and business planning infrastructure.
About Redi2 Technologies
Redi2 Technologies is a market-leading, revenue management solution provider that collaborates with its clients to automate and continuously improve their fee calculation, billing and collection, and business planning processes. Redi2 Revenue Manager™ is the industry's first revenue management Software as a Service (SaaS) deployment, which helps firms improve cash flow, increase operating efficiency, reduce operational risk, and meet ever-increasing regulatory compliance and accountability obligations while simultaneously enhancing their revenue analysis, forecasting and reporting capabilities.
SOURCE Redi2 Technologies, Inc.