STAMFORD, Conn.--(BUSINESS WIRE)--Battea – Class Action Services, LLC, global leader and expert in all stages of asserting and processing settlement claims in connection with antitrust and securities litigation, has successfully completed the American Institute of Certified Public Accountants (AICPA), Independent Service Auditor’s Report SSAE 18 Type 2 examination, also known as a Report on Controls at a Service Organization (SOC 1). “SSAE” is an acronym for Statement on Standards for Attestation Engagements and SSAE No. 18, is an attestation standard that establishes the requirements and guidance for reporting on controls at a service organization relevant to user entities’ internal control over financial reporting. Successor to SSAE 16, SSAE 18 includes significant updates which strengthen the overall quality of the SOC 1 report.
Battea’s Chairman, Peter K. Hansen, commented, “It is our charge to maintain only the highest standards of security with client data and information; it is integral to our DNA. Our clients can rest assured that the security of their trading and transactional data has always been a core value of Battea’s business structure. With the introduction of SSAE 18, we are able to bolster industry standards including requiring risk assessments and tightening internal controls and processes when it comes to monitoring subservice organizations.”
The official audit, conducted annually by an independent auditing firm, provides an in-depth examination of a service organization’s system and the suitability of the design and operating effectiveness of controls certifying Battea’s securities class action recovery services. Achieving this level of certification reinforces Battea’s adherence to stringent, industry-accepted auditing standards for service companies and provides additional assurance to its clients and partners that both its business process controls and information technology controls operate effectively. The report details Battea’s entire IT infrastructure, including information security, data communications, normalization and verification, and filing and tracking of claims, specific to its securities class action claims recovery service. Additionally, Battea’s co-location/data center facilities have also undergone a successful Type II examination.
Lars Kragh, CIO, asserted, “Data security and integration, as well as highly secure systems infrastructure, have never been more vital than they are today. This is our seventh-straight year achieving this certification.” Mr. Kragh and his team have extraordinary experience in real‐time data center operations, including supporting global banks, trading firms, and exchanges. Recently, Battea has upgraded all of their systems infrastructure, and made sizeable investments by enlisting the most advanced security standards in its client-facing technology and data centers and data handling systems capabilities.
The owners of Battea include the world’s foremost experts in financial trading technologies having designed and built the first commercial FIX Engine, the world’s largest FIX Order Routing Network, equity trading platforms, systems used by the largest FX banks, and interdealer brokers and systems used by the top players in the fixed income markets. Battea’s leadership, management and executives also hold MBAs, CPAs, CFAs, as well as the Series 3, 6, 7, 24, 27, 34, 55, and 63 securities licenses.
About Battea – Class Action Services
Battea - Class Action Services, LLC is the leading provider of securities class action settlement recovery for institutional investors. Utilizing proprietary technology, Battea maximizes settlement award recovery across all asset classes for hundreds of institutional clients and its global, full-service solution manages the complex claims filing process combining accuracy and unparalleled transparency. Battea has augmented its professional staff assembling many of the foremost international financial technology experts and data security technologists, former claims administrators, financial industry experts, securities litigation analysts and econometric experts. The company has been a leader in the space for nearly 20 years and serves more than 500 institutions around the world, including many of the world's biggest banks, hedge funds, and buy-side investors.