Maqware Corp

SOC for Supply Chain

The American Institute of CPAs® (AICPA) Suite of SOC Services has added a new service called SOC for Supply Chain. This cutting-edge research is vital for industries and stakeholders seeking effective supply chain risk management. It is a valuable tool that provides essential information to businesses in their supply chains. It offers unmatched insights to enhance supply chain efficiency and reduce potential risks.

SOC for Supply Chain: A Game-Changer in Vendor Risk Assessment

In response to the limitations of existing service provider assessment reports like SOC 1, SOC 2, SOC 3, and PCI ROCs, SOC for Supply Chain offers a revolutionary solution. Before, vendor questionnaire replies were the primary source for assessing supplier risks. But with SOC for Supply Chain, producers, manufacturers, and distributors can now access comprehensive insights into their supply chain, allowing them to make informed decisions. Companies can improve vendor risk assessment processes by implementing it, resulting in greater transparency and security across their supply chain operations.

SOC for Supply Chain

Benefits of SOC for Supply Chain

Components of the SOC for Supply Chain reporting framework

1- Executive Summary

A concise overview of the report, including objectives, scope, and key findings.

2- Management’s Assertion

Statements by management regarding the effectiveness of supply chain controls.

3- Description of the System

Detailed information about the organization’s supply chain processes, technologies, infrastructure, and entities.

4- Control Objectives and Activities

Defined objectives and control measures for managing supply chain risks.

5- Control Environment

Evaluation of the overall control environment, including management commitment, structure, and communication.

6- Risk Assessment

Identifying and assessing supply chain risks, prioritization methodologies, and evaluation of risk impact.

7- Monitoring Activities

Ongoing monitoring processes, controls, assessments, and audits to detect and address risks.

8- Information and Communication

Flow of information within the supply chain, ensuring timely and accurate communication.

9- Report on the Controls

Evaluation of the effectiveness of supply chain controls, including testing results and deficiencies.

10- Conclusion and Opinion

Summary of findings, auditor’s opinion on control effectiveness, and recommendations.
Please note that the specific structure and content of the SOC for Supply Chain reporting framework may vary based on the adopted standards and organizational requirements.

Our SOC Reporting Services

As a licensed CPA firm, Maqware Corp provides a full suite of SOC reporting services.

SOC 1 / SSAE 18

The SOC 1 report enables businesses to take a stand with their clients regarding the processes that have an impact on the client’s internal controls over financial reporting.

SOC 2 Examination

Increasing concerns regarding information security have heightened the scrutiny of service organizations’ control infrastructure, and driven demand for attestation reports. As a result, the SOC 2 examination’s popularity has increased dramatically since its inception in 2011.

SOC 3 Examination

When it comes to controls at a service organization connected to the Trust Service Principles, SOC 3 reports are intended to address the demands of both present and potential clients, who might not require or use a SOC 2 report.

SOC for Cybersecurity

The System and Organization Controls (SOC) array of service offerings saw an essential addition when the AICPA unveiled its cybersecurity risk management reporting structure in April 2017. SOC for Cybersecurity reports offer information about your cybersecurity risk management plan as well as benchmarks that will be used to measure your plan’s effectiveness.

C5 Attestation

The C5 Attestation, also known as the Cloud Computing Compliance Criteria Catalogue, was released in response to the ever-expanding requirement to take information security into account in the realm of cloud computing. The Federal Office for Information Security, or BSI, in Germany created the program, which is a baseline of security standards.

Crypto and Digital Trust Services

The foundation of the new trend in online commerce is cryptographic, machine-readable, and human trust. The capacity to trust connections across technological ecosystem borders has never been higher thanks to the rise of Web 3.0 technologies like distributed computing, blockchain, decentralized money, NFTs, and digital credentials.

SOLUTIONS FOR BUSINESS

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