How to Read a SOC Report

Financial institutions rely heavily on third-party relationships to gain efficiency, reduce operational costs, and to meet the evolving technology needs of customers. While third-party relationships are often beneficial, there are risks created by the relationships that need to be identified, assessed, and managed.

Discuss the fundamental elements of due diligence and ongoing monitoring based on the Interagency Guidance on Third-Party Relationships issued in June 2023. And learn the importance of SOC reports in achieving monitoring requirements and how to properly digest the information in these reports to avoid common issues identified during audits of third-party risk management programs.

Learning Objectives

• Learn the fundamental elements of due diligence and ongoing monitoring.
• Discover the importance of SOC reports in achieving monitoring requirements.
• How to properly digest the information in reports to avoid common issues during audits.

Duration: 60-minutes

Recorded on April 2, 2024.