Understanding SOC Reports
With more companies outsourcing financial and information technology services to third parties, it has become critical for them to be able to build trust with their clients and customers.
Our Systems and Organization Controls (SOC) services are focused on enabling you to provide your clients and customers trust, visibility, and transparency regarding the controls and processes that they rely on for the execution of their business.
- Trust and Transparency: Provides customers with assurance through independent validation that the organization has effective controls in place. Allows your organization to highlight the controls and processes that enable true confidence in your operations, which can lead to increased revenue and growth opportunities.
- Risk Management: Helps in identifying potential weaknesses in the organization’s controls and processes and enables management to make decisions regarding risk mitigation.
- Regulatory Compliance: In addition to providing your customers and clients the information they need regarding your business relationship, in many cases, a SOC 2 report can help organizations comply with various regulatory requirements and industry standards and reduce the risk of penalties associated with non-compliance.
- Competitive Advantage: A SOC report demonstrates a commitment to security, data privacy and reliability, differentiating your organization from competitors. Furthermore, for growing companies going through acquisition, a SOC report can demonstrate compliance, reduce due diligence costs, improve valuation, and build trust.
- Operational Efficiency: Independent validation of controls and processes encourages continuous improvement of procedures and controls, resulting in improved operational efficiency and effectiveness.
Why Cherry Bekaert for Your SOC Reporting?
- Proven Experience: With the several hundred SOC reports issued by Cherry Bekaert every year, your executive leadership team can have the assurance that your service team has experience in understanding the nuances involved in your specific industry and, in addition, has experienced the same concerns you have as buyers of SOC services.
- Efficient Approach: Our teams are constantly working on ways to make our SOC 2 delivery model more efficient and effective every year and drive improvement in the delivery process every time we begin a new SOC 2 report. These improvements and flexible scheduling focus on minimizing the impact of compliance on your day-to-day operations.
- Multi-Report Ready and Capable: Many of the clients we work with are large, well-known organizations that issue multiple SOC 2 reports per year, even as many as 25+ SOC 2 attestation reports. You can rest assured our teams are knowledgeable on the nuances involved in executing on multi-report environments, minimizing the impact on your operations by finding ways to rely on controls across reports and applying “test once” approaches.
- Cloud Security Expertise: Our cyber team is experienced in working on SOC reports deployed across the world’s largest cloud service providers and private cloud environments, understanding the risks, and utilizing automated test scripts and approaches to validate configurations.
