3 Steps to Implement SOC Reporting in Your Business –

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3 Steps to Implement SOC Reporting in Your Business
SOC reports serve as standardized reporting metrics for how companies addre
3 Steps to Implement SOC Reporting
1. Do your research.
2. Determine which type of SOC report is right for you.
3. Ensure you have leadership in place to oversee reporting.
Brad Thies
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SOCs are market-driven reports that businesses worldwide rely on to assess risk.
Learn to implement SOC reporting in your business.
Companies take a leap of faith sending all their data to a service provider, and it’s likely your customers’ auditors might ask to see your SOC reports if they haven’t already.
Service organizations such as software-as-a-service companies or payroll processors, in particular, can benefit greatly from SOC reports.
More recently, SOC reports have become an aid for those looking into a standard report over cybersecurity programs beyond just a service provider.
In a time when breaches and data security are top of mind, SOC reports can reduce the number of questions from your customers that pertain to security during the request for proposal process.
A review of SOC reports has become a standard request to support customers’ vendor management programs.
3 Steps to Implement SOC Reporting
SOC reports can be a significant benefit for many businesses, as long as they’re used effectively.
If your company is still unsure whether your current control environment is ready for a SOC report, consider reviewing the American Institute of CPAs’ SOC criteria.
2. Determine which type of SOC report is right for you.
In a nutshell, SOC 1 focuses on internal control over financial reporting.
If services relate to customer financial statements and include processing and storing customer data, both types of reports are warranted.
include processing and storing customer data, both types of reports are warranted.
SOC for cybersecurity is a newer report with a broader focus that can expand to the entire organization or select business units rather than merely a product or service.
SOC reports can be instrumental in cybersecurity reporting, an essential concern for many companies

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