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3rd Party Security Assurance

Outsourcing is a feature of modern business with many companies choosing to engage specialist third parties to provide services on an outsourced basis using skills or solutions that they do not have in-house.

With the ever increasing trend toward 'outsourcing' and the use of third parties to manage and process data, there is a very tangible need to manage the risk associated with these arrangements.

There is a heightened focus on the need for effective oversight of the risks associated with outsourcing and our third-party assurance service line is designed to provide companies with such assurance.

We provide third party assurance services to a wide range of clients across a number of sectors including banking, IT, asset management and insurance. Obtaining a SOC (Service Organization's System Controls) report is a value add and credible solution to the management and oversight of your third party providers and their respective risk and control environments.

These reports can take the form of SOC 1, 2 or 3 report or alternatively a tailored attestation report:

Companies that specialize in managing outsourced processes are generally required to provide assurance to their clients in the form of a third-party assurance certification such as SOC 1, ISAE 3402 or SOC 2. Such assurance is often required in order to attract new customers or retain existing clients.

VST provide a full suite of third party assurance services to clients across the following third-party assurance standards:

  • SOC 1 and ISAE 3402: An assurance report that focuses on a service organization's system of internal controls that are relevant to the internal controls over financial reporting.
  • SOC 2 (and SOC 2+): An assurance report that focuses on a business's non-financial reporting controls as they relate to security, availability, processing integrity, confidentiality, and privacy of a system.
  • SOC for Cybersecurity: An assurance report that focuses on an organizations' enterprise-wide cybersecurity risk management program.
  • Agreed Upon Procedures(AUP): an audit on a specific test or business process.

In relation to these standards we provide:

  • Readiness assessment: performance of testing to identify gaps between existing controls and those required to obtain an unqualified audit report.
  • Planning services: assistance with scoping and preparing the documentation required for a third-party assurance audit.
  • Audit services: performance of a SOC 1, SOC 2, ISAE 3402, SOC for Cyber or AUP audit.

We are trained and Certified Third Party Risk Professional (CTPRP). That is by the Shared Assessment Organization. We will develop and put in place a comprehensive Vendor Risk Management Program. That will be a significant part of the organization's security governance. And it will mitigate security risks caused by vendors.

Our TPSP Engagement Process

illustration

The program includes the following oversight components:

  • Program governance
  • The setting of policies, standards, and procedures
  • Contract security review
  • Vendor risk identification and analysis
  • Creation of company security tools. Along with metrics to measure and analyze ongoing company vendor management
  • Continuous and ongoing monitoring and review of company vendor management efficiencies

Why Choose VST

VST performs all of its SOC engagements in accordance with the relevant professional assurance standards – i.e. ISAE 3402 or SSAE 18 (previously SSAE 16). Our clients attest that they derive tangible benefits from engaging a SOC assurance review and report annually. The ultimate benefit being one of protecting and enhancing the value of their business by:

achieving competitive advantage in the marketplace in having this control oversight mechanism in place;

adding weight to their business proposition and risk management capabilities in tendering for new business;

providing assurance to existing clients to support and protect their business relationship;

enhancing reputational credibility as an outsourced service provider in the market place;

achieving operational efficiency by reducing management time spent answering client and/or auditor queries;

supporting the proactive management of their control environment via identification and remediation of risk/ control matters raised in the SOC report itself; and

satisfying assurance requirements of other parties – such as Board of Directors/banks/regulators.

If you would like to know more about our Third Party Assurance service offerings please

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