Deutsche Bank sets new industry benchmark with ISAE 3000 certification for rates client clearing
Deutsche Bank today announced it is the first bank to receive independent assurance under the International Standard on Assurance Engagements (ISAE) 3000 on its LCH Swapclear Client Clearing process for interest rate derivatives.
The ISAE 3000 certification provides an independent assessment of the bank’s assertion regarding the design effectiveness of its internal processes and controls for its LCH Swapclear Client Clearing process. The assurance was provided by PricewaterhouseCoopers (PwC) and the scope of the assurance, performed in accordance with ISAE 3000, also incorporated elements of Deutsche Bank’s dbClear platform.
The ISAE 3000 accreditation confirms that Deutsche Bank has designed and implemented effective internal controls to ensure the transparency and accuracy of the LCH Swapclear Client Clearing process. This offers clients the assurance they require in respect of internal controls as clearing becomes central to their trading activity.
Developed by the International Auditing and Assurance Standards Board, ISAE 3000 is one of the most widely recognised standards used by accounting firms to independently assess management’s assertions about performance and controls.
Joe Cassidy, Deutsche Bank's Global Head of Rates Prime Brokerage and Client Clearing said: “We are proud to be the first bank to have successfully completed the ISAE 3000 for the LCH Swapclear Client Clearing process. The ISAE 3000 accreditation validates that Deutsche Bank is operating within a market leading control framework that is highly responsive to regulatory changes. This demonstrates our commitment to clearing, our clients and the robustness of our controls and infrastructure”.
For further information, please call:
Deutsche Bank AG
Phone: +44 20 7545 4249
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 82,504 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.