Itex has become the first Offshore IT company to achieve the International Standards Accreditation ISAE3402.

The ISAE (International Standard for Assurance Engagements) is a globally recognised Standard giving formal assurance to a company’s control and operational processes. Commonly found within the asset management and investment sectors, ISEA3402 is now expanding its reach to the IT industry.

 The Accreditation is achieved following an intensive audit by a third party – in Itex’s case accounting firm PwC undertook a robust audit of the organisation’s information strategy and its internal procedures relating specifically to data  security, privacy, confidentiality and reporting.

Alyson Hamilton Lacey, Managing Director of Itex Isle of Man explains: “Our Jersey colleagues have been working towards this accreditation for some time. This move was in response to requests from clients for such formal assurance.  In order to obtain this assurance they have worked with PwC to embed all necessary processes, practices and reporting to guarantee asset protection.”

Ian Jauncey, Chairman of Itex adds: “Any organisation which has significant activity in investment management or fund administration or any need to provide protection or safe custody of assets, whether real or digital, needs to be considering formal assurance, whether for regulatory or competitive reasons. Itex has many clients from within the finance sector and as such we have to fulfill similar requirements for assurance in terms of financial information reporting and control, whether we simply offer real estate hosting services or full outsource services.”

Itex will be able to supply clients and their auditors with the Service Auditor’s Report hopefully negating the need for multiple audits. As part of the Accreditation, Itex will be audited on an on-going basis.

Alyson Hamilton Lacey, continues: “This accreditation demonstrates Itex’s commitment to providing quality service to our clients and further showcases the group’s expertise.”