Organisations across the wider Financial Services industry continue to outsource key activities and processes to third party service providers for a variety of business and operational reasons.
With the use of such third parties, there is a tangible need and regulatory requirement for organisations to manage the risk associated with such outsourced arrangements.
Our team provides attestation and assurance services to a wide range of third party service providers across the Financial Services industry including banking, IT, asset management and insurance. Obtaining a SOC (Service Organisation’s System Controls) report or similar attestation report, is a genuine value add and credible solution to the management and oversight of third party providers and their respective risk and control environments.
These reports can take the form of SOC 1, 2 or 3 report or alternatively a tailored attestation report:
Why Grant Thornton
Grant Thornton performs all of its SOC and attestation services engagements in accordance with the relevant professional assurance standards – i.e. ISAE 3402 or SSAE 18 (previously SSAE 16).
Our clients attest that they derive tangible benefits from engaging a SOC assurance review and report annually. The ultimate benefit being one of protecting and enhancing the value of their business by:
- achieving competitive advantage in the marketplace in having this control oversight mechanism in place;
- adding weight to their business proposition and risk management capabilities in tendering for new business;
- providing assurance to existing clients to support and protect their business relationship;
- enhancing reputational credibility as an outsourced service provider in the market place;
- achieving operational efficiency by reducing management time spent answering client and/or auditor queries;
- supporting the proactive management of their control environment via identification and remediation of risk/control matters raised in the SOC report itself; and
- satisfying assurance requirements of other parties – such as Board of Directors/banks/regulators.
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