SOC Certification for Your Professional Services Business: What You Need to Know, Part Three
By: John Erickson – CEO of Credit Service Intl. – Content Editor of R.O. Hammer Companies
In this three-part blog series, we are discussing 1) What SOC certification is and its benefits, 2) the costs and time commitment involved in SOC certification, and 3) how to prepare for the SOC certification process..
In our first blog post on this topic, we discussed what SOC certification is and its benefits. In our second post, we discussed the costs and time commitment involved for certification. Now, let’s dive into the details of our third point: How to prepare for the SOC certification process.
How to Prepare for the SOC Certification Process
Identify Your Goals: If you are considering achieving SOC certification, the best place to start is to identify your business’s primary purpose for wanting to achieve the assurance. Common motivations include compliance, organizational optimization, sales, or meeting existing or potential client requirements. Defining your goals will allow you to start gathering the knowledge required to make an educated decision about what SOC certification path is right for your business. This will also help you begin to understand the time commitment required for the project, as well as the budgetary requirements.
Engage a Professional: If you have begun to define your goals for achieving SOC certification, reach out to potential vendors. The right vendor will be able to help you identify what the process will look like for your business. This can include an assessment of where you are in terms of preparedness, as well as some actionable next steps to get you moving in the right direction. Give a clear picture about your goals for achieving certification, and be upfront about your current level of organizational sophistication and SOC knowledge. Good SOC firms have worked with a broad range of clients, both large and small, as well as veteran clients and clients that are new to the process.
Understand the Requirements: Familiarize yourself with the requisite SOC certification criteria. If you have connected with a potential vendor and the vendor has provided you with some instruction, this process will be much easier. This knowledge will allow you to make more educated decisions about choosing the right certification for your organization, as well as developing a plan allocating resources. Understanding the requirements will also allow your team to prepare as much as possible prior to beginning the process which ultimately will save you time, headaches, and money.
After choosing the certification you intend to work towards, familiarize yourself with the controls that are required for that specific assurance. Again, a good vendor will be able to help you affirm the right SOC certification and audit period for your business, as well as provide you some information about getting up to speed on the requirements of each control.
Perform a Gap Analysis: After you have chosen your certification path and connected with one or more potential vendors and gained some insight about the process ahead, complete a gap analysis by assessing your current policies and practices against those required in the controls specific to your certification path. If you have the requisite policies and practices in place, but they are not well documented or are unclear, now is the time to perform clean up and prepare clear and precise documentation. If your analysis has identified policies or practices that need to be implemented and/or generated, then you have taken the first step towards certification. Get to work on getting these items in place. If you need assistance or recommendation for a vendor, the SOC firm or competitor relationships you are developing can be a great resource.
Pro Tip: Do some research and find a good project management software. This will pay dividends as your team works through the SOC certification process. Life will be a lot easier if your team can organize and collaborate across all of the tasks and objectives required to complete the process. There are great options available–many of them for free–and they are easy to use. If your business currently is not using a project management software, once you use one for the SOC process, you will never look back.
The Time Commitment
Understand that the SOC certification process is not quick. For most professional services businesses, it can take anywhere from 6 to 18 months, depending on the variables involved. Preparation, remediation, and the audit itself will require dedicated time and resources.
Take a serious assessment of your team’s availability for each of the following phases:
Initial readiness assessment
Implementing required controls
Conducting internal audits and training
Working with an external auditor for final certification
The SOC process is going to be different for almost every organization and will vary further depending on which certification you choose to pursue. For a business with well-documented policies and procedures that has taken a responsible approach to allocating resources to compliance and security, expect a conservative time commitment of around 100 combined hours. This number can be significantly higher or lower depending on your business’s current status. Gaining insight from a professional will be invaluable to creating an estimate of the human capital required for the project.
What You’ll Learn from the Process
Professional services businesses that have achieved SOC certification often report these key takeaways:
Start Early: The process is complex and requires thorough preparation.
Team Buy-In Is Crucial: Involve your entire team to ensure seamless implementation.
Documentation Matters: Maintaining detailed records is essential for a successful audit.
Choose the Right Partners: A good consultant and auditor can make all the difference.
Continuous Improvement: SOC isn’t a one-and-done process; it’s about creating a culture of ongoing compliance and security.
Closing Thoughts
Achieving SOC certification in 2025 could be a game-changer for your professional services business. It’s an investment in your reputation, security, and operational excellence. While the process requires significant time, effort, and financial resources, the benefits often outweigh the challenges. If you’re considering SOC certification, start planning now to set up your business for success.
Need help navigating the process? Reach out to industry experts who can guide you every step of the way. Here’s to a secure, compliant, and successful 2025!