Wallem first to achieve SAS 70 certification

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Hong Kong: Wallem Shipmanagement has become the world’s first third party ship management company to achieve SAS 70 certification, receiving accreditation for what the company described in a statement as ‘arguably the toughest process  control standards.’  
SAS 70 certification is the result of an in-depth audit examination of the effectiveness of a service organisation’s internal controls. Wallem Shipmanagement’s examination included crew management and procurement processes. Certification was achieved on   11 February 2009. 
Companies listed in the US are required to comply with the terms of the Sarbanes-Oxley  Act (SOX) of 2002. SAS 70 certification is important to those companies using the  services of Wallem Shipmanagement, as it gives the client independent assurances on  the adequacy of internal controls and processes. 
Wallem has several US-based clients, and their need to meet SOX requirements was the original rationale for Wallem Shipmanagement to strive for the SAS 70 certification. 
The SAS 70 certification follows the recent release of Wallem’s first sustainability report, which provides a detailed description of the group’s activities in maintaining a sustainable company  -  socially, environmentally and financially. [23/02/09]