More than ever, organizations that provide services to other entities are under increased pressure to demonstrate that it is safe to do business with them. To secure and retain business they must have controls in place to help ensure others that they are operating compliantly and ethically.
They must demonstrate:
- Accurate, compliant, and secure processing of customer financial transactions and data.
- Security, availability, integrity, confidentiality and privacy of customer data and information.
- Effective cybersecurity capabilities.
System and Organization Controls (“SOC”) reports, governed by the American Institute of Certified Public Accountants (“AICPA”) and issued by independent CPAs, help organizations clearly communicate to their business partners that they have met these objectives.