Reliance on outsourcing to save money and gain efficiencies continues to grow, but so, too, does the trust gap as you share your critical data with third parties. SOC reporting assures customers and stakeholders that your business has the appropriate controls in place - for both your business processes and information technology (IT) - to protect your financial and client data.
Many traditional industries - for example, payroll processors and loan servicers within financial services - have relied on SOC 1 reports to assure they have proper controls in place for years. Increasingly, a wider set of industries - like FinTech and tech-enabled logistics companies - are also relying on SOC reporting processes. These processes offer a cohesive, repeatable process where companies can assess once and then report out to many stakeholders.
SOC reporting can:
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PwC Digital Assurance and Transparency professionals can bring expertise and insight to your reporting process. By navigating the complexities of SOC reporting with the help of a skilled and independent auditor, you can obtain the following: