SOC Compliance Management Software

Manage Compliance & Risk with ZenGRC

  • Accelerate compliance
  • Enhance risk
  • Respond quickly

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A One-Stop Solution for SOC Compliance Management & Reports

ZenGRC provides a comprehensive solution for SOC (Service Organization Control) compliance management and reporting.

The ZenGRC platform is designed to cater to the unique needs of SOC 1, SOC 2, and SOC 3 reporting, offering a suite of tools that simplifies the process of achieving and maintaining compliance. With ZenGRC, organizations can manage their entire SOC compliance lifecycle, from initial assessment to ongoing monitoring and reporting. This one-stop solution streamlines the process, reducing the complexity and effort required to meet SOC standards.

ZenGRC: Your Partner for SOC Compliance Success

ZenGRC acts as a strategic partner in your journey toward SOC compliance success helping to fulfill the requirements as dictated by the Trust Services Criteria by the AICPA.

The platform is equipped with features that address the intricate requirements of SOC standards, providing guidance and support every step of the way. ZenGRC’s expertly designed interface and functionalities ensure that your organization can easily navigate the challenges of SOC compliance. With ZenGRC, you gain a partner who understands the intricacies of SOC requirements and offers the necessary tools to simplify the compliance process, support a robust compliance program, and achieve compliance with confidence.

  • Automation to Streamline SOC Compliance Workflows

    Cloud-based SaaS ZenGRC enhances SOC compliance efficiency through automation by automating repetitive and time-consuming tasks such as evidence collection, control testing, and report generation. By leveraging automation, ZenGRC minimizes manual effort, reduces the likelihood of errors, and accelerates the compliance process.

  • Pre-built Templates for SOC Compliance

    ZenGRC’s pre-built templates are designed to align with SOC 1, SOC 2, and SOC 3 requirements, providing a structured framework for your compliance activities. The templates simplify the process of organizing and maintaining compliance-related information security.

  • Audit-ready SOC Documentation

    ZenGRC facilitates the creation, management, and storage of all necessary documentation for SOC audits. This includes policies, procedures, control descriptions, and evidence of control effectiveness.

  • Real-time Metrics for SOC Insights & Reports

    ZenGRC provides real-time metrics and reporting features providing valuable insights into your compliance status. These metrics track the effectiveness of access controls, APIs, identify areas of non-compliance, and highlight opportunities for improvement.

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SOC Requirements At a Glance

Your specific SOC requirements will vary depending on whether you are seeking attestation for SOC 1, SOC 2, or SOC 3. Regardless of the standard, however, the key to a successful SOC audit is preparation.

Before your formal audit, you should spend ample reviewing your compliance requirements and have supporting documentation that validates your efforts.

Here are a few tips from our guide to SOC compliance:

  • Establish your goals
    What is the scope of your audit? It’s crucial to understand what requirements pertain to your business, what level or type of certification you want and how the requirements apply to your existing sensitive data and systems
  • Conduct a risk assessment
    In addition to understanding which data is sensitive and should be safeguarded, you should consider security measures such as user access controls, strong passwords, firewalls and two-factor authentication (2FA) for sign-on.
  • Organize your materials
    The next step is to prepare the documents and correspondence that validate the effectiveness of your security controls.
  • Conduct a self-audit
    Before submitting your organization for an official audit, it’s important to assure that you’re ready. Otherwise, you face excessive costs associated with applying for a new audit after failing your first. If you can show the assessor conducting your official audit that you’ve remediated any potential compliance issues or are in the process of doing so, your organization will be well on its way to achieving official attestation.
  • Get help if you need it
    Let’s face it: Between the various types of SOC compliance, the various trust principles, and the different types of audits, SOC certification can be overwhelming. Moreover, SOC 2 (the most commonly sought SOC audit) is a complex framework that changes frequently. So it’s important to get the help you need to achieve compliance and satisfy stakeholders.

 

For an in-depth look at SOC compliance and for tips to achieve compliance efficiently, review our complete audit preparation guide.

