Risk management is a tool to systematically and explicitly identify, evaluate, and better manage risks by addressing them proactively. Risk management is based on conducting risk analyses.

In risk management, risks are controlled by determining how to manage the likelihood of the risk occurring or its consequences for identified risks.

Organizations are continually seeking ways to leverage competitive advantage to expand markets and increase profits. Increasingly, they are outsourcing non-core activities. Nevertheless, management remains ultimately responsible for risk management and implementing an effective control framework. This has led to a greater demand for assurance standards such as ISAE 3402 or ISAE 3000 for activities performed by third parties.

History

To clarify which SOC Types your organization needs, here’s the essential information.

From full outsourcing of complex functions such as IaaS, PaaS services, or component manufacturing to small contracts with local service providers and suppliers, organizations in various sectors and sizes heavily rely on external service organizations.

ISO 27001 is the standard for information security management systems. It is the only auditable international standard for this. ISO 27001 includes policies, practices, developments, and systems that manage information risks, such as cyberattacks, data breaches, theft, or data hacks. But what are the benefits for your organisation?

As of January 2017, Student Experience Beheer B.V. holds an ISAE 3402 Type II report. This demonstrates that Student Experience meets high-quality standards and that its processes are in order according to international norms.

As organizations strive to continuously meet customer demands and comply with legal requirements, there is an increasing need for them to obtain and maintain multiple ISO certifications. A common combination gaining popularity is ISO 9001 and ISO 27001.

On December 15, 2014, the transition period for adopting the COSO 2013 framework ended. What are the opportunities and risks that arise from this transition? The COSO Internal Control Integrated Framework (ICIF) 2013 is a comprehensive update of the COSO ICIF 1992 model.

The ISAE 3402 standard is an internationally recognized audit standard issued by the International Auditing and Assurance Standards Board (IAASB). The examination by the auditor of a service organization is widely accepted as it represents a thorough review of the internal control objectives and activities of a service organization. The audit framework and associated control measures are detailed in the System and Organization Report (SOC).

Who can expect value from ISAE 3000 | SOC 2 Assurance?

ISAE 3000 | SOC 2 is specifically designed for service providers storing customer data in the cloud. This means ISAE 3000 | SOC 2 assurance can add value to almost any SaaS company, as well as any organization using the cloud to store customer information.