SOC Framework and SOC Compliance
Deciding on a SOC reporting structure can be one of the most difficult compliance decisions for a service organization. For some, the detailed compliance for SOC 2 reporting appeals to their management, existing customers, prospective customers, and regulators. SOC 2 reporting explains to potential customers how the organization’s system interacts with user entities and how internal controls address limitations and criteria. On the other hand, SOC 3 reporting gains customer trust by summarizing the effectiveness of current service organization controls without going into the technical details. These reports are well-suited for the general public, building trust by informing anyone who is curious about the security of their information. The different audiences and uses of SOC 2/3 may reflect differences in need or organizational maturity.
At first, SOC 2/3 reporting may seem easy for a small staff to manage on spreadsheets. However, as these organizations grow and move toward SOC 2 reporting to ensure their ongoing business success, spreadsheets lack reporting visibility. When an audit must occur through these spreadsheets, the Director cannot easily stay informed about the compliance posture, keeping the Director from fully understanding the threats posed to the organization. Automation provides a single repository for the information through which various stakeholders can obtain the information best suited to their responsibilities.
Why manage SOC with ZenGRC?
SOC compliance is all about keeping the company’s internal house in order.
Because of constant changes in the regulatory and IT landscapes, handling a SOC audit correctly has become infinitely more important to customers as they manage their own compliance and that of their suppliers. Without fast access to proofs of compliance and demonstrated risk management processes, closing big deals becomes more difficult and your company will lose to the competition that pass better inspection by customers.