The rate of global outsourcing of both core and support functions within organizations is rapidly rising. In an attempt to further reduce costs, organizations are asking that outsourced vendors play a larger role in supporting critical activities of the business. The result is increased pressure on service providers to provide greater transparency over their controls, so that their customers’ have assurance over their vendor’s operations. PwC’s Vendor Controls Attestation Report (SOC 2+) is designed to manage outsourcing risks and provide assurance over vendor controls, while saving both the vendor and customer money and time.
With global outsourcing a rapidly increasing trend in business operations, both vendors and customers are investing significant time and effort to gain assurance of the outsourced operations. PwC estimates that the cost to respond to the various questionnaires and inquiries from customers can cost vendors in excess of $5m annually, while also taking resources away from delivering on the core competency of the company.
PwC’s Vendor Controls Attestation Report (SOC 2+) is a framework developed to save time and alleviate the burden on vendors to provide their customers with the assurances they need. This paper highlights the following key topics: