What are SOC reports?
Although not yet required by law, both private and public entities are frequently interested in the behind-the-scenes details a SOC report provides. SOC reports, designed by the American Institute of CPAs (AICPA), provide transparency and insight into how companies operate and maintain their control environment. Validated by a third-party, SOC reports evaluate the infrastructure, software, people, procedures and data controls a company has in place.
Benefits of SOC reporting
Companies that outsource key business or technology processes are inundated with requests from customers, regulators and stakeholders about how vendors and service providers are managing risks. They spend massive amounts of time and resources responding to these questionnaires and associated audits. SOC reports can reduce or eliminate the time spent answering customer questionnaires about security and controls. They also can alleviate the stress of audits performed by customers, regulators and third parties.
The SOC reporting process
- Phase 1: Readiness
- Phase 2: Remediation
- Phase 3: Attestation and SOC report
Understand why your business needs SOC reports, explore what the SOC reporting process looks like and arm yourself with six key questions to ask third-party SOC report providers in this e-book.