When a business takes the affirmative step and secures an independent System and Organization Controls (SOC) examination of their control measures, they demonstrate confidence in the dependability of their operations and their initiatives to proactively manage risks. A SOC examination, or attestation, also serves as a competitive advantage in winning new business while reducing operational costs through such savings as lower insurance premiums and less time spent responding to audit requests.
Benefits of SOC reporting:
- Provide independent attestation to the cybersecurity risk management program
- Deliver assurance to customers, business partners and management teams
- Attract new customers and business partners
We begin by understanding your business, stakeholders and customers, and determining your specific SOC examination needs. We then tailor a solution, staffing the engagement with seasoned SOC professionals with the applicable industry acumen in SOC report delivery.
HBK's Risk Advisory Services offers a complete range of SOC reporting:
- SOC 1: : Internal Controls Over Financial Reporting
SOC 1 Attestation instills stakeholders with confidence over financial reporting controls. Additionally, these reports supply valuable assistance to the organization's management and auditors when evaluating the effect of the controls on financial statement assertions.
- SOC 2: SOC for Service Organizations—Trust Services Criteria
SOC 2 audits examine the internal controls surrounding an organization's services and information systems and their ability to achieve any or all of the Trust Service Criteria—security, availability, confidentiality, processing integrity and privacy. The reports significantly enhance the ability to convey trust to customers and business partners and improve internal corporate governance and risk management processes.
- SOC 3: General Use Reports
SOC 3 reports can be freely distributed to provide assurance about an organization’s controls relevant to security, availability, processing integrity, confidentiality or privacy. An SOC 3 report is valuable to users who need assurance over the internal controls within their organizations but do not have the need for or the knowledge necessary to make effective use of an SOC 2 examination.
- SOC for Cybersecurity
SOC for Cybersecurity offers organizations a way to demonstrate they are managing cybersecurity threats, and have effective processes and controls in place to detect, respond to, mitigate and recover from breaches and other security events. The reporting framework helps organizations communicate relevant and useful information about their cybersecurity risk management programs. Our reports help senior management, boards of directors, analysts, investors and business partners gain a better understanding of the organization's cybersecurity initiatives.
- SOC for Supply Chains
The SOC for Supply Chain examination reports on an entity's system and controls for producing, manufacturing or distributing goods. The reports are used to assess the an organization's cybersecurity risks and communicate their potential effects on its supply chain. They are useful to senior management, boards of directors, analysts, investors and business partners, and help organizations communicate their security posture within their supply chains.