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SSAE18, SOC 1, SOC 2 - What Do I Need?

We will explore the different types of SOC reports provided by vendors and highlight the best items that should be requested from vendors.

OnDemand
Recorded Monday,
August 9th, 2021
Presented by Shane Daniel
2h total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Risk Management/Legal
  • Commercial Lender
  • Internal Auditor
  • IT Professional
  • Privacy Officer/Information Security Professional
  • Security Officer
  • Senior Management

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Each of our regulators say this in a similar way, we must understand the security controls of a third party “to the same extent” as we understand our own internal controls. This is challenging, as some of our vendors share few details about controls. Our industry currently relies heavily on the new SSAE18 Audit Report and the Service Organization Control (SOC)2 reports provided by vendors. What are the differences between these two reports, and which should we be requesting? And once we obtain them, how do we understand the security controls to the “same extent” as our own?

We will explore the different types of SOC reports provided by vendors and highlight the best items that should be requested from vendors. Each of these reports serves a different purpose and will provide different value to your institution. In addition to what reports to ask for, we will explore them in detail to highlight what to look for and how to fill in the gaps to ensure your understanding security to the “same extent”.

What You'll Learn

  • Third Party Management best practices
  • Fourth Party Management assistance
  • Updated Regulatory Expectations
  • Existing Regulatory Review
  • SSAE16 vs SSAE18 standard changes
  • SOC1, SOC2, SOC3 Audits
  • SOC Reports Type 1 and Type 2
  • Other items useful in vendor reviews
  • Detailed due diligence and contract questions

Who Should Attend

Information Security Officer, IT Manager, Risk Officer, Internal Auditor, CFO, and Executives looking to understand the risk around Vendor Management.

Shane Daniel

Instructor Bio

Shane Daniel is a Senior Information Security Consultant for SBS CyberSecurity, where he works to help organizations identify and understand cybersecurity risks to allow them to make better and more informed business decisions.

As a former community bank internal auditor and compliance officer, Shane has over 27 years of experience helping financial institutions manage risk and profitability. He is driven to be an expert in his field by maintaining a variety of premier industry certifications, including Certified Public Accountant (CPA), Certified Information Systems Auditor (CISA), Certified in the Governance of Enterprise IT (CGEIT), Certified in Risk and Information Systems Control (CRISC), and a Certified Internal Auditor (CIA). Shane specializes in risk management, information technology audit, Bank Secrecy Act independent testing, compliance management, information security, and internal audit outsourcing.

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