“It is vital to ensure full visibility of every complex financial transaction that is being conducted throughout the process, whether it’s the business process, the technology or the documentation associated with it,” said NESF CEO Michael Halloran.
San Jose, CA (PRWEB) June 16, 2011
NES Financial (NESF), a leading provider of trust and escrow administration technology and services for the banking industry, Fortune 500 companies, and the nation’s leading 1031 exchange intermediary, successfully completed its sixth consecutive SAS 70 Type II audit. The company received certification for the third-party service provider Type II audit based on the Statement on Auditing Standards No. 70 (SAS 70).
The SAS 70 is a widely recognized audit standard which acknowledges that a service organization has undergone an in-depth examination of control objectives and procedures throughout the company’s operations, including controls over technology information and financial processes. Conducted by one of the nation’s leading CPA firms, the assessment examined how NESF conducts their trust and escrow technology, operations, and services over several industries including 1031 exchanges, escrow, pre-need, long-term care facilities, legal and other varied sectors. Annual SAS 70 Type II audits are part of NES Financial’s process to validate and ensure the protection of their clients’ funds and maintaining their commitment to high standards of transparency and compliance.
“It is vital to ensure full visibility of every complex financial transaction that is being conducted throughout the process, whether it’s the business process, the technology or the documentation associated with it,” said Michael Halloran, NES Financial’s CEO and President, regarding important measures financial institutions should take. “Given the sectors we serve and the size of our corporate clientele, the ramifications of mistakes are potentially huge. In our opinion, it is essential to have a qualified third party evaluate our business processes, controls and technology. In today’s marketplace, our customers have to know that we present the most efficient, most scalable and completely secure environment possible.”
While there is no requirement for financial administration companies to adhere to SAS 70 Type II standards, NESF voluntarily submits to the most stringent operational and security standards in the industry.
Along with SAS 70 Type II certifications, NES Financial complies with OCC and BSA third-party vendor requirements for financial institutions. As a result, NES Financial’s operations meet the financial needs of the country’s leading public companies that must comply with Section 404 of the Sarbanes-Oxley Act, the Bank Secrecy Act, Gramm-Leach-Bliley Act, and other regulatory provisions.
About NES Financial
NES Financial (NESF) is a leading provider of trust and escrow administration technology and services for financial institutions and major corporations. The company is also the nation’s leading provider of 1031 exchange intermediary services. NESF delivers proprietary state–of-the-art technology, outstanding client services, and industry leading subject matter expertise in trusts and escrows. NESF solutions safely process over 70 billion dollars of transactions each year. For more information please visit http://www.nesf.com.