Vendors for service financial service companies have been under increasing scrutiny to prove their ability to protect customer data, ensure financial accuracy for the services they provide and the continuity of business operations.
A SOC report provides vendors with a framework for identifying risks related to the services they provide and communicating to their customers the status of their security and business continuity practices and as business process controls. Our SOC Audit Team leverages industry experience in the analysis of existing processes and can provide recommendations on process enhancements that reduce risk to the vendor and the customer experience.
As lenders become more concerned about security, it’s likely they will expect a SOC Report from vendors so they can ensure any customer data you have access to will be protected and that your business uses a solid methodology to ensure financial accuracy.
There are multiple types of SOC reports available. Below is a handy chart to help you decide which report type you may need.
In the coming months, it’s important that businesses focus on their processes and services. As business continuity plans activate, companies that have completed the SOC process may find they have more actionable information to direct IT and project resources than those that haven’t. In addition, a SOC report can help build trust with increasingly security-minded customers.
Learn more and get started with us today.
