SOURCE: Vestmark, Inc.

Vestmark, Inc.

January 21, 2015 15:10 ET

Vestmark Completes Rigorous SSAE 16 Type II Examination

Controls Over Information Security, Financial Reporting, and Operating Effectiveness Meet SSAE 16 Compliance

WAKEFIELD, MA--(Marketwired - Jan 21, 2015) -  Vestmark, a leading innovator of advisory solutions and wealth management technology, today announced that it has successfully completed a Statement on Standards for Attestation Engagement No. 16 (SSAE 16) Type II examination for their VestmarkONE Software as a Service System. Vestmark retained international business advisory Skoda Minotti for its SSAE 16 audit work. Vestmark selected Skoda Minotti after an intensive search based on Skoda Minotti's reputation as a leading assurance solutions and compliance company.

"We were excited to work with Vestmark from the very start, they are an intriguing organization delivering high quality software services and this adds to our growing SOC reporting practice. Software as a Service providers continue to be a key industry for SOC reporting," said Ben Osbrach, CISSP, CISA, QSA, partner-in-charge of Skoda Minotti's risk advisory group.

SSAE 16, also known as a SOC 1, is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants. A SOC 1 report is performed by an independent auditing firm and examines the controls and processes involved in storing, handling, and transmitting data securely. The successful completion of the voluntary engagement illustrates Vestmark's ongoing commitment to create and maintain the most stringent controls for the protection and security of its customers' confidential information.

The rigorous SOC 1 Type II examination, which included detailed testing of Vestmark's controls, was performed by an independent licensed Certified Public Accounting firm that specializes in conducting SOC reports, PCI DSS Compliance, FISMA, NIST and other regulatory information security assessments. The auditor examined Vestmark's controls related to network connectivity, firewall configuration, secure software development life cycle, computer operations, database access, data transmissions, backup, disaster recovery, fire suppression, physical security, and more. Following the audit, Vestmark received a Service Auditors' Report with an unqualified opinion, demonstrating that Vestmark's policies, procedures, and infrastructure for data protection, security, and confidentiality met or exceeded the stringent SOC 1 criteria.

"Skoda Minotti is a leader in SSAE 16 and Service Organization Control (SOC) reporting and IT advisory solutions," said Charles D. Johnson, Chief Information Officer of Vestmark. "The successful completion of our SOC 1 Type II examination audit provides our customers with the assurance that the controls and safeguards we employ to protect and secure their data are first-rate."

SOC Reports have become increasingly important for data-handling service providers since the passage of the Sarbanes-Oxley legislation, which requires a company's business partners to have adequate internal controls. Vestmark's customers can easily incorporate its Service Auditors' Report in their Sarbanes-Oxley compliance programs as proof that appropriate controls are in place. The SOC 1 report can also help Vestmark's customers to comply with other regulations, including HIPAA (Health Insurance Portability and Accountability Act), GLBA (Gramm-Leach-Bliley Act of 1999), and ISO 27001.

More information about Vestmark and their services can be found at www.vestmark.com.

About Vestmark
Vestmark provides VestmarkONE, a unified wealth management platform offering comprehensive, real-time technology that enables broker-dealers, investment managers, RIAs, bank trusts, and other financial firms to deliver holistic wealth management and a full range of advisory solutions. Vestmark's experienced team works closely with clients to implement tailored solutions incorporating best practices that help firms gather more assets, increase efficiencies, and minimize operating risks.

For more information about Vestmark's solutions, call (781) 224-3640, email inquiry@vestmark.com, or visit www.vestmark.com

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