soc 2 risk assessment template

but when it comes to risk assessments ahead of your soc 2 examination, the correlation is direct. once you identify your pscrs, those commitments and requirements should be the driving force that guides your risk assessment. after identifying the pscrs, your next step in your soc 2 risk assessment process is to understand and identify what are the “in-scope” systems you will evaluate in the assessment, as well as what risks currently exist that threaten these systems.

for example, if a pscr for your service is 99.9999% availability, you will need to assess the risk of not achieving that benchmark. with your risk assessment complete, you now need to determine the treatment plans in place for the analyzed risks. now that you have a basic game plan for the risk assessment, read our other soc 2 content to ensure you’re as prepared as possible for your experience: drew graham is a senior associate with schellman & company, llc based in tampa, florida. schellman & company, llc and schellman compliance, llc are independently owned and are not liable for the services provided by any other entity providing services under the schellman brand.

according to aicpa, auditors for a soc 2 type 2 certification should verify that the organization has a risk assessment and management process in place to identify and mitigate risks. coso recommends quantitative cyber risk analysis with fair™ (factor analysis of information risk, the internationally recognized standard for risk quantification) as a way for “management to align the cyber security program to the business objectives and set targets.” while a risk management program based on fair on paper should impress the auditors, savvy companies use fair to make a soc 2 type 2 audit into more than a check-the-box exercise. every fair risk assessment starts with a careful definition of what we want to analyze, and the soc guidelines make that scope clear; we’re concerned with protecting assets (such as databases or web applications within the defined system boundary of the soc 2) from loss of some or all of the following (depending on the scope of the report being issued): next, we use that scope to define a set of risk scenarios (or loss events) we can analyze with fair, following the formula of a threat actor impacting each in-scope asset by some means, causing a loss, for example,    “analyze the risk associated with a privileged insider intentionally disclosing the information contained in our customer relationship management database.”  the scenarios to analyze should be the most probable loss events to occur (based on your organization’s experience with loss or industry data) and the most probable to cause a significant loss.

other features of the risklens platform relevant for soc 2 type 2 audits (and of high business value to your organization in the bargain): rapid risk assessment for a quick look at the top risks of the organization, top risk assessment for a deep dive into a single risk, and the capability to aggregate risk analyses for an overall assessment of loss exposure for a business unit, the organization as a whole or a particular function or information type (four kinds of audit reporting specified in the aicpa criteria). with the risk treatment analysis capability of the risklens platform, you can convincingly demonstrate the effectiveness of controls to reduce loss exposure in dollar terms for your in-scope risk scenarios – or, for that matter identify where controls are lacking or ineffective and take the most cost-effective steps to mitigate. it can be a time-consuming and difficult process overall, but the risk assessment piece of the documentation can be both speedy and authoritative, using fair and risklens – and pay off in actualized value for the business through accurate reporting.

this analysis process defines the basis for understanding how you should manage risks—you’ll also document this based upon risk severity or criticality levels. how to do a risk assessment for a soc 2 type 2 report with fair risk you can perform fair analysis on a sheet of paper or a spreadsheet, our soc 2 risk assessment evaluates risks based on the likelihood of occurrence and the potential impact to the organization. soc 2 requires a comprehensive, soc 2 readiness assessment checklist xls, soc 2 compliance checklist pdf, soc 2 compliance checklist pdf, soc 2 gap analysis template, soc 2 report template.

so2 compliance audit assessment checklist for service organizations seeking to become compliant with the aicpa soc reporting framework. identify the risk assessment and risk mitigation criteria that must be addressed in every soc 2 and provide practical guidance to service. why are risk assessments for soc 2 and iso 27001 important as you build your spreadsheet, you will document your findings and action, soc 2 controls list, soc 2 type 2 report pdf, soc 2 type 2 audit checklist, soc 2 audit.

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