BeFrank has become the first PPI in the Netherlands to receive the ISAE 3402 Type II Assurance Report – a clear sign that pensions are in good hands with BeFrank and that its internal processes are of a high quality.
BeFrank had already received an ISAE 3402 Type I Report in September 2011 for the design and presence of controls that have a material impact on its services. PwC, acting as independent auditor, rigorously checked the effectiveness of these controls over a five-month period, after which the Type II Assurance Report was issued.
“This ISAE 3402 Type II Report sends out a powerful signal about the quality and reliability of our processes,” said Bas van Meegeren, Director at BeFrank. “A fantastic achievement. Pulling this off within eight months of launching our services says a lot about the organisation and our employees’ dedication to their work.”
BeFrank CEO Folkert Pama: “As a new player in the market we offer services of outstanding quality. The ISAE 3402 Type II Report is testimony to this quality. Besides offering its own services as a PPI, BeFrank also makes its advanced infrastructure as well as its knowledge and experience available to third parties through ‘white label’ services. The Type II Report demonstrates to professional parties that BeFrank is an excellent choice for outsourcing their services.”
What does ISAE 3402 certification entail?
The global ISAE 3402 standard is the “successor” of the SAS 70 standard and provides an opinion on the design (type I) and effectiveness (type II) of the internal processes and controls that have been put in place to assure the quality of the services. The controls permeate the entire organisation, including: contract management, pension administration, investments, access control, day-to-day operational monitoring and incident management.
BeFrank is the first-ever premium pension institution (PPI) in the Netherlands, combining BinckBank’s online distribution power with Delta Lloyd’s pension know-how. The result is a fresh and innovative pension administrator in the Dutch market. BeFrank has already won the Pension Product of the Year Award on the strength of its transparent low-cost pensions. Its focus is on defined contribution pension schemes for employers and employees (2nd pillar).