What Is Compliance Risk Management?

Compliance risk management is the process of mitigating the risks of non-compliance with applicable industry best practices, regulations, or standards, such as SOC 2. Those risks can include fines and penalties, as well as loss of business and degradation of reputation and trust.

SOC 2 is built upon the System and Organization Controls (SOC) framework developed by the American Institute of Certified Public Accountants (AICPA). That foundation of that framework is five Trust Services Criteria (TSC) — Security, Availability, Processing Integrity, Confidentiality, and Privacy. Non-compliance with SOC 2 can therefore threaten your company’s ability to protect critical information and technology resources.

Compliance with SOC 2 can help you identify and mitigate multiple business risks. Examples range from cybersecurity threats to access rights of terminated employees remaining active. These and other risks can not only compromise compliance but can result in damaging and expensive business disruptions. SOC 2 compliance can therefore help to improve overall compliance risk management, risk assessment, and risk mitigation.

How Trustero Can Help

Trustero Compliance as a Service (CaaS) is cloud-based, easy-to-use compliance automation software. It is designed to simplify SOC 2 audit readiness and enable continuous compliance. The Trustero solution also constantly monitors key components of your technology infrastructure. Trustero CaaS can notify administrators when a component fails or falls out of SOC 2 compliance.

In addition, Trustero Compliance as a Service can produce reports on the status of your SOC 2 compliance and your technology landscape, regularly and on demand. These reports can aid your compliance risk management efforts. They can also help you evolve your technologies and compliance efforts as business needs and compliance requirements evolve.

Learn more:
Read “SOC 2 Compliance: Recognize and Reduce Risk

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