By completing an independent audit of its practices, the company demonstrated its leadership in pioneering administrative best practices.
SAN JOSE, Calif., March 13, 2024 /PRNewswire-PRWeb/ -- JTC has announced the successful completion of its most recent SOC 1 Type 2 audit of functions at its San Jose and Boston offices. The company has voluntarily undergone regular third-party reviews of its technologies, procedures, and control objectives as part of its commitment to minimizing risk and following industry-leading best practices.
JTC is a global financial services leader offering solutions for both institutional and private clients, including fund, corporate, banking, tax compliance, and private office services. With a team of more than 1,500 across 32 offices worldwide, JTC has continued to build on its 35-year history, which includes providing services to 8 of the 10 largest global investment banks and 20% of FTSE 100 companies. In North America, JTC provides purpose-built solutions to institutional and private clients, allowing US-based clients to expand overseas and international clients to enter US markets.
The SOC 1 Type 2 audit is conducted under the SSAE 18 auditing standard. A recognized compliance and controls standard from the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board, SSAE 18 is used by leading banks and service providers across the financial industry. The audit, performed by one of the leading public accounting firms in the country, reviewed the design of controls and the operating effectiveness of identified key control areas, including controls over technology, information, financial processes, security and other protected data.
JTC's audit covered a range of service offerings, including escrow and fund administration for Private Equity, Opportunity Zones, and the EB-5 Immigrant Investor Program, as well as Section 1031 like-kind exchanges. Dating back to when these audits were commissioned by NES Financial (acquired by JTC in 2020), this marks 18 consecutive successful SOC 1 Type 2 audits for the company's San Jose and Boston offices.
"Modern financial service providers have to contend with the dual challenges of increased government regulation and security threats that can cripple businesses," said Jill Jones, General Counsel, JTC USA Holdings. "By subjecting ourselves to the highest level of scrutiny, we can assure our clients and colleagues that we're ready to help them meet regulatory challenges and protect their data."
Along with SOC 1 Type 2, JTC also complies with OCC and BSA third-party vendor requirements for financial institutions. As a result, the company's operations meet the financial needs of leading public companies that must comply with Section 404 of the Sarbanes-Oxley Act, the Bank Secrecy Act, the Gramm-Leach-Bliley Act,, and other industry regulations.
To learn more, visit JTCGroup.com.
About JTC
JTC is a publicly listed, global professional services business with deep expertise in fund, corporate and private client services. Every JTC person is an owner of the business, and this fundamental part of our culture aligns us with the best interests of all our stakeholders. Our purpose is to maximize potential, and our success is built on service excellence, long-term relationships and technology capabilities that drive efficiency and add value.
In the US, JTC provides a full suite of bespoke Fund Administration solutions across multiple asset classes (private equity, real estate, venture capital, debt, impact, Opportunity Zones, insurance dedicated funds) in the US and abroad. As the industry leader in Specialty Financial Administration, JTC offers purpose-built solutions for markets characterized by high administrative and regulatory complexity, elevated transaction security needs, and challenging compliance requirements, including EB-5, 1031 Exchange, and Delaware Statutory Trusts. Along with our Private Client, Trustee, and Corporate Services divisions, JTC's US Institutional Client Services team combines sector-specific expertise with industry-leading technology to be a true partner in growth for our clients.
To learn more, visit JTCGroup.com.
Media Contact
Laura Kelly, JTC Group, 4083670826, [email protected], www.jtcgroup.com
SOURCE JTC Group
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