SAS 70 Reports are extremely advantageous to hedge funds and their investors because they can assess controls and safeguards a service provider has in place. Reports that clients receive are full of details describing Viteosâ specific controls and, in the case of Type II reports, whether the controls and safeguards are effective. In addition to providing important information, working with a provider that has a SAS 70 can also offset audit costs and provide additional comfort to investors that proper operational risk and control practices are in place.
Viteos, in support of the continued growth and the building of its world class infrastructure, has successfully completed a SAS 70 Type II examination of specified middle-, back-office and fund administration controls by the accounting and auditing firm Ernst & Young LLP. Included in the scope of the examination were Viteosâ specified controls that support its transaction processing, position reconciliation, cash receipts and disbursements, investment valuation, month-end process, new fund set-up and investor relations operations procedures. The examination also included specified IT controls in relation to logical and physical security, data transmission, change and problem management, and system back-up and recovery processes.
Said Chitra Baskar, Viteos Chief Operating Officer: "The SAS 70 Type II report is an important document for hedge fund managers and their investors, as well as for auditors of funds operating on our platform. This milestone reinforces our commitment to delivering the best processes and technology in the business to our clients.â
Said Shankar Iyer, Viteosâ CEO: âWe are growing because of the confidence our clients have placed in us. The hedge fund industry is going through significant changes and better operational procedures and risk controls are demanded. Our SAS 70 certification provides our clients and their investors with the assurance and comfort that they are working with a quality partner where best practices are being utilized. Our work as a service provider over the last several years - in geographic expansion, in providing a bespoke model, and in building world class infrastructure - has enabled hedge funds to make a choice. Using Viteos, our clients are able to extract value from fund administration â from the simplest elements such as error reduction, reliability and service - to the tangible benefits of cost reduction, productivity, and alpha and business generation.â