Toronto, December 9, 2012 – Portfolio Aid Inc. is pleased to announce a clean service audit report for immediate release to all clients. As a provider of a critical outsourced compliance function to the Canadian financial industry, PortfolioAid has committed to a process of annual third party audits. These cover its software delivery life cycle, cloud technologies security practices, change management, and business continuity practices.
The new 5025 standard is used by third party auditors to rigorously assess the internal control environment of service organization. Compared to its predecessor. CICA 5970.the new standard is more complex including new requirements and important updates.
“Compliance with the standards of Section 5025 adds an additional dimension of trust to the PortfolioAid service,” says Charan Kumar Bommireddipalli, Partner, Collins Barrow Toronto LLP. “Section 5025 imposes rigorous review against measurable principles and criteria that have been developed by the Canadian Institute of Chartered Accountants. Collins Barrow independently tests the service against Section 5025 requirements, helping PortfolioAid align its operations with the benchmark for sound business practices”
About Portfolio Aid Inc.
Founded in 2001 and headquartered in downtown Toronto, PortfolioAid is Canada’s market leader in risk rating services, trade surveillance and compliance automation solutions. Serving IIROC & MFDA member firms as well as the regulatory bodies that govern them, PortfolioAid effectively reduces monetary and reputational risk across the Canadian financial services industry.
PortfolioAid has achieved a rigorous standard of operational excellence through its commitment to practices backed by third party audits, and partnerships with leading market data providers, and cloud hosting services.
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