DerivActiv, LLC Strengthens SAS 70 Certification With Type II Audit

    EDEN PRAIRIE, MN, May 28, 2009 /24-7PressRelease/ -- DerivActiv, LLC, a leading provider of independent valuations for fixed income, currency, and equity derivatives, to healthcare, non-profit, higher education and corporate clients, announced it has successfully completed a Statement of Auditing Standard No. 70 (SAS 70) Type II certification.

"This certification is a more rigorous audit of the SAS 70 processes that we put in place in 2008," said John Trefethen , chief financial officer of DerivActiv, LLC. "DerivActiv customers can feel confident that with the completion of this more rigorous SAS 70 Type II audit, our valuation service and the customer data that we work with are accurate, stable and secure."

Many companies and their auditors, especially financial services and other highly regulated organizations, require proof that a third-party provider of information used in financial statements has processes and controls in place for a secure environment for provision of independent valuations. Issued under guidance established by the American Institute of Certified Public Accountants, the SAS 70 report provides assurances regarding specific control and security objectives that DerivActiv has designed. A third-party review of a service provider's security and operational controls, especially when financial data is involved, is becoming increasingly necessary in today's marketplace. Obtaining the SAS 70 certification demonstrates compliance with the standard of due care for security and risk controls and creates an immediate trust between partners and their auditors.

The SAS 70 Type II Audit
Type II audits review controls that were in place over a period of time, which is typically a period of six months or more. The opinion deals with the fairness of presentation of the controls, the design of the controls with regard to their ability to meet defined control objectives, and the operational effectiveness of those controls over the defined period. Third parties are better able to rely on these reports because a verification is provided regarding these matters over substantial period of time.

DerivActiv, LLC is a leading provider of web-based derivative valuation and other financial monitoring services, serving financial institutions, corporations, non-profits, and municipalities. DerivActiv provides daily valuations of financial products, including equity, currency and fixed income securities and derivatives. DerivActiv is used for FAS 133/157 compliance in financial statements, board and finance committee reports, and as an internal risk management tool.

Source: DerivActiv, LLC
Website: http://www.derivactiv.com

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