LONDON and NEW YORK, Feb. 23, 2015 (GLOBE NEWSWIRE) -- Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, today announced that its Org ID end-to-end client identity managed service has been audited by PricewaterhouseCoopers (PwC) against the International Standard on Assurance Engagements (ISAE) 3000 assurance standard. This international standard provides customers with an independent review in relation to the design of a services provider's internal processes, controls, and compliance policy.
Developed by the International Auditing and Assurance Standards Board, ISAE 3000 is one of the most widely recognized standards used by accounting firms to independently assess a company's report as to its control environment.
The controls report encompasses key aspects of Org ID's Know Your Customer (KYC) service offerings - including controls relating to activities undertaken by the Thomson Reuters KYC Operations team, comprising creation of new records, refresh of existing records (following changes or at periodic intervals) and regular monitoring and screening of records. This includes the interactions with financial institutions and end clients.
"We are very proud to be the first and only global KYC managed services provider to have successfully completed an ISAE 3000 audit," said Anna Mazzone, head of KYC Managed Services at Thomson Reuters. "Having ISAE 3000 assurance over our controls - conducted by a leading provider of assurance and audit services - demonstrates the commitment from the Org ID service to identify and adopt best practices within its internal control framework. Completing the audit highlights our commitment to quality, the robustness of our controls and infrastructure, and our clients when it comes to helping them meet global KYC client due diligence requirements."
In March 2014, Thomson Reuters launched Org ID, an end-to-end client identity service that collects, verifies, screens, determines ultimate beneficial owners, and monitors a legal entity for change. The managed service is used for client on-boarding, conducting remediations and refreshing existing portfolios to a global standard. The service enables the end-client to provide identity information through a secure web-based portal and authorize the distribution to their financial institutions. Thomson Reuters Org ID provides a real-time "KYC passport" which represents a validated and screened entity, thereby simplifying the account opening process needed to conduct business globally.
Thomson Reuters Org ID also recently won 'Best KYC and Client On-Boarding Solution' at the second annual Data Management Summit Awards 2014, hosted by A-Team Group. The annual Data Management Summit Awards recognize outstanding products and services in data management and are voted on by senior managers from financial institutions and readers of Reference Data Review .
For more information about Thomson Reuters Org ID and to obtain a copy of the ISAE 3000 report, go to http://accelus.thomsonreuters.com/products/accelus-org-id
Thomson Reuters
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