How does Pershing ensure that the controls it has in place are operating effectively?
Pershing also commissions an annual SAS 70 Level II review, performed by KPMG, to provide additional independent evaluation of the design and operating effectiveness of Pershing’s internal controls related to order and trade processing, clearance and settlement, corporate actions, physical custody, margin monitoring, account transfer, pricing, interest, broker-dealer billing, statements, confirmations, and cash management functions.
