REGTECH FOR SOC1
See how to increase the value of your platform by implementing RegTech for SOC1
PLATFORM SUPPLIER CHALLENGES
SOC1 approval can give customers confidence in a new platform. Selling your platform with a revenue integrity certification gives you a distinct unique selling point (USP) and an opportunity to increase your platforms ticket price. In short, this provides a positive differentiator between your platform and the competitions.
Technology that delivers... Revenue Integrity Business Assurance Compliance Risk
Our RegTech supports the challenges that Governance, Risk and Compliance (GRC) teams face while looking to gain SOC1 (system operational controls) compliance. This supporting technology can verify your own in-house designed and developed platform solution for customer on boarding, order management and billing platforms. Maintaining assurance over revenue integrity is a key part of SOC1 approval, fundamentally validating overall business process accuracy, timeliness and completeness. This assurance must cover record creation, record transportation, processing, applied business rules, VAT application and arithmetic.
Whether you are looking for a Type 1 or Type 2 SOC1 report, ImperiumTM can help and form the invaluable heart of your external audit support functionality.
There is an ever-increasing number of solution providers coming to market and therefore to have a formal certification as a differentiator is a significant advantage. The scope of the approval can cover everything from manage customer orders, SKU & Warehouse stock movement, fulfilment, and billing.
A Typical eCommerce platform design for SOC1 approval is shown below:
These solutions are often being developed at a rapid rate to maintain their functionality lead in the market and are operated in an agile design environment. Keeping track of software changes can become a challenge along with also managing new feature releases. Using ImperiumTM as a revenue integrity check, you can validate if new releases (while enhancing functionality) are negatively affecting the primary business and revenue controls wired into the platform.
Using our RegTech solution enables a SOC1 approved sale process, meaning you can re-sell the time and cost savings normally taken by external audit on the eCommerce sales recognised and delivered by the platform.
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