In today’s business landscape, outsourcing remains a prevalent practice among organisations, which rely on third party service providers for cost-efficient access to various services and forms of support, including cloud and financial technology services, and human resource management.
Despite the benefits of outsourcing, it also exposes organisations to special risks, such as regulatory, reputational and operational risks through the potential loss of sensitive data, and possible disruptions to critical business services and financial reporting.
The management, board and shareholders of organisations demand confidence in the controls and compliance capabilities of suppliers, vendors and service organisations. They expect that organisations have the processes in place to effectively oversee third party arrangements.
Hence, organisations must ensure that third parties/ service providers meet a certain level of governance, rigour and consistency in order to build trust and be able to make outsourcing decisions with confidence.
We have a team of dedicated professionals who are experienced and knowledgeable about third party risks, the relevant frameworks and assurance standards, controls identification and reporting. By identifying and managing key risks related to security, technology and third party relationships, we help your organisation maintain stakeholder trust and its reputation.
1. Third party assurance reports
Through controls assurance reports like OSPAR, SOC 1 and SOC 2, third party service providers can accurately communicate information about their service controls and processes to potential clients.
In preparation for the issuance of these reports, our digital audit team can:
Our digital audit professionals can help to evaluate your organisation’s controls design and operations, and communicate the information to specific stakeholders through independent reports issued under the ISAE 3000 / SSAE 3000 standard.
Examples of such reporting requirements include:
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