• SOC Reporting

Build trust through transparency.

Businesses today are facing increased scrutiny from all stakeholders—board members, regulators, customers and prospects.
 
In this fast-paced and interconnected business climate, organizations must demonstrate adequate controls to mitigate risk, ensure the safety and integrity of their client assets, and meet customer demands without disruption. The need for trust and accountability is paramount.
 
System and Organization Controls (SOC) reporting allows companies to engender trust with stakeholders by proactively taking stock of the controls in place to mitigate risk and ensuring transparency into the effectiveness of these risk management efforts.
 
Which SOC is Right for You?
With SOC 1, SOC 2, SOC 2+, SOC 3, SOC for Cybersecurity, and SOC for Supply Chain, it can be challenging to determine which report best addresses a business’s needs. Consider the risks your organization seeks to dispel—and who needs assurance that your company has the right controls in place.
 
Benefits of SOC Reporting

1. Build trust 
In today’s global economy, companies operate under expanding regulations both in the U.S. and internationally. Considering the various industry regulatory and risk standards, organizations increasingly must demonstrate adequate controls and safeguards over their clients’ assets. This is why SOC reports have become a must-have in many vendor management and RFP processes, opening the door to more business opportunities for providers. When it comes to building trust, SOC reports play a critical role—ultimately reducing compliance efforts each year and preventing onsite vendor or partner audits.

2. Find (and close) the gaps
Having a third party examine organizational controls provides peace of mind about whether the controls are designed, implemented and operating as expected, and how they can be improved. It can indicate where and when there are breakdowns in the controls that could possibly lead to a breach or disruption, so the organization can mitigate these risks.

3. Prove business value
SOC report attestations are a good signal of corporate health to investors, and can be especially valuable when companies plan an exit, such as an initial public offering or a sale to a strategic buyer. Companies inherit the risk of their target following an acquisition, and many include SOC report queries in their due diligence. Investors look at the effectiveness of risk management programs as a critical indicator of shareholder value.