CBC goes through ISAE 3402 audit for reliable processes and services

CED CBC naturally aims to be a reliable partner for all its clients. Customers need to be able to ‘blindly’ trust that all processes they outsource to CBC will be conducted thoroughly, correctly, completely, and in a timely manner. And that we, as an organisation, structurally monitor this. To have this objectively registered so that customers can rely on it, CED CBC goes through the ISAE 3402 audit.

Organisations can outsource non-core processes to service organisations, such as CED CBC. However, the outsourcing parties remain ultimately responsible for internal control of these processes. Processes such as risk management, IT security, and operational controls are relevant. The question is how a service organisation manages these processes. The ISAE 3402 certification answers that question.

Increased security

ISAE 3402 stands for International Standard on Assurance Engagements and is an international assurance standard. An ISAE 3402 report provides assurance about outsourcing (financial) processes that are performed by the service provider. There are two types of ISAE 3402 reports. Type I relates to the design and existence of internal control measures; type II relates to the design and operational effectiveness of internal control measures. The type II report is, therefore, more in-depth and offers more comfort. An external auditor audits the effectiveness of control measures and provides assurance to the ISAE report.

All processes included

To offer clients assurance about the operational effectiveness of internal control measures, CBC has formalised the control measures to meet the ISAE 3402 requirements. The control measures relate to claims handling, but also: quality assurance, financial settlement, monitoring (of progress), and IT General Controls (Information Security, Logical Access Security, Change Management, Service Level Management, and Backup & Recovery).

Independently determined

CBC has formalised the controls within these processes per start of January 2023, and has since then also been internally audited. CBC will consequently engage an external auditor for the ISAE 3402 Type II audit. As such, our clients will soon receive a thoroughly substantiated guarantee of the independently determined quality and control of processes at CBC.