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.

Director Frankie Cronin

FS Business Risk Services

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These reports can take the form of SOC 1, 2 or 3 report or alternatively a tailored attestation report:

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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.