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Please provide a summary of the controls in place to ensure accuracy.

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  • Please provide a summary of the controls in place to ensure accuracy.

To ensure all month-end reporting controls are completed, State Street maintains a detailed checklist for
each portfolio. The checklists support the daily, weekly and monthly processes, and detail all key
reconciliations that have to be done. The daily checklist is prepared by the fund administrator and signed
off by a senior fund administrator / assistant manager.
Every task on the checklist is signed and dated by both the person who prepares the reporting and the
person who reviews it. A manager also completes an overall review. The checklist is filed in a month end
reporting file along with a copy of all supporting documentation. All accounting documentation is retained
for seven years.
Weekly cash, securities and income positions, reported to the department head and the Risk &
Compliance group, ensures the necessary management time is devoted to clearing exceptions and taking
corrective action to prevent a repeat of the issues. Exception items and balances are included on internal
Management Information reporting, which is reviewed each week by senior management.
As part of the overall control environment, State Street is also subject to the following reviews:
 Ernst & Young produces an annual audited Service Organisation Control (SOC) report on State
Street’s middle office function titled Investment Manager Services – Enterprise (IMSE). E&Y also
produces a semi-annual SOC report on State Street’s back-office function titled Global Fund
Accounting and Custody (GFAC).
 Ernst & Young produces a semi-annual audited SOC report covering all IT systems (spanning both
middle and back office functions and other areas of State Street) titled Information Technology
General Controls (ITGC).
 All GAM funds are subject to an annual audit and the auditor’s testing includes re-pricing of all
positions held at the accounting date and also confirmation of security positions with the independent
custodians (or underlying administrators in the case of the funds of hedge funds).
 In Ireland State Street in regulated by the Central Bank of Ireland and under the Central Bank’s risk
rating programme (PRISM) both State Street Fund Services (Ireland) Limited and State Street
Custodial Services (Ireland) Limited have had full risk assessment reviews. No areas of concern were
identified. In addition, the Central Bank have initiated a series of thematic reviews on outsourcing,
regulatory reporting, AML, hard to price assets and treatment of errors which require input / review
form State Street.

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