Reliance on outsourcing to increase profitability and gain efficiencies continues to grow, but so, too, does the trust gap as you share critical data with third parties. More and more customers, business partners and regulators expect to see details about your data protection practices.
Attestation reporting — including, but not limited to SOC reporting — helps build trust with a range of stakeholders. The right types of reporting can demonstrate that appropriate controls are in place — for both your business processes and information technology (IT) — to protect financial and sensitive client data.
Many traditional industries, such as IT infrastructure, 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 and other attestation reporting can help:
PwC Digital Assurance and Transparency professionals can bring experience and insight to your reporting process. By navigating the complexities of SOC and other attestation reporting with the help of a skilled and independent auditor, you can obtain the following:
Our professionals can help you select the reporting option and scope that fits your needs. You may want to limit the initial scope of your reporting effort to a set of specific controls, based on what is most important to customers. Over time, you can always expand the scope of your reporting to include a broader range of controls as needs evolve.
SOC reporting options include:
A range of circumstances can require having an independent and qualified third party attest to company-specific operational standards or system controls. Clients and other stakeholders may need assurances that you are protecting their data, collateral or other assets you have been entrusted with. PwC can help through customized attestation reporting solutions tailored to your specific requirements. Some examples include:
Demands for increased transparency into internal controls can become a significant burden, involving multiple reports and certifications that require careful coordination and oversight. Our integrated SECO program can help you mitigate reporting costs, lessen the impact on revenue-generating personnel, and build trust with stakeholders.
SECO helps you:
Contact our DAT professionals to explore PwC’s SECO solutions.