SOC Readiness Assessment

SOC Readiness Assessments

Many organizations are required to undergo a Systems and Organization Control (SOC) examination to satisfy the needs of customers, vendors, and many others. Depending on the type of SOC report, it is necessary to document and demonstrate compliance with certain criteria. Organizations undergoing a SOC examination for the first time often benefit from conducting a SOC readiness assessment.

What is a SOC Readiness Assessment?

It evaluates a company’s preparedness to successfully undergo an SOC examination. It allows management to understand the ability of the organization to meet the requirements of the desired SOC report (SOC 1, SOC 2, SOC 3). This assessment includes an evaluation of the various areas of the company’s systems, controls, and process to ensure alignment with SOC requirements and to make changes and corrections to systems and controls to avoid failures during the SOC examination.

SOC Readiness Assessment

The assessment includes the following steps:

  • Identification of Control Gaps – The first step of the assessment is to conduct a comprehensive review of the operating environment to uncover any control gaps of deficiencies. This often includes evaluating the design and implementation of controls related to security, availability, processing integrity, confidentiality, and privacy. It is essential in this step to ensure that controls align with the requirements of the applicable SOC standard.
  • Control Documentation Review – The next step involves a review of control documentation including policies, procedures, and relevant narratives. This is done to ensure the documentation properly reflects the control environment while supporting intended objectives.
  • Control Design Effectiveness – There is also an evaluation of the effectiveness of existing controls. In this step, an examination is conducted to determine whether controls are properly designed to address identified risks. This helps to identify any design weaknesses or gaps that would need to be addressed prior to an SOC examination.
  • Evaluation of Control Implementation – There is also the need to assess the implementation of controls to determine if they are operating effectively and consistently. This often includes an examination of evidence of control performance and review of supporting documentation such as access logs.
  • Remediation Plan – In the event that any control gaps or weaknesses were uncovered a remediation plan is developed to address these issues.
We’re Here to Help

JLK Rosenberger has significant experience conducting SOC readiness assessments for organizations in Dallas, Los Angeles, and across the country. A SOC readiness assessment can help identify and address issues and deficiencies prior to an SOC examination. If you are looking to conduct a SOC readiness assessment, JLK Rosenberger stands ready to assist. To learn more, complete the form to the right and a team member will follow up with you shortly.