Differentiator among compliance automation software: Risk assessment register
You already know that the SOC 2 compliance and auditing process is too extensive for your in-house team to complete manually, so you’ve decided to use compliance software to accelerate the process. That’s a great first step, but many compliance platforms won’t help you as much as you would expect. This is why it’s so important to understand and compare the features that each tool offers.
One differentiator that sets some compliance tools apart from the rest is a risk assessment register. Let’s take a look at what a risk register is and why it’s so critical for your business.
The role of risk assessments in SOC 2 compliance
To achieve and maintain your SOC 2 compliance, you’ll need to perform annual risk assessments. This involves a thorough investigation into the physical risks, code-related risks, and personnel-related risks to your data security. As you identify these risks, you’ll also need to establish tasks to keep these risks under control and prevent them from becoming a problem. Finally, you’ll need to assign a task owner to each of these risk mitigation tasks so that someone is responsible for keeping it on track.
How most compliance platforms address risk assessments
Risk assessment management is a gap for most SOC 2 automation platforms. They may give you guidance on conducting your annual risk assessment, but that is generally where it ends.
Your SOC 2 auditor will require a spreadsheet with your identified risks, risk mitigation tasks, and task owners. With most compliance automation platforms, you’re left to create this spreadsheet manually. This, of course, can be a very time-consuming project.
The Vanta difference: A dedicated risk register
Unlike most SOC 2 compliance automation platforms, Vanta provides a full risk register to simplify your annual risk assessments. This register gives you one organized place to track your identified risks, mitigation tasks, and assigned task owners. You’ll have thorough documentation for your auditor without needing to set up your own spreadsheet or other document, and all these details are in the same place as your other audit documentation.
Benefits of a risk register for SOC 2 compliance
Everything you can do to simplify your SOC 2 will benefit your business. A risk register, however, offers advantages that can save money, time, and resources for your business.
1. More efficient risk tracking
Labor is among the top expenses for most businesses, and the labor of your engineering team is particularly expensive. Instead of spending your own time or your engineers’ time to manually record and track your risk assessment details, you’ll be able to use Vanta’s risk register to keep everything in one place that is already organized and set up. This saves you time every year during your annual risk assessment.
2. More reliable risk tracking
Manual risk tracking may be an inefficient use of your time, but it has other disadvantages too. If you’re the one creating the risk tracking spreadsheet, you also have to keep track of it. It’s easy for files to get lost, and you’ll need to secure the file as well as manually give access to each team member who needs to access it. In between all of this, it’s easy for files or data to get lost.
With Vanta’s risk register, on the other hand, all your risk assessment data is stored within the same system that holds your other SOC 2 documentation. Your data is already secure and easy for the necessary staff and only the necessary staff to access.
3. More efficient SOC 2 audits
When it comes time for your SOC 2 auditor to perform your audit and prepare your SOC 2 report, the goal is to get through the process as easily and efficiently as possible. This saves valuable time for your team and it may save you money on your audit too, as audits can cost more if they become more complicated and time-consuming.
Vanta’s compliance platform and risk register allow you to have all the documentation in one place for your auditor to access. Because Vanta’s SOC 2 experts have structured your risk assessment database for you, you’ll also know that it has all the fields that your auditor will need to see. As a whole, this is likely to speed up your auditing process.
Choosing a SOC 2 compliance platform with risk assessment in mind
Annual risk assessments are important for your SOC 2 report, but they’re one of many components you’ll need to consider. That’s why Vanta offers the most thorough and in-depth SOC 2 automation platform to guide you through every step of the process and make it as efficient and organized as possible. To find out more, learn about Vanta SOC 2 compliance software today.
Read the series on key differentiators in security automation platforms
Part one: “Documents tab” and recurring evidence tasks
Part two: Automated employee offboarding and access management workflows
Part three: Security policy templates
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PCI Compliance Selection Guide
Determine Your PCI Compliance Level
If your organization processes, stores, or transmits cardholder data, you must comply with the Payment Card Industry Data Security Standard (PCI DSS), a global mandate created by major credit card companies. Compliance is mandatory for any business that accepts credit card payments.
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