On 30 May, 2008, BNP Paribas Asset Management (BNPP AM) was awarded SAS 70 Type II certification for its entities in France and the UK.This internationally-recognised certification comes as acknowledgement of the company’s high quality operations and efficient internal controls.
” Our increasingly sophisticated client base means we need to ensure the utmost transparency when it comes to the investment vehicles we offer and our management methods, ” says Vincent Camerlynck, Global Head of Business Development at BNP Paribas Investment Partners.
The SAS 70 (Statement on Auditing Standards No.70) is an international standard that is recognised by the world’s major institutions (central banks, state funds). It is a certification that is granted following the exhaustive audit of a services establishment (like a management company) which reviews a company’s entire method of functioning, whilst also evaluating its internal control process. Drawn up by an independent auditor in line with a standard developed by the AICPA (American Institute of Certified Public Accountants), there are two types of SAS 70 report. The Type I report describes the activities of a company and determines whether the controls in place are suitable. The Type II report assesses the efficiency of these controls via tests whose results are published in the SAS 70 (Type II) report.
” For virtually one year, the process was tested and validated by an external auditor – PricewaterhouseCoopers – with the participation of our teams. As a result, we have been granted the most thorough certification, Type II, which not only requires a description of the controls carried out, but also a test phase to ensure that the procedures in place are effectively applied,” explains Patricia Donnelly, Head of Client Services for BNP Paribas Investment Partners.
What is SAS 70?
SAS 70 is the acronym for Statement on Auditing Standards No. 70. Developed by the AICPA (American Institute of Certified Public Accountants), it is an audit that discloses the global manner in which a company operates and assesses the effectiveness of its internal controls. SAS 70 is both an international standard and an internal and external communications tool, particularly when it comes to tenders. In accordance with SAS 70, published reports are for the exclusive use of a management company’s clients and auditors.
BNP Paribas Asset Management
BNP Paribas Asset Management (BNPP AM) is a European leader in traditional, indexed and structured investment management. BNPP AM is the original core activity of BNP Paribas Investment Partners (BNPP IP). BNPP IP brings together the full palette of asset management expertise of the BNP Paribas group. Through a unique platform that offers immediate and simplified access to a broad range of specialist Partner companies BNP Paribas Investment Partners has become a leader among the multi-specialist asset managers. At end 30 June 2008, assets under management amounted to €327 billion*, nearly half of which was managed for institutional clients. With 2,400 professionals servicing clients in almost 70 countries, the network of Partners provides clients with the most advanced and dedicated expertise in asset management today, blending excellence in client service with innovative solutions that can highlight or combine specialities.
* assets under advice included
BNP Paribas Investment Partners
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