ABN AMRO is the first of the Netherlands’ big three banks to have earned ISAE3402 Type II certification for its asset management processes. This new global standard for assurance reporting indicates that an asset manager is capable of actively managing the key risks in its own processes. The certification also covers the asset management activities of Triodos MeesPierson.
Pim van den Heuvel, ABN AMRO's Managing Director Wealth Advisory & Investments: "We want to be able to demonstrate that we meet quality standards, and our clients, too, increasingly expect this from us. In 2013 we earned Type I certification, which indicates that control measures are actually in place and have been suitably designed. Type II certification indicates that the controls have actually worked for at least a year. We’re very pleased with the new certification."
New global standard
ISAE (International Standard on Assurance Engagements) 3402 Type II is the new global standard for assurance reporting. To receive an unqualified audit report, a service provider must demonstrate that it has identified all key risks to the quality of service and reporting and is capable of controlling these risks. Moreover, the service provider must be able to demonstrate that the necessary control measures have been taken. An ISAE3402 Type II Report must be compiled once a year and audited by an independent auditor.