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Service Organization Control (SOC) 2 Compliance

SOC 2 and Third-Party Risk Management

Service Organization Control (SOC) 2 is a standard that is designed to provide assurance that an organization's systems are set up to cover the security, availability, processing integrity, confidentiality, and privacy of customer data.

These five core subject areas are commonly known as Trust Service Principles. The purpose of a SOC 2 (also referred to as a Type 2 report) is for an organization to detail the operational effectiveness of their systems based on the five principles. To achieve compliance against a SOC 2 assessment, organizations must develop a clear documentation framework, built around security policies, security procedures and supporting documentation.

The five principles are further defined to account for criteria common to all five of the trust service categories (common criteria) and additional specific criteria for the availability, processing integrity, confidentiality and privacy categories. Clear objectives of each principle are set out within the Trust Services Criteria and provide an organization with clear expectations to look for when validating or verifying security controls.

Satisfying Third-Party Risk Management Compliance Requirements

Discover the key third-party risk management requirements in common regulatory and security frameworks, and learn how Prevalent maps to specific mandates so you can achieve compliance while mitigating vendor risk.

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Meeting SOC 2 TPRM Requirements

Here's how Prevalent can help you address SOC 2 third-party risk management requirements:

Requirement CC1.1: (Illustrative Control):
“Roles and responsibilities for privacy and data governance are defined and communicated to personnel as well as to third parties.”

Prevalent offers the ability to profile your customer base, to determine roles and responsibilities in managing privacy and data governance, and how it relates to the scope of product or service provisioning. Prevalent can deliver this through the utilization of standardized rule-based profiling and tiering logic to help risk and security teams understand the scope of their vendors. This process ensures that third parties are assessed properly according their importance to the organization and provides a central repository for vendor management.

Requirement CC3.1: (Illustrative Control):
The entity has defined and implemented a formal risk management process that specifies risk tolerances and the process for evaluating risks based on identified threats and the specified tolerances.

Prevalent enables organizations with an automated platform to manage the vendor risk assessment process, including the setting of risk impact scoring, based on risk acceptance criteria and tolerance levels.

Requirement C1.2 (Illustrative Control):
Personal information involved in business processes, systems, and third-party involvement is clearly identified and classified based on severity and risk within data management policies and procedures.

Prevalent enables organizations to centralize agreements, contracts and supporting evidence that can include records and documents pertinent to could be used to validate how third-party providers consider privacy requirements when accessing personal information pertinent to the organization

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