To run a successful department meeting, you need to follow two simple components. They can be tricky because people regularly bypass these two...
Leading Challenges in Performing SOC 2 Audits
A new report from the Cyber Resource Alliance finds that in a survey of 700 IT professionals, 27% of the respondents ...
A new report from the Cyber Resource Alliance finds that in a survey of 700 IT professionals, 27% of the respondents rated the leading challenge in performing Cyber Audits to be limited staff resources. The second-highest challenge cited at 21% was the manual collection of data and gathering evidentiary proof of compliance.
Let’s take the first challenge. If your company has limited resources to lead and perform its audit for SOC 2, that immediately means it is going to take longer for the audit to be completed. It also means that a few individuals are going to be tasked with carving out part of their workday to work on the audit at the expense of their day-to-day responsibilities.
Additionally, these overtaxed individuals have to keep track of what to complete, what has already been completed, and what is past due. If you have experienced this within your organization, we at Work.software can provide you with a platform that provides you a centralized place to organize all those tasks, have them scheduled at a predefined frequency and give you immediate status on where those tasks stand and who is responsible for what.
The second challenge - the manual collection of data and gathering evidentiary proof of compliance - can be the most cumbersome and time-consuming part of the audit process. Time is money, so the more tedious it is for the auditors to get the information they need, the more it costs your organization. We had an auditor from a sizable accounting firm tell us it was the old 80/20 rule. That 80% of the audit is done fairly easily, sometimes with software automation tools. But the other 20% winds up taking up most of the time and therefore most of the billing hours.
So, if we can offer you a solution that takes 22 of the manual criteria and formalizes them to the extent that we can then export all the evidentiary data, not only into the specific criteria folder but down to the control level, would that be an interesting avenue to explore? To save you both time and money on the manual processes of your audit, including the variety of meetings that you need to hold; the checklists and policies that you need to develop, update, and have formally reviewed by all employees; and the procedures around hiring, onboarding, and exiting employees. If any of this resonates with your SOC 2 audit experience, please reach out to see how we can make this process easier, faster, and less costly for you. www.work.software Full Cyber Resource Alliance 2022 Compliance Benchmark Report