3 Essential Steps for Choosing the Right SOC 2 Risk Advisory Professional for Your Compliance Needs
Conducting a SOC 2 audit can be intricate and difficult, which is why numerous organizations seek help from SOC 2 risk assessment providers to navigate the process.
However, it's important to choose the right provider to ensure that your audit is successful and meets your organization's specific needs.
In this article, we will outline three key steps your organization should follow when hiring a SOC 2 risk advisory provider for SOC 2 compliance audit.
Step 1: Understand the scope of your SOC 2 audit
Step 2: Align your PSCRs with relevant TSC
Step 3: Research and compare potential SOC 2 audit risk assessment providers based on specific qualifications
Step 1: Understand the Scope of Your SOC 2 Audit
Defining the scope of your SOC 2 audit is a critical first step for businesses navigating SOC 2 compliance and risk assessments.
Here's how:
Identify regulatory requirements, risk factors, and compliance standards specific to your industry
It is essential to conduct thorough research into the regulatory requirements and industry-specific compliance standards that apply to your organization.
This can involve consulting with industry associations or regulatory bodies and reviewing relevant legal and regulatory documents.
In addition to understanding the regulatory requirements and compliance standards, it is also critical to identify and assess the specific risk factors that may impact your business.
This can include factors such as the type of data your organization collects and stores, the security measures you have in place, and the vendors or third-party providers you work with.
Identify the specific services or systems in scope for your SOC 2 audit
Defining the scope of the audit, including the systems, applications, and data flows, can also assist in selecting the appropriate SOC 2 risk advisory professional.
For example, suppose your organization provides cloud-based accounting services to clients. In that case, you would need to identify the specific systems and services in scope for the SOC 2 audit. This might include your cloud infrastructure, software applications, and data storage systems.
Another example might be a healthcare organization that provides medical record storage and management services. In this case, the scope of the SOC 2 audit would include the specific systems and services that manage and store patient health information. This might include electronic health record (EHR) systems, data storage systems, and other applications for managing patient health information.
*It is important to note that not all systems and services within your organization will be in scope for the SOC 2 audit.
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Evaluate the risks and prioritize controls
By prioritizing controls based on the level of risk, organizations can ensure that they are adequately prepared for the SOC 2 audit and demonstrate their commitment to maintaining strong data security practices. This can help to build trust with customers and partners and provide a competitive advantage in the marketplace.
One example of this process in action might be for an organization that processes credit card payments. In this case, the organization would need to evaluate the potential risks associated with storing and transmitting credit card data and prioritize controls to mitigate those risks. For example, the organization might prioritize implementing strong encryption protocols, multi-factor authentication, and access controls to protect against unauthorized access to credit card data.
Another example might be a cloud-based software company that provides customer relationship management (CRM) services. In this case, the organization would need to evaluate the risks associated with the storage and management of customer data and prioritize controls to mitigate those risks. For example, the organization might prioritize implementing strict access controls, data encryption, and regular security audits to ensure that customer data is protected.
READ More: Why SOC 2 auditing is essential for SaaS businesses
In both of these examples, the organization would need to prioritize controls based on the risk associated with the systems and services in scope for the audit. This might involve conducting a risk assessment to identify potential vulnerabilities, evaluating the effectiveness of existing controls, and developing a plan to address any identified gaps.
Once you've determined the scope of your SOC 2 assessment, move on to Step 2: aligning your PSCRs with relevant TSC.
2. Align Your PSCRs with Relevant TSC
As businesses navigate SOC 2 compliance and risk assessments, it is critical to review customer commitments outlined in Privacy and Security Control Requirements (PSCRs) to identify the precise controls relevant to the services or systems provided and align those requirements with SOC 2 compliance requirements, like the Trust Services Criteria (TSC).
Review your customer commitments and know what they expect from you—and what you've promised
This involves thoroughly reviewing contracts, service level agreements (SLAs), and other documents that outline the specific security and privacy requirements your organization has committed to providing.
By aligning with these requirements, organizations can demonstrate their commitment to maintaining strong data security practices and building customer trust.
Ensure that your audit aligns with the specific requirements of SOC 2 compliance, including the Trust Services Criteria (TSC)
The TSC outlines the specific criteria that organizations must meet to demonstrate their adherence to the principles of security, availability, processing integrity, confidentiality, and privacy.
By aligning with the TSC, organizations can ensure that they are adequately prepared for the SOC 2 audit and can effectively demonstrate their commitment to maintaining strong data security practices.
Now that you've reviewed your customer commitments and the specific requirements for your organization, you may be ready to start the process of finding a SOC 2 risk advisory professional to complete your SOC 2 audit and provide a certificate of compliance.
However, finding the right auditor is not as simple as just conducting a quick search for a local SOC 2 auditor.
It's important to conduct thorough research to ensure that you find an auditor who is a good fit for your organization and who has the expertise required to conduct a successful SOC 2 audit.
In the following section, we will discuss some key factors when selecting a SOC 2 risk advisory professional.
READ MORE: SOC 2 Controls: What they are and how they help you stay compliant
3. Research and compare potential SOC 2 audit risk assessment providers based on specific qualifications
When choosing a third-party SOC 2 risk assessment audit provider, making an informed decision is important.
You don't want to pick a provider out of a hat without first understanding who you're hiring and whether they suit your company's needs.
When investigating a company, pay close attention to these factors:
Experience:
Look for a provider with experience in your industry and the specific services or systems in scope for your SOC 2 audit. They should also have experience with the type of SOC 2 report you need, whether a Type I or Type II report.
Expertise:
Choose a provider with expertise in the specific controls that are in scope for your SOC 2 audit. They should be able to evaluate those controls thoroughly and provide recommendations for improvement if necessary.
Quality of work:
Look for a provider with high-quality work and a good track record of delivering accurate and comprehensive reports. Check their references and read reviews from other clients to understand their reputation.
Cost:
While cost shouldn't be the only factor you consider, choose a provider that fits your budget. Compare prices from different providers and ensure you get a fair price for their services.
Communication:
Choose a provider that communicates well and is responsive to your needs. They should be able to answer your questions and provide regular updates on the progress of the audit.
By considering these factors when choosing a third-party SOC 2 risk assessment audit provider, you can make an informed decision and select a provider that is right for your company's needs.
Compare SOC 2 Risk Assessment Providers
Once you've identified potential SOC 2 risk assessment providers, compare them based on their:
Pricing and billing practices
Customer support and responsiveness
Approach to risk management and Mitigation
Ability to offer customized solutions
Reviews or testimonials
Evaluating these factors will help you choose a provider that meets your unique business needs and goals.
Finalize Your Selection
After comparing SOC 2 risk assessment providers, finalize your selection by scheduling consultations with the shortlisted providers.
During these consultations, evaluate the provider's communication skills and rapport, review their service level agreements (SLAs) and contracts, and decide based on the provider's fit for your business needs.
READ MORE: 7 things to look for in a SOC 2 auditor
Conclusion
Choosing the right SOC 2 risk assessment provider ensures a successful SOC 2 audit and compliance. Following the steps outlined in this article, you can make an informed decision and select a provider that aligns with your business needs and goals.
Remember: take your time, research, and ask questions to ensure a smooth and stress-free SOC 2 risk assessment process.
Johanson Group: Your SOC 2 risk assessment provider
Our team of experts can guide you through the entire compliance and attestation process. Ensure you select the right provider to meet your business needs and goals with Johanson Group LLP.
Contact us today to see if we're the right fit for your SOC 2 compliance needs.
