System and Organization Controls (SOC) Report

THE CHALLENGE

Service-oriented businesses are accountable to their clients to safeguard their information and meet service delivery objectives.

As outsourcing relationships become increasingly complex and cybersecurity and privacy concerns remain at the forefront of business risk concerns, clients’ demand for greater confidence in internal control systems has never been greater.

THE IMPORTANCE OF SYSTEM AND ORGANIZATION CONTROLS (SOC) REPORTS

SOC reports play a crucial role in building trust in your clients, as they assure customers and other stakeholders that your organization has implemented effective controls to protect the security, privacy, and integrity of the information and systems you manage. They also help organizations identify and manage risks related to their systems and processes.

There are three types of SOC reports, all of which serve different purposes:

• SOC 1 Reports focuses on controls relevant to financial reporting and is intended for organizations that may impact their clients’ financial statements.
• SOC 2 Reports focus on controls related to security, availability, processing integrity, confidentiality, and privacy of data, and they are often used for technology and cloud computing organizations that store customer data.
• SOC 3 Reports are like SOC 2 reports but are designed for a broader audience and provide a high-level overview of the organization’s controls.

By undergoing a SOC assessment, organizations can provide transparency into their operational processes and give their clients confidence in the effectiveness of their control environment.

HOW WE CAN HELP

Richter has an experienced team of professionals focused on delivering SOC services to its clients pragmatically. We provide customized solutions tailored to your specific industry and the unique requirements of your business. We also offer end-to-end SOC services, thoroughly examining all aspects of your organization’s controls.

Our customized approach is focused on helping our clients across various sectors and industries instill confidence in their clients through demonstrating good governance, processes, and controls.