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Both internal and external stakeholders demand trust and transparency. And because risk management is an enterprise-wide concern, many organizations devote significant time and resources to deliver assurance.
Any organization can provide insight and stakeholder assurance through with SOC reporting. It offers a cohesive, repeatable reporting process where companies can assess once and report out to many stakeholders. SOC reporting can:
PwC's Todd Bialick discusses how organizations are using privacy as a value driver
Is your organization struggling to provide its stakeholders with the assurance they need around risk management and controls? SOC reporting provides a broad range of assurance reporting frameworks that can enhance trust and address transparency issues.
But there are several different types of SOC reports, making it hard to know which fits your SOC specific needs. Our blog series addresses this uncertainty and helps management highlight the need to confirm that internal controls are sufficient, even for third party assurance.
Do you need to report to regulators on controls over financial reporting?
Does your company rely on vendors to process and safeguard your sensitive data—or are you a vendor entrusted with sensitive data? SOC 2 reports cover controls such as security and privacy and may be used by leaders in internal audit, risk management, operations, business lines and IT, as well as regulators.
Do you need to extend beyond the accepted trust services principles to address other compliance and regulatory frameworks, such as NIST, HITRUST or GDPR?
Do you need a simpler report to support your marketing purposes and to share with anyone?
System and Organization Controls (SOC) reporting provides a broad range of assurance reporting services (SOC 1, SOC 2, SOC 2+ and SOC 3) to address trust and transparency issues, such as risk management. With both financial and nonfinancial reporting options available, organizations can ensure they apply the right set of controls and communicate vital information to stakeholders.
PwC Trust and Transparency professionals can bring expertise and insight to your reporting process. Further, a skilled and independent auditor can help your organization navigate the complexities of SOC attestation and reporting by: