Grant Thornton LLP has launched SOC.x, a new platform to more efficiently produce reports covering System and Organization Controls (“SOC”), while also providing industry-leading, market-accepted quality.
SOC reports allow service organizations to demonstrate to their customers that the services they perform meet the standards set forth by the American Institute of Certified Public Accountants. These standards cover compliance frameworks for areas such as financial reporting, security, availability, confidentiality and privacy. As one of the nation’s leading issuers of SOC reports, Grant Thornton believes SOC.x will significantly enhance the current SOC process in the marketplace.
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“SOC reports are how service providers imbue their customers with trust and confidence — demonstrating that they take compliance and data security seriously,” said Nicole Julius, the national leader of Grant Thornton’s Strategic Assurance and SOC Services solutions. “But creating SOC reports is complex and time consuming, which is where SOC.x comes in.”
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SOC.x provides Grant Thornton’s professionals with a web-based application that features standardized reporting templates and a ‘test once, report many’ approach to removing duplication, as well as a wide range of productivity tools and simplified quality-review capabilities. The platform also allows Grant Thornton’s teams to collaborate across multiple engagements for a single client. In addition, SOC.x allows the firm’s professionals to collaborate using tools that include standard interfaces, dashboards, comment threads and status reporting. This helps ensure consistent SOC reporting nationally and internationally.
Partnering with Quisitive to tap the Microsoft Azure cloud
Historically, companies that produce SOC reports use relatively low-tech business applications and processes, such as spreadsheets, file collaboration sites and ticketing systems. Automation has been rare and most companies still compile SOC reports in something of a legacy fashion.
SOC.x brings this type of reporting into the era of web-based cloud computing by using Microsoft’s powerful Azure platform. Tapping into Azure allowed Grant Thornton to move SOC reporting onto one single platform that its professionals can ubiquitously access, while enjoying greater automation, standardization and collaboration.
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