Building trust to maintain competitive advantage and sustain long-term growth.
Trust is a premium asset. And knowing your business partners and vendors is critical to maintaining the trust and confidence of your customers and stakeholders. As your reliance on third parties grows to advance your competitive advantage, so does the need to foster trust and transparency with those organizations. PwC’s Trust and Transparency Solutions (TTS) practice explores every angle of the third-party equation by helping companies identify weaknesses and interconnected risks and creating innovative solutions that give stakeholders confidence in their business ecosystem. We are the only firm with a large scale, global TTS practice as part of their Assurance offerings. Worldwide, PwC has approximately 4,800 professionals specializing in TTS, performing SOC 1, SOC 2, ISAE 3402, and other controls-based TTS engagements.
Companies depend on third-party service providers to host or manage financial and non-financial information. Businesses stay competitive by using multiple customer and vendor relationships and accessing specialized solutions and skills. This advantage, however, offers challenges around third-party data security, proliferating regulatory and compliance requirements.
Your management, board and shareholders demand confidence in the controls and compliance capabilities of suppliers, vendors and service organizations. Service organizations must demonstrate that they have proper internal controls in place when they host or process your data.
Trust and transparency for your business partners
Companies can effectively communicate accurate information about their risk management and controls framework through a System and Organization Controls (SOC) report. Via a broad range of Assurance Reporting services (SOC 1, SOC 2 and 3, SOC 2+ and Agreed Upon Procedures), we can help you assess your control posture, with a focus on controlling costs, mitigating risk and enhancing trust and transparency.
Reaping the benefits of enhanced trust and transparency
We can help you:
Our trust and transparency solutions team explores every angle, fostering clarity so you can build trust at every turn.
By bringing together industry-specific skills in technology, regulatory compliance, financial and accounting and other business processes, we can help you assess your third party risk management program.
We can make your sourcing more strategic, thereby improving your bargaining power, achieving economies of scale and forging more effective partnerships.