Today’s risks are fast-paced and increasingly sophisticated. Risk management is crucial for businesses when identifying the unique blend of people, systems, processes, and data that are targets for the wide-array of business threats. Those charged with organizational governance may benefit from assessing their environment against a risk management framework. If you are a service organization providing
SOC refers to Service Organization Controls. These are comprised of a series of standards designed to help measure how well a given service organization controls its information. The purpose of these standards is to provide confidence and peace of mind for organizations when they partner with third parties.
A SOC 1 engagement is an audit of the internal controls at a service organization that may be relevant to their client’s internal control over financial reporting (ICFR).
The SOC 2 Report is specifically designed as a way to evaluate service organizations and determine if they’re compliant with the principles of security, availability, processing integrity, confidentiality, and privacy. Also known as the Trust Services Principles, these principles address internal controls unrelated to a client’s financial reporting or ICFR.
The cybersecurity risk management reporting framework is specifically designed as a way to communicate useful information regarding their cybersecurity risk-management programs to stakeholders. The report would provide an opinion on the set of policies, processes, and controls that are designed to protect information and systems from security events that could compromise the achievement of the organization’s cybersecurity objectives and the ability to detect, respond to, mitigate, and recover from security events that are not prevented.
MVLCO’s SOC team will help you in designing and implementing service organization controls and also assist you in obtaining SOC1, SOC2 or SOC Cybersecurity report.