Key Features of Effective SOC Compliance Software

Real-time Monitoring

Real-time monitoring helps quickly identify and mitigate risks, ensuring your organization's operations remain in line with SOC standards at all times. This proactive approach is crucial for maintaining the integrity and security of sensitive data.

Activity Log Management

Effective log management helps track user activities, system changes, and access to sensitive data, providing an audit trail that is essential for compliance. This aids in identifying potential security incidents and in forensic analysis and audit reporting.

Incident Detection and Response

Effective incident detection and response capabilities ensure any threats to data security are quickly contained and resolved, minimizing potential damage. This feature is crucial for maintaining compliance with SOC standards, which emphasize the importance of timely and effective handling of security incidents.

Compliance Reporting

Compliance reporting is essential not only for internal audits and reviews but also for providing transparency to clients and external auditors. A compliance automation platform can help prepare for and achieve attestation successfully.

User and Access Management

Effective user and access management ensures only authorized personnel have access to critical resources and their activities are tracked to prevent unauthorized access and data breaches, which are critical concerns in SOC compliance.

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FAQs for SOC Compliance

What SOC reports do public companies need?

Public organizations in the U.S. are required to provide annual financial statements to their investors. This often requires a SOC report audit process to validate that their business practices and handling of sensitive information are ethical and in line with SOC compliance standards.

SOC compliance, while not a legal requirement enforced by government entities, is often considered a mandatory business standard, especially in certain industries. SOC reports, particularly SOC 1 and SOC 2 reports, are widely recognized as key indicators of security and data management proficiency.

  • Industry Expectations: Many businesses and industries expect their service providers to be SOC compliant. This expectation is especially prevalent in sectors handling sensitive data, such as finance, healthcare, and technology.
  • Client Assurance: SOC reports provide clients with the assurance that their data is being managed securely and in compliance with industry best practices. For service organizations, SOC compliance often becomes a prerequisite for establishing trust and credibility with potential and existing clients.
  • Contractual Obligations: In many cases, service organizations may find SOC compliance mandated through contractual obligations with clients or partners who require assurance about the effectiveness of internal controls related to financial reporting (SOC 1) or data security and privacy (SOC 2).

How Much Does It Cost to Be SOC 2 Compliant?

The cost of achieving SOC 2 compliance can vary significantly based on several factors:

  • Size and Complexity of the Organization: Larger organizations with more complex data environments tend to incur higher costs. This is due to the greater number of systems, processes, and controls that need to be evaluated and potentially modified.
  • Current Infrastructure and Practices: The initial state of an organization’s IT infrastructure and existing security practices greatly influence the cost. If significant upgrades or overhauls are required to meet SOC 2 criteria, the expenses will be higher.
  • Type of SOC 2 Report: There are two types of SOC 2 reports – Type I and Type II. Type II reports, which assess the operational effectiveness of systems over a period, typically require more resources and thus, are more costly than Type I reports, which evaluate the design of controls at a specific point in time.
  • External Consultation and Audit Fees: Hiring external consultants to guide the compliance process and a CPA firm to conduct the SOC 2 audit can be a major cost factor. The fees for these services vary based on the reputation and location of the consulting and auditing firms.
  • Internal Resource Allocation: The cost of internal resources allocated to the SOC 2 compliance project, including employee time and effort, should also be considered.
  • Ongoing Compliance Costs: Achieving SOC 2 compliance is not a one-time event; it requires ongoing efforts to maintain the compliance status, which includes regular audits, continuous monitoring, and updates to security practices.

As a rough estimate, small to medium-sized businesses might expect to spend anywhere from several thousand to tens of thousands of dollars for SOC 2 compliance, while larger corporations could incur significantly higher costs. However, these are general figures and the actual cost can vary widely based on the specific circumstances of each organization.

ZenGRC Success Stories

Customer Spotlight: Segment Increases Assurance with ZenGRC

Segment, provider of the one of the world’s leading customer data platforms, was tired of being inefficient. Faced with ballooning work due to a sharp increase in risk assessments and questionnaires from current and potential customers, the organization was tying up valuable resources responding to lengthy and granular questionnaires.