Trust and Transparency solutions

Building commercial advantage from reliable and trusted third party relationships, processes and systems.

Many organisations depend on third party service providers for a range of critical services and support including hosting or managing financial and non-financial information, providing critical business functions and delivering on major infrastructure initiatives. Businesses stay competitive by using multiple customer and vendor relationships and accessing specialized solutions and skills. This advantage, however, offers challenges around protecting your reputational, financial, operational and compliance requirements as your dependence on third parties increases.

Your management, board and shareholders demand confidence in the controls and compliance capabilities of suppliers, vendors and service organisations. Service organizations must demonstrate that they have proper internal controls in place when they host / process your data or undertake to execute part of your business operations. You can outsource activity but not the responsibility!!

Trust is a premium asset!! Knowing your business partners and vendors is critical to maintaining the trust and confidence of your customers and stakeholders.

 

Controls Assurance Reporting

Organisations can effectively communicate accurate information about their risk management and controls framework through a controls assurance report. Through a broad range of assurance reporting services such as ISAE 3402, ISAE 3000 (internationally accepted standard similar to SOC 1, SOC 2) and Agreed Upon Procedures we can help you assess your control posture with a focus on controlling costs, mitigating risk and enhancing trust and transparency.

We can help you:

  • Provide the comfort and assurance your customers, suppliers, regulators and additional stakeholders need;
  • Prepare objective reporting about your control environment on which multiple customers and auditors can rely; and
  • Identify weaknesses and risks.

 

Third-Party Assurance / Controls over Financial Reporting (ISAE 3402, SOC 1)

Through the use of controls assurance reports (i.e. US-related SOC 1 or internationally accepted ISAE 3402) we provide transparency into organisations’ functions, processes, technology and controls that impact clients’ financial transactions and financial reporting processes. Typically, the traditional user audience of such reports are accounting departments and internal and external audit stakeholders.

Third-Party Assurance / Beyond Controls over Financial Reporting (ISAE 3000, SOC 2)

Emerging technology and regulatory developments such as block chain, cloud, electronic patient health information, GDPR, and outsourcing regulation require organisations to look beyond the risks related to financial reporting.

Through the use of controls assurance reports (referred to as SOC 2 or ISAE 3000 using relevant and applicable industry controls standards, e.g. Trusted Service Principles or COSO/CoBiT Frameworks), we provide organisations and (internal and external) stakeholders with comfort when it comes to operational risk areas focusing on, for example, (cyber) security, (data) privacy, service availability, integrity and confidentiality. The typical (end) user audience of our reports is broad and ranges from internal / intra-group service recipients (e.g. IT shared service centres), recipients of outsourced services (e.g. data centre co-location services, cloud service providers, managed technology / IT services), regulators, customers and sometimes even the public in general.

 

 

 

We can assist you and provide you with assurance reporting services in the following areas:

  • Outsourcing business and IT operations
  • Funds / Asset Management Services
  • Investments and Pension plans
  • GDPR Assurance
  • AML Assurance
  • Data Centre hosting
  • Payments (SWIFT CSP, PSD2)
  • Cyber Assurance

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Contact us

Constantinos Taliotis

Partner - Assurance, In charge of Energy Team, PwC Cyprus

Tel: +357-22555000

Sophie Solomonidou

Director, Assurance, PwC Cyprus

Tel: +357-22555150

Demos Demou

Senior Manager - Assurance, PwC Cyprus

Tel: 35722555056

Constantinos Koumides

Manager, PwC Cyprus

Tel: +357-22555216

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