Almost a decade after Service Organization Controls (SOC) reports were introduced, there is still confusion over the differing report types and their linkage to vendor risk analysis and internal control synergy.
When considering which SOC reports from your third and fourth-party vendors fit your organization’s needs, you must first understand the reports. Consider the areas your vendor is managing and the impact it has on your financial reporting and data security to understand which SOC report(s) best suits your needs. By reviewing the reports from an objective perspective and meticulous eye, VendorInsight® can help your organization with internal and external responsibilities in developing a sound vendor risk management program.
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