The purpose of SOC reporting is to give insights into business-to-business relationships. Neha Patel, Partner-in-Charge, IT Advisory Services, Weaver, and Alexis Kennedy, Senior Manager, IT Advisory Services, Weaver, joined Beyond the Numbers to talk about the importance of SOC reporting in supply chain management, which is a critical component of many businesses.
“The force behind these reports is to allow a business to gain a more transparent look into the operations of the companies they are entering into a relationship with,” Kennedy said. “The SOC for supply chain is also designed to provide the users with information that they may use to assess and manage the risk that may arise from the relationship with that particular supply chain vendor.”
“The whole premise of this ‘SOC for supply chain’ is to highlight and give more transparency to what dependencies there are throughout that life cycle,” Patel said. “When you think about the world today, there are global dependencies, timelines, dependencies on delivery—companies manage those risks. So, if a company has a dependence on a producer, or supplier or delivery organization, any impact to those tangential elements could impact their ability to operate effectively."
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