SOC Report Tracking Software
Tracking SOC reports for your third party vendors is an essential part of any vendor risk management program. Streamline your processes using a risk-based approach with LogicManager’s SOC Report Tracking solution package.
Why a Risk-Based Approach to SOC Report Tracking is important:
LogicManager’s SOC Report Tracking Solution
Here’s what you can expect with LogicManager’s SOC Report Tracking solution package:
- Using LogicManager’s centralized repository, you’ll have a one-stop-shop to access whenever you need information. This will save you time and energy in both the short and long term.
- Leverage automated workflows and tasks to ensure that SOC reports are reviewed appropriately and in a timely manner. Whether you’re initially reaching out to the vendor to get an updated report, or reviewing internal information to ensure their information is adequate, there’s a workflow for you.
- Our out-of-the-box yet entirely customizable Profile tab for SOC report collection and tracking allows you to collect any data on your vendors that is important to you.
- LogicManager’s robust reporting tools allow you to generate visualizations that help communicate your findings to others in your organization. Some common examples used for SOC Report Tracking include the “SOC Reports Expiring in the Next 90 Days” report, the “Overdue Tasks” report and the “Count of Vendors who Have a SOC Report.”
Plus, connect LogicManager to all your critical vendor systems:
- Integrate LogicManager with your ERP or Accounts Payable system so that all systems are continuously up to date and payments never go out to vendors who have already been offboarded.
- Pull vendor risk data from other sources to ensure that you’re painting a full picture of the vendor risk at hand. By seamlessly integrating that information into your vendor management processes, you’ll be able to make better decisions about addressing your risks. Commonly integrated platforms include BitSight and Risk Recon.
Achieve your SOC Report Tracking with LogicManager
Streamline your processes
Without software, it can be difficult to manage and organize all of the information you’re collecting on your vendors – including their SOC reports. Having a system that allows you to easily organize and access third party SOC reports securely and confidently streamlines your processes.
Increase data security
Knowing for certain that vendors have the proper procedures in place to protect you and your customers’ information, you can feel better about providing PII or other critical data to third parties.
Maintain an audit trail
Doing your due diligence with ongoing SOC report tracking helps you better understand the risk that each vendor has on your organization; the proof is right there in their documentation. This documentation can be easily accessed and demonstrated to auditors, investors or other key stakeholders.
What is SOC Report Tracking?
System and Organization Controls (SOC) reports enable companies to feel confident in their vendors. It’s critical to ensure that all existing or potential third party providers your organization relies on are operating in an ethical and compliant manner. SOC reports help confirm they’re operating in such a way through independent auditors who examine a variety of aspects about their company.
Maintaining a secure environment for your customers should be an enterprise-wide effort. Leveraging LogicManager’s SOC Report Tracking solution package gives you all the benefits of a fully-integrated GRC platform, along with out-of-the-box content designed specifically for your vendor SOC report tracking process.
Risks of Failing to Track your Vendor SOC Reports
Not analyzing your vendors’ SOC reports puts your organization at risk because it can lead to missing key information like red flags, inefficient controls, regulatory failures and more. Without knowing and being able to put a plan in place to mitigate those threats, your company takes on all of those associated risks. Customers don’t care if your vendor is ultimately to blame for an issue; if their information is hacked, you’re the one who trusted that vendor and the reputational damage is ultimately a forfeiture felt directly by your company.
Let’s imagine that you do take the time to track your vendor SOC reports: what happens if after you review and determine whether to continue or end the relationship, you forget to follow through? This may lead to wasted money and further undue risk. In reality, the due diligence required to run a contract program (without intelligent software) may require the time and dedication of specialized consultants and FTEs, which can quickly become costly.