Reducing Cyber Risk for Organizations Worldwide
The only third-party cyber risk management solution security professionals need to confidently act on third-party cybersecurity risks
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.
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.
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.