Asset & wealth management, investment firms and funds are increasingly dealing with tougher regulations and the critical involvement of regulators, also regarding their internal IT procedures. Asset managers must prove they are in control of their outsourced IT-services. Therefore, Blanco started preparations for a SOC 2 (Service Organization Control) certification which provides assurance on internal controls. New colleague Drs. Michel Vlak RO CIA will provide important support to all work involved with the SOC 2 report and the completion of ISAE 3402 or SOC 2 reports for Blanco customers.
Drs. Michel Vlak RO CIA is a seasoned business economist, Registered Operational Auditor and Certified Internal Auditor with more than 25 years of experience with employers like ABN AMRO, Robeco, Staalbankiers / Achmea and Propertize. He has deep knowledge and longstanding experience with internal audit, risk management, compliance, internal control, risk control frameworks and ISAE 3402 procedures. That experience is not only valuable for Blanco’s customers but also for Blanco itself since current legislation requires process integrity and controlled operations, including outsourced digital business procedures. Together with fellow team member from the very beginning Arie Pronk, Michel will advise and support Blanco customers regarding ISAE 3402 and SOC2 reporting on the one hand and contribute to realizing Blanco’s own SOC 2 certification on the other.
Drs. Arie Pronk RC RA RE EMFC CIA CISA has been a Blanco team member since 2015 and focuses mainly on risk management and internal control. He says about the SOC 2 certification: “Today it is no longer sufficient to just tell your customers you are in control of your (IT) service organization but you will need irrefutable evidence to support that claim. That warranty needs an official and independent seal and we feel that a SOC 2 report is an excellent choice because of its focus on the combination of organization, processes and IT. SOC is moreover based on globally accepted frameworks. Additionally, a SOC 2 report is not only a good representation of Blanco’s quality and transparency, but also a valuable proof of our controlled operations which asset managers can rely on when proving their own responsibility towards customers, external auditors, and regulators.”
SOC 2 certification is a labor intensive and comprehensive process with many aspects. Blanco expects to complete all work necessary for certification at the beginning of 2018.