As of the latest SSAE 18 and SOC 2 updates, vendor management and review of any relevant compliance / audit reports (SOC 1, SOC 2, HITRUST, ISO 27001/2, PCI, etc.) has become a key component of monitoring for potential security and compliance risks when outsourcing functions that use a third party’s data.
What is SSAE 18 (formerly SSAE 16)?
The SSAE 18 audit standard is a framework for reporting on an examination of controls at a service organization relevant to user entities’ internal control over financial reporting.