Alphaweek quoted National Risk Advisory Leader Ben Osbrach in an article about why hedge fund technology vendors need SOC reports.
By Dave Shastri
“SOC 1 standards are now widely accepted and highly regarded by asset management and investment management entities within the United States, and are gaining traction in other regions as well,” according to Ben Osbrach, National Risk Advisory Leader at Marcum LLP. “Investors are looking for that extra layer of reassurance from the technology vendors used by fund managers, and a SOC 1 Type II report can provide that. It assures that the safeguards and controls are there to protect and secure customer data, in line with industry best practices and standards.”