Pursuing SOC 2 audit is the best practice as the SOC 2 audit brings a lot of value to your organization in numerous ways. Well, this is because such in-depth audits provide you with the increased insight into the security posture of your organization. It also provides you with a better understanding of the new opportunities that can improve the controls and processes.
Moreover, a SOC 2 audit also provides your business with a competitive advantage which also helps you boost your organization’s reputation. In fact, it gives your customers and prospects the peace of mind as they can rest assured that your organization takes the security of their personal data seriously.
However, as we all know a SOC 2 audit isn’t just a one-time exercise but it is something that needs to be renewed yearly. And when you consistently renew your SOC 2 audit then it builds the continuity with your controls and processes, Renewing and maintaining SOC 2 also helps to ensure that everything that you put in place will continue to function as planned and as needed.
Although, for many organizations the renewal process may sound time consuming and in some cases it might be time-consuming depending on how in-depth the initial SOC 2 audit process can be. But, in reality the SOC 2 renewals don’t have to be a burden.
For making the SOC 2 renewal easy, here we are sharing some tips and tricks that can help you navigate the SOC 2 renewal process with which you can save time and money and also understand that how to use internal resources strategically.
- Work with the Same Auditor –
If you were happy with the services of your auditor during the initial SOC 2 audit, then it is advisable to work with the same auditor and vendor for the renewal process. We said this because working with the same auditor every time you need SOC 2 renewal then it will create the efficiencies in the audit process.
Moreover, the vendor will also become familiar with your environment as well as your internal processes and you’ll also avoid this time-consuming task of on-boarding a new audit firm each year as it can take weeks or longer. However, if you have some price related issue or quality related issue with your previous vendor then we recommend you to go with SOCLY.io as they will Renew and maintain SOC 2 at 50% lesser costs.
And the best part is that you can rely on SOCLY.io for all the coming years for your SOC 2 renewal and maintenance needs as they will provide you 100% satisfaction with their quality of services.
However, if the vendor you will be working with uses compliance automation software to streamline the evidence collection or for the audit process then you will also get the benefits from rollover features within that technology. These features automatically collect as well as update the information and this basically depends on what was collected into the system in the past efforts. Well, doing this will speed up the evidence collection process and it will reduce your renewal timeline greatly.
- Consider a Multi-Year Bundle
Most of the time, the auditors offer a multi-year bundle package which allows you to pay for a certain number of SOC 2 renewals upfront. However, it’s a great way to save money and plan your budget in the proper manner. Well, with such multi-year bundles, you get to pay a certain price per renewal. Otherwise, the renewal prices may increase every year with your business scales and with the economy changes.
At SOCLY.io, we offer a multi-year bundle package which includes –
- Access to industry’s best SOC 2 certified experts,
- Use of our compliance automation software and more.
However this automation software streamlines the audit process for your team. In fact, you’ll also have an access to the following things –
- Automated readiness assessments,
- Automated evidence collection,
- Continuous monitoring,
- Policy center and more.
All of these things will make your audit process more efficient.
- Allocate Internal Resources
Continuity on the auditor side is the utmost requirement likewise continuity within your organization is also equally important. So, it will be beneficial for your organization if you utilize the same internal resources each year or as many times as possible for managing all the work related to the SOC 2 audit and renewal process.
However, the initial SOC 2 review process requires a lot of efforts, but in the coming years i.e. at the time of SOC 2 renewal, it tends to be more efficient because now your team has a better understanding of exactly what is required depending on their prior year experience. Hence, each year it gets easier and the more consistency you will be able to create within your internal SOC 2 leads, the better the SOC 2 renewal and maintenance process will be.
Renew Your SOC 2 with SOCLY.io
SOCLY.io is the top issuer of SOC 2 reports in the world as at SOCLY.io we combine industry expertise and a leading compliance automation software platform for making the SOC 2 audit and renewal process seamless for your team. Contact us today to talk to a SOC 2 expert about the renewal process by SOCLY.io.