What is TPPPA Certification and Why Utilize SOC 1?
The Third Party Payment Processors Association (TPPPA) is a national not-for-profit industry association representing and promoting the interests of payment processors, their financial institutions, and their merchants. The mission of the TPPPA is advocating on behalf of its members about the critical role that payment processors play in the economy and creating and promoting industry best practices in compliance for third party payment processing. In this webinar, our panelist will provide an overview of the TPPPA’s compliance management system modules and how your organization can utilize a SOC 1 audit to obtain TPPPA certification.
Why Utilize a SOC 1 Audit for TPPPA Certification?
SOC 1 is an audit and report on audit controls. It is performed by a certified CPA and is customized based on the services provided by an entity. Because a SOC 1 audit is based on risk, any objective and control that is relevant to an entitiy’s risk would be included in the audit report, including controls impacting your client’s financial security, information security reporting, regulatory compliance, and contractual requirements.
Because the SOC 1 audit report is written in an industry-recognized standard format, it is usually immediately recognizable. Because the report itself is standardized, it’s easier for readers to review because they are familiar with reading and reviewing them. Apart from financial institutions familiarity with the SOC 1 audit report, there are a few other reasons that would justify utilizing a SOC 1 audit for TPPPA certification:
- It is intentionally designed to be customizable.
- It allows TPPPA to specify regulatory compliance objectives.
- It allows the service provider to add objectives that are also relevant to their clients.
To learn more about SOC 1 audits and how they can be used to obtain TPPPA certification, download the full webinar. For more information about SOC 1 assessments and how KirkpatrickPrice can help you meet your compliance objectives, contact us today.