According to Ryan Manis, Roydan’s Chief Operating Officer, “We believe the SOC 1 examination is the best way to show that Roydan operates under sound business practices and is trustworthy and reliable.”
The SOC examination culminates in a report that offers insight into how service organizations handle a customer’s financial data. Currently, Roydan has completed a SOC 1 examination, but there are plans to complete additional examinations moving forward. “We will continue with the SOC process annually. Moving forward next year, Roydan will prepare for a SOC 2 examination. The end goal is to become a SOC 2 Type 2 service provider by the end of 2020,” Manis notes.
The examination process began late in February. It was a three-step process in which the Roydan team worked with the accounting and advisory firm Baker Tilly to complete the examination. Prior to working with Baker Tilly, Roydan reached out to its valued customers to determine the type of control information their clients typically request them to provide. After we obtained this information, Baker Tilly conducted a readiness assessment, which provided insight into the type of controls that were important to include in our SOC report. We worked hard to integrate our customer’s needs as we developed the right mix of controls.
Once the readiness assessment was complete, it was up to our team to produce the documentation necessary to prove that we had executed each of the predetermined controls for our SOC report. After this step was completed, Baker Tilly came back on-site to help us remediate any gaps in our processes and procedures. Finally, after all these steps were completed, we went through the official SOC examination.
The SOC designation is just another way that Roydan puts the customer first. “It demonstrates the level of commitment we have to operating our organization based on industry best practices, while continually looking for ways to run our business more efficiently,” Manis concludes.