Reval Center™ Receives SSAE 16 (formerly SAS 70) Type II Certification

New York, September 20, 2010 –Reval Center™, Reval’s subscription-based outsourcing service for derivative valuations and hedge accounting, received its SSAE 16 (formerly SAS 70) Type II certification, the most stringent independent audit of controls a service can hold, the company announced today.  The industry also recognized Reval Center’s quality in an Adam Smith Award with CITIC Pacific.

“Our Web-based solution, Reval®, has been SSAE 16 (formerly SAS 70) compliant since 2005,” explains Reval Chief Operating Officer Philip Pettinato. “Now our outsourced solution, which provides an alternative delivery method to Reval’s expertise and technology, is also certified.”

SSAE 16 (formerly SAS 70)  Type II is the most stringent audit standard developed by the American Institute of Certified Public Accountants (AICPA) for the in-depth, independent audit of control objectives and control activities, including information technology and related processes. The importance of SSAE 16 (formerly SAS 70) Type II audit reports on the effectiveness of internal control over financial reporting has risen since the requirements of Section 404 of the Sarbanes-Oxley Act of 2002.

Reval Center financial analysts use Reval’s Software-as-a-Service (SaaS) solution to value, account for, and manage the derivatives clients use to hedge business risk.

“This is a one-stop-shop solution fulfilling virtually all of CITIC Pacific’s requirements in financial instrument valuation and hedge accounting,” says Bernard Kwan, General Manager, Treasury Risk Management at CITIC Pacific. “This enables us to approach our derivatives portfolio management with greater control, speed and ease.” Earlier this year, CITIC Pacific, received the highly commended Outstanding Insourcing/Outsourcing award for its use of Reval Center from Treasury Today’s Adam Smith Awards for Best Practice and Innovation 2010. These awards are judged by a panel of industry leaders who recognize outstanding achievement in solutions within the corporate treasury environment.

Reval Center uses validated, independent market data and battle-tested financial analytics and models to provide independent valuations of financial instruments from plain vanilla to exotic. These valuations can also be provided incorporating credit risk and collateral adjustments as required. Along with valuations, Reval Center provides hedge accounting documentation and effectiveness testing and measurement to meet the financial reporting guidelines of derivative accounting standards ASC 815 (FAS 133), IAS 39, EIC 173 and CICA 3865 and offers reporting under ASC 820 (FAS 157), FAS 161 and IFRS 7.  When subscribing to Reval Center, companies can also gain access to Reval’s Hedge Accounting Technical Taskforce (HATT), an elite team of experts with deep experience across derivatives, accounting and technology.

Other suggested links: twitter.com/RevalTRM 

About Reval

Reval is a global SaaS provider for Treasury and Risk Management, helping enterprises better manage cash, liquidity and financial risk, and account for and report on complex financial instruments and hedging activities.

For more information, visit www.reval.com or email info@reval.com.

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