Organizations are looking for assurances that their external service providers have internal controls that are designed effectively and operating as intended. System and organization controls (SOC) reports provide this assurance.
SOC reports can help clients, prospects, stakeholders, and other interested parties understand and gain confidence in the internal control environment of the service organization.
Obtaining a SOC report can help organizations:
- Meet client expectations, contractual commitments, and regulatory requirements
- Gain a competitive advantage by distinguishing themselves from their competitors
- Lower inherent risks by identifying and addressing potential weaknesses in their systems
- Minimize the need to deal clients' auditors, which can be intrusive and time consuming
- Demonstrate the reliability and continued integrity of processes and procedures
- Identify efficiency issues as well as duplicate controls in an effective and proactive way
For certain highly regulated industries, compliance gaps can have legal consequences. SOC reports are often not just a nice-to-have but a must-have.
Our SOC compliance connection guide is designed to help you understand how a SOC 1 or SOC 2 report can cover your compliance requirements. You will learn:
- How to select the right SOC option for your organization
- How to assess the benefits that a SOC report brings to your organization
Fill out the form on this page to download your guide or contact us for more information.