Key Takeaways
The Essential Preparatory Step: A SOC* readiness assessment is the most important tool for success in the compliance journey. Its purpose is to review internal controls and processes to proactively identify any gaps or ineffective control measures before the formal SOC* examination.
Scoping Defines the Boundaries: The readiness engagement includes a critical step to develop system boundaries. This clarifies the in-scope services, processes, and systems that will be subject to the final SOC* evaluation, ensuring the report focuses only on applicable factors.
Identify and Maintain Control Fixes: The final, most crucial step of readiness is to identify control gaps—either missing controls or ineffective measures. Any fixes or remediation implemented during this stage must be maintained throughout the reporting period to ensure successful compliance.
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The most important tool in your organization’s SOC* arsenal is the SOC* readiness assessment. A SOC* readiness assessment will help set you up for success by identifying key controls or factors that might need to be remediated before your final SOC* report is completed.
If you have questions about SOC* readiness, check out our SOC* readiness FAQ.
Why do I Need a SOC* Readiness Assessment?
A SOC* readiness engagement will review your internal controls and processes in order to help identify any gaps or ineffective control measures. You will be able to remediate them before your final assessment, which will help to eliminate possible hold ups or headaches for your finalized SOC* report.
Speak to a Compliance Specialist.
How Quickly Can a Readiness Assessment be Completed?
Our experienced team can help you complete a readiness assessment quickly and easily.
Our collaborative readiness process will ensure that your organization is ready to go when it comes to your final SOC engagement with us. This will allow you to save time and money when it comes to receiving the certifications your business needs to continue your growth trajectory.
What to Expect From a SOC* Readiness Engagement
There are 3 basic parts to your SOC* readiness engagement.
- Gain an Understanding of Your Business – As your assessor, it’s important for us to fully understand the array of services you offer and the controls that will be subject to your final SOC evaluation. A SOC* report is not a one-size-fits-all attestation, and your readiness report shouldn’t be either.
- Develop System Boundaries –After your in-scope services have been established, the work with you to clarify the processes and systems in order to establish boundaries pertaining to your upcoming SOC report. This step allows us to identify the critical factors that will impact your report and eliminate information that will not be applicable to the scope of your report.
- Identify Control Gaps – Once we have determined your in-scope processes and systems, we will pinpoint key controls and any gaps that might impact your final SOC* report. A “control gap” could mean a control measure that hasn’t been put in place (but should be) or a current control measure that is ineffective. This step is critical as remediation will be required before completing your eventual SOC* assessment. Any gap fix identified during this process will need to be maintained over the reporting period to ensure compliance.
Comprehensive SOC* Readiness Services
If you’re new to SOC* reporting, don’t sweat it. Our comprehensive SOC* readiness assessment will get you started on the right foot and help your eventual SOC* assessment be a painless process. Contact us today to learn how we can help simplify the SOC* process for your organization.
FAQs
Why is a SOC* readiness assessment necessary for compliance?
A SOC* readiness engagement is vital because it acts as a safeguard against issues in the final reporting process. By identifying control deficiencies and ineffective measures early, the organization is able to implement the necessary remediation beforehand, eliminating possible hold-ups and headaches for the finalized SOC* report.
What are the three basic phases of a SOC* readiness engagement?
The readiness engagement is typically broken down into three parts:
Gaining a full understanding of the business and the services subject to the final control evaluation.
Developing system boundaries to clarify the in-scope processes.
Identifying key control gaps that require fixes.
How does SOC* readiness help save time and money?
A collaborative readiness process ensures that your organization is fully prepared for the final SOC* engagement. By proactively addressing control weaknesses and streamlining your internal processes, you save time and money that would otherwise be spent on unexpected delays or corrective action during the official compliance review.
How long does it take to complete a SOC* readiness assessment?
An experienced team can help you complete a readiness assessment quickly and efficiently. By collaborating closely on the process, your organization is positioned for a swift final SOC* examination, allowing your business to continue its growth trajectory and achieve necessary certifications faster.
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