Battea Class Action Services Achieves SSAE 18 Type II Examination Audit for Ninth Straight Year
STAMFORD, Conn.–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 its eighth-straight American Institute of Certified Public Accountants (AICPA), Independent Service Auditor’s Report SSAE 18 Type II 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, “Battea is committed 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.”
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 the most 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 are operating 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.
Battea’s CIO, Lars Kragh, emphasized, “The landscape is evolving and becoming more complex than ever before. Data security, integration, proper controls, cybersecurity, as well as highly secure systems infrastructure, have never been more vital than they are today. The entire Battea team is very proud to have achieved this certification for the eighth-straight year.” Mr. Kragh and his team have extraordinary experience in real‐time data center operations, including supporting global banks, institutional investors, including hedge funds, mutual funds, and sovereign wealth funds, as well as trading firms and exchanges. Recently, Battea upgraded all of their systems infrastructure, and made sizeable investments by enlisting the most advanced security standards in its client-facing technology and its data centers and data handling systems capabilities.
Battea’s principals and executive team 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, and The Battea Platform® providing clients with unparalleled transparency with respect to securities class action litigation. 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 a global leader and expert in all stages of asserting and processing settlement claims in connection with antitrust and securities litigation. The company has been a leader in the space for nearly 20 years, serving more than 700 institutions around the world, including many of the world’s largest banks, hedge funds, asset managers and buy-side investors. The landscape for U.S. class actions, international securities litigation and securities centric anti-trust litigation has evolved rapidly around the globe. With deep roots in the claims filing and financial technology sectors and its global presence, Battea is optimally positioned to help clients navigate the increasingly complex process of obtaining trustworthy information about litigation that impacts their investments and businesses. The combined experience of the Battea team is unrivaled among industry peers and brought to bear for our clients, guiding them through the entire cycle of the litigation and settlement process. Battea’s expertise is simply unmatched.
SSAE 18 Type II Examination
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