SOC 1 Type II Audit of Fund Administration Processes
Fund Administration now requires multiple competencies and the need to assume a much broader role in supporting multiple functions within risk and portfolio management.
Phoenix American fund administration clients rely on our systems to process and store sensitive data. That is why we pay special attention to security, reliability, and scalability in our fund administration solutions.
This means creating and maintaining a complete set of security procedures and processes to protect and secure our clients’ fund administration data. Phoenix American regularly completes the SSAE 18/ Service Organization Control 1 (SOC 1), Type II audit as part of our mission to provide the highest quality fund administration services for our clients.
SOC 1, Type II is an annual certification audit conducted by an independent auditor of all fund administration processes that extensively assess our procedures, private cloud hosting, application development and data security.
SOC 1 Type II Certification for Fund Administration Firms
The SOC 1, Type II certification confirms that Phoenix American has the necessary internal security and availability policies and processes in place for its fund administration processes. This reduces risk and ensures that our fund administration clients’ information is kept safe.
Obtaining a SOC 1 Type II Certification Report from Your Fund Administration Provider
The SOC 1, Type II audit is very pertinent to the fund administration and investor services that Phoenix American provides. We serve financial services businesses and others who are subject to these standards.
Fund Administration and Investor Services Processes Examined in a SOC 1 Type II Audit
The audit’s scope is broad, encompassing all fund administration processes, and takes significant time and effort to complete.