Trust new beginnings with confidence-boosting controls

The reliance on outsourcing as a strategy to boost profitability and enhance operational efficiencies is on the rise. However, this trend also brings a growing concern over the trust gap that emerges as critical data is shared with external parties. There is an increasing expectation from customers, business partners, and regulators to be transparent about data protection measures.

Attestation reporting, which encompasses SOC reports among others, plays a crucial role in bridging this trust gap with various stakeholders. This form of reporting can effectively showcase the presence of robust controls in place, covering both business operations and information technology (IT) systems, to safeguard financial and sensitive client information.

For years, sectors like IT infrastructure, payroll processing, and loan servicing within the financial services realm have utilized SOC 1 reports to confirm their control mechanisms. Now, an expanding array of sectors, including FinTech and technology-powered logistics firms, are also turning to SOC reporting frameworks. These frameworks provide a unified, systematic approach allowing companies to conduct a singular assessment and subsequently report to numerous stakeholders.

SOC and other forms of attestation reporting offer several benefits, including:

• Enhancing trust and transparency among both internal and external parties.
• Boosting operational efficiencies while simultaneously lowering compliance-related expenses and reducing the time dedicated to audits and vendor assessments.
• Fulfilling contractual commitments and addressing market concerns through tailored, flexible reporting options.
• Proactively identifying and managing risks throughout the organization.

Ready on Your Attestation Reporting Adventure? How We Can Assist

The team of Digital Assurance and Transparency experts at PKF Antares is equipped to enrich your reporting endeavors with their wealth of experience and insights. Tackling the intricacies of SOC and other forms of attestation reporting with the guidance of a proficient and impartial auditor enables you to achieve the following:

• A thorough SOC readiness evaluation that aligns with the applicable attestation standards, offering recommendations for enhancements and pinpointing any potential discrepancies before undergoing a SOC examination.
• Access to a SOC report that can be distributed to clients and other auditing bodies, shedding light on the robustness of your control mechanisms.
• The creation of a tailored SOC report (SOC 2+), designed to comply with specific sectoral or customer demands, such as NIST, HITRUST, or GDPR regulations.
• A suite of bespoke attestation reporting services, crafted to address your unique organizational requirements.

Deciding on the Right Attestation Report for Your Business

Our team is here to guide you in choosing the most suitable reporting option and scope that aligns with your unique requirements. Initially, you might prefer to focus your reporting efforts on a specific set of controls that hold the most significance for your customers. As your needs and the landscape evolve, there's always the possibility to broaden the scope of your reporting to encompass a wider array of controls.

Here's an overview of SOC reporting options:

SOC 1: Focused on outsourced services that might influence a company's financial reporting, a SOC 1 report allows organizations to convey details about their risk management and control frameworks to various stakeholders effectively. This type of report is particularly relevant for entities that manage either financial or non-financial information for clients, which could affect the clients' financial statements or internal controls over financial reporting. Service sectors like IT infrastructure, payroll processing, plan recordkeepers, investment advisors, custodians, and loan servicing often utilize SOC 1 reports to provide assurances to service organizations, their customers, and auditors.

SOC 2: SOC 2 reports are pivotal in organizational oversight, vendor management programs, internal governance, risk management processes, and meeting regulatory requirements. Expanding upon the essential common criteria (security), SOC 2 addresses additional AICPA trust services principles such as availability, confidentiality, processing integrity, and privacy. This report is particularly suited for businesses that maintain complex customer relations and those providing digital services.

SOC 2+: While SOC 2 reports are invaluable, certain businesses require further clarity concerning industry-specific regulations and standards. Examples include:

• HITRUST: Developed in response to the need for securing Protected Health Information (PHI), the HITRUST CSF presents a certifiable framework that encompasses various security and privacy mandates.
• General Data Protection Regulation (GDPR): This EU law focuses on data protection and privacy.
• National Institute of Standards and Technology (NIST) Framework: Aimed at reducing cybersecurity risks, this framework is essential for contractors and subcontractors engaged with the federal government.

These instances merely scratch the surface. To explore SOC 2+ options pertinent to your industry, feel free to reach out to us for a detailed discussion.

 

 

Tailored Attestation Reporting Solutions

In various instances, the need arises for a reliable, independent third party to verify a company's operational standards or system controls. This could be to provide clients and other stakeholders with the assurance that their data, collateral, or other assets entrusted to you are being adequately protected. Antares offers bespoke attestation reporting services designed to meet your unique needs. Below are a few areas where our expertise can be particularly beneficial:

 

SWIFT Attestation

For many in the financial services sector, adhering to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network’s Customer Security Programme (CSP) has become increasingly intricate. SWIFT’s ongoing enhancements in fraud detection, prevention, and the enforcement of mandatory security controls for electronic transfers demand constant vigilance.

PKF is equipped to provide comprehensive SWIFT attestation services, including:

• Guidance on the latest SWIFT security architecture requirements, conducting readiness assessments, and aiding in the remediation of any control discrepancies.
• Support for management in its annual self-evaluation of SWIFT security control mandates.
• Fulfillment of the annual independent assessment requirement.

With over a decade of experience conducting annual reviews of SWIFT under the ISAE 3000 international standard, PKF Antares is well-positioned to address your SWIFT CSP compliance needs. Get in touch to discuss how we can support your SWIFT attestation requirements and explore our full suite of solutions.

 

Viewership Data Attestations

The shift in how compensation and bonuses are calculated for talent by content streaming services has underscored the growing importance of trust and transparency in the metrics underpinning these payments.

PKF Antares collaborates with streaming platforms to create customized attestation reports that:

• Assure talent of the accurate ranking of individual series.
• Replace the traditional approach of multiple, talent-initiated audits with a single, comprehensive review.
• Verify series rankings and provide clarity on the metrics and calculations used by streaming services.

Leveraging project accelerators and proven methodologies, PKF aids streaming services in organizing and presenting viewership data that meets the trust and transparency expectations of various stakeholders. Reach out to learn how we can assist in meeting your viewership data attestation needs.