Becoming SOC 2 audit ready with SOC 2 readiness assessments

Completing a SOC 2 compliance audit for the first time can be overwhelming. SOC 2 audits are expensive. So make sure your organization prepares for them in advance.

Have you wondered what all controls you need in place to be SOC 2 compliant? A SOC 2 readiness assessment will help you identify gaps in controls and provide advice on closing them before starting the SOC 2 audit. Readiness assessment will save both your time, effort, and money.

In a nutshell, SOC 2 readiness assessment is a warm-up for your final SOC 2 audit.

Steps for getting SOC 2 audit-ready

No matter how ready your organization may appear on paper, it is essential to conduct a readiness assessment to ensure the controls work as intended. SOC 2 readiness assessments reduce the risk, close the gaps, and help you get your organization final audit-ready. A few companies conduct self-readiness assessments internally, while few hire a consultant for the same. Whether you DIY or hire a consultant, a SOC 2 readiness assessment is done in the following way:

Scope

First things first! Determine the scope of your organization. Include your organization’s systems and controls by including all the 5 Trust Service Principles (TSPs).

  • Security
  • Availability
  • Processing integrity
  • Confidentiality
  • Privacy

Check if your organization needs a SOC 2 Type 1 or SOC 2 Type 2 report during this process. If you are new to SOC 2 controls and have significant time and budget restrictions, it’s ideal to start with SOC 2 Type 1 audit.

However, sometimes a SOC 2 report is a critical requirement of a vendor assessment. In this case, it is recommended to get a SOC 2 Type 2 audit. It is worth spending the additional time and effort to get audited for SOC 2 Type 2 because it will lend fortified credibility to your infosec practices and build trust with the customers.

Assessment

Once the scope is defined, evaluate the 5 Trust Service Principles (TSPs). The assessment should include the following:

  • Map existing controls
  • Review the control documentation that already exists, and that’s relevant to the control objectives and map them.
  • Document gaps and future state controls
  • Analyze your existing processes to identify gaps and avoid them in future controls.
  • Build remediation plans

Develop a remediation plan for every gap that exists. A remediation plan must include gaps that need to be addressed, the target state, and deliverables for meeting the control standard. Establish a project team responsible for driving this remediation plan to closure – with clear accountability and timelines of these deliverables across the team.

Execute the remediation plan

A remediation plan by itself is worthless without proper execution. Identify a project lead who will drive the remediation plan to closure. The Project lead should track the remediation plan closely and coordinate with different team members to close the gaps on time and adequately. Weekly or fortnightly executive oversight will help the project lead resolve roadblocks that result in delays.

A SOC 2 readiness assessment helps you understand:

  • If your organization is ready for a SOC 2 examination
  • If your current controls are enough to prove compliance
  • If there are any gaps that you need to fix before starting the actual SOC 2 examination
  • How to remediate these gaps

How much does a SOC 2 compliance readiness assessment cost?

On the whole, it depends on the size of your organization and the scope of your audit. But roughly, it would cost around $10,000-$17,000.

Tools that will manage your SOC 2 readiness assessment

It’s always good to choose the right SOC 2 compliance software that makes readiness assessment easier. Tools like Scrut will help your organization prepare for the SOC 2 audit by gathering reports before the final audit. Scrut Automation has unique features that include:

  • User-friendly design
  • Easy internal audit capabilities
  • Vendor assessment tools
  • Continuous controls monitoring
  • Integration with your software and services stack

Make sure to conduct your readiness assessment well in advance of your final audit to save time and money.

Start your compliance process with us!

Scrut Automation is an innovative and radically simple governance, risk, and compliance automation platform for growing startups and mid-market enterprises. With Scrut, Compliance teams can reduce ~70% of their manual effort in continuously maintaining compliance towards SOC 2, ISO 27001, GDPR, PCI DSS, HIPAA, and CCPA. Schedule your demo today to see how it works.

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