3 Reasons to Stop Hesitating and Complete Your SOC 1 Audit
With the compliance landscape rapidly changing, it’s important to stay up-to-date with current standards to gain trust and respect from your clients. If you’ve been considering getting a SOC 1 audit, but keep putting it off, what are you waiting for? Here are three reasons to stop hesitating and start your SOC 1 audit today.
1. Gain a Competitive Advantage
Completing a SOC 1 audit allows you to pursue clients that require a SOC 1 report to meet their own regulatory requirements. They simply can’t afford to work with an at-risk vendor. It also tells clients that you are serious about the controls and security at your organization. Engaging in a SOC 1 audit demonstrates that you have taken initiative by hiring a third party to conduct the audit and, in turn, formalize your audit process.
2. Mature Your Environment
By completing a SOC 1 audit, your organization will be ahead of the curve in maturing your security and business practices. Management should choose to test your employees and get outside services to help your business processes mature. A review of your controls by an independent auditor can help to point out things you may have missed during your own assessment of risk. Catching these inefficiencies can help your organization stay secure and up to date on security and compliance best practices and can protect you from a loss of business or operability.
3. Save Time and Money
By being proactive about the security of your organization, you will save your organization time and money by reducing the burden of questionnaires and site visits from your clients’ auditors. If you don’t already have a current report, you could face multiple clients’ auditors individually and continue to repeat the process, over and over. By completing a SOC 1 audit, you’ll have a verified report that meets the requirements of each of your clients.