How a service organization control report can help cover your major liabilities
At a time when each dollar counts & every standard must be met, there are just so many factors that go into a thriving business. Sure, there are details involving positive employee morale that should be addressed, but there are substantial financial & private information risks that can’t be overlooked. These liabilities can be mapped out by an in-house team or an experienced service organization control audit firm. Regardless of which route you choose to take, remember to tackle these risks head on – before any problems have a chance to arise.
1) Inadequate Information Protection & Compliance Failure 
Countless businesses have almost gone under due to poor information protection planning & simply not having the foresight to be compliant in all the right areas. With an enterprise business, you don’t just prepare for the worst & pray for the best. You prepare for the worst, but then you take action to achieve the best possible outcome. By identifying current shortcomings & building a plan to meet compliance regulations, you can protect yourself from problems that may not be here today, but can show up at anytime, unannounced.
Consequences for Compliance Failure May Include:
- Loss of trust from shareholders
- Loss of “Good Standing” with state government & legal protection
- On-the-spot fines that can eclipse the $10,000 mark
- Withdrawal of operations/business license
2) Mishandled Production Process & Poor Quality Assurance
The services you perform can be your best advertising channels. With a solid quality assurance plan, you can be sure that your services is Super Bowl-commercial-ready. This will not only build a reputation of consistency, but also protect you from having to recoup your losses, should you have a hiccup along the way. However, not having a damage control protocol in place could hurt you later on, resulting in the loss of a client, bad word of mouth & discouragement among investors.
3) Missed Opportunity Costs
They say you have to spend money to make money, however you shouldn’t be investing more than your possible return. Take a step back & identify wasteful areas in the process. By giving a third party perspective, an experienced service organization control team can help map out these shortcomings & provide more efficient alternative, yet secure, methods that cut back on overhead costs & increase your end-of-the-month bottom line.
The SOC experts at Holbrook & Manter specialize in identifying risk factors for businesses & implementing plans to protect organizations long into the future. Contact us today to learn more about the biggest risks to your company & how you can minimize them.