Build trust with GS 007 in 2024

1. Custody
2. Asset Management
3. Property Management
4. Superannuation Member Administration
5. Administration
6. Investment Administration
7. Registry
8. Information Technology
   

At this stage, AssuranceLab supports GS 007 Sections A: Custody, B: Asset Management, E: Investment Administration, F: Registry and G: Information Technology. We conduct the initial readiness assessment to map your systems, processes and controls to the objectives and identify any gaps for consideration to prepare for the audits.

At the moment we do not cover sections C: Property Management and D: Superannuation Member Administration. 

No, only those investment management services that meet your business requirements are in scope for the audit.

A Type 1 report attests to your compliance by design. It’s a snapshot in time that can be achieved by showing you have the right systems and processes in place to satisfy the GS 007 regulatory clauses.

A Type 2 report attests to your compliance by both design and operation over a set period of time, usually between 3-12 months, to show your systems and processes have been operating consistently to satisfy the GS 007 regulatory clauses.

Usually, a Type 1 report is issued first to baseline compliance. That marks the start of the live and recurring Type 2 audit periods for reports issued annually.

Yes, there is a degree of overlap. All GS 007 reports need to cover the security and operational management of the underlying systems used. That is very similar to the focus of a SOC 1 or SOC 2 report that is commonly required for security compliance by large enterprise customers. These also overlap with ISO 27001 certification, however, the SOC reporting approach varies in the way it looks at the systems, processes and controls in comparison to the ISO standards looking at the management system with a more prescribed view of the controls.