Blog  GhostWatch Case Study – Streamlining SOC 2 Compliance

Open Technology Solutions, LLC (OTS) is a Credit Union Service Organization (CUSO) and Fintech that delivers innovative and competitive technology solutions to support the goals of financial services businesses. By prioritizing cutting-edge advancements, OTS empowers credit unions and other financial services organizations to meet their operational objectives efficiently and effectively. Here we discuss how GhostWatch streamlined their SOC 2 compliance journey. 

The Need for SOC 2 Compliance 

Client Requirements and Drivers for SOC 2 Certification 

Our client, OTS, deeply understands the critical importance of data security and compliance within the financial industry. As their business grows, demonstrating a steadfast commitment to protecting the confidentiality, integrity, and availability of their stakeholders’ sensitive data is paramount to their continued success.  

OTS chose to pursue SOC 2 certification, a globally recognized standard that verifies its internal controls and processes align with the stringent requirements set by the American Institute of Certified Public Accountants (AICPA). 

Importance of SOC 2 Compliance 

In the competitive and highly regulated financial technology sector, SOC 2 compliance is essential for several reasons: 

• • Data Security: Ensures robust protective measures are in place to safeguard sensitive customer data. 
  • Operational Integrity: Enhances the reliability and integrity of systems, which is crucial for the seamless execution of financial transactions.
  • Customer Assurance: Provides clients with confidence that their data is being managed securely and responsibly, thereby fostering trust and loyalty. 

However, achieving SOC 2 compliance is no simple task. Recognizing the complexities involved in meeting the certification requirements, OTS acknowledged the need for a trusted partner who could guide them through this intricate process, help identify and address any compliance gaps, and ultimately secure SOC 2 certification. 

Choosing GhostWatch as the Compliance Partner 

Reasons for Selecting GhostWatch’s SOC 2 Compliance Services 

When it came to selecting a compliance partner, OTS chose GhostWatch for several compelling reasons: 

• • Centralized Management System: GhostWatch offers a comprehensive platform where clients can manage end-to-end compliance activities seamlessly. 
  • Controls Mapping: The platform includes robust controls mapping activities, which are critical in preparing for upcoming certifications. This feature ensures that all necessary controls are identified and aligned with SOC 2 requirements. 
  • Expert Guidance: The GhostWatch team offers continuous guidance and support tailored to the client’s needs throughout the entire compliance process. 

GhostWatch’s Expertise and Proven Track Record 

GhostWatch stands out due to its extensive expertise and proven track record in helping organizations achieve their compliance objectives. Their services encompass: 

• • User Onboarding: Smooth and efficient onboarding processes for new users. 
  • Pre-Configuration of Programs: Ready-to-use configurations that simplify the initial setup and ongoing management of compliance programs.
  • Controls Mapping to Compliance: Detailed mapping of controls to ensure full alignment with SOC 2 requirements. 
  • Productivity Integrations: Seamless integrations with other productivity tools, enhancing overall efficiency. 
  • Technical Training: Comprehensive training sessions to equip client teams with the necessary skills and knowledge. 
  • Priority Support: Dedicated support to address any issues or queries promptly. 
  • Advanced Reporting: In-depth reporting capabilities that provide valuable insights into compliance status and progress. 

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GhostWatch’s Approach to SOC 2 Compliance 

Detailed Overview of the Steps Taken by GhostWatch 

The journey with GhostWatch began with an onboarding and introduction session, followed by comprehensive training programs. These sessions covered essential aspects such as: 

• Navigating the Platform (Hyperproof): Ensuring that the client was fully adept at using the main compliance platform. 
• Setting Up Programs and Controls: Guidance on setting up compliance programs and defining necessary controls. 
• Proofs and Labels: Instruction on how to manage proofs and labels within the platform. 
• Platform Features: Training on additional features like integrations and automated evidence collection. 
• Audit, Risk, and Vendor Assessment: Detailed walkthroughs of the audit, risk management, and vendor assessment modules. 

To maintain alignment throughout the audit cycle, regular touchpoint meetings were scheduled with the client. 

Readiness Assessment and Gap Analysis 

With the commencement of the SOC 2 Accelerator, Hyperproof served as the primary platform for the gap assessment. The process involved: 

• • Creating the SOC 2 Program: Including all applicable requirements and controls for the chosen Trust Criteria—Security, Availability, Confidentiality, Processing Integrity, and Privacy. 
  • Logging and Tracking Remediation Needs: Identifying controls that required remediation and systematically logging, tracking, and addressing them within the platform. 

Implementation of Necessary Controls and Policies 

GhostWatch facilitated easier and more efficient submission of artifacts through its Request for Information (RFI) feature in the Audit module. This process included: 

• • Mapping and Linking Artifacts: Each artifact was mapped and linked to the applicable controls, ensuring that every control requirement was satisfied. 
  • Re-use of Proof: Allowed for ease in evidence management by eliminating the need for manual uploading of evidence for each relevant control. 

Preparation for the Audit and Certification Process 

Throughout the audit and certification process, the platform was extensively utilized by both the client and the auditor. Key activities included: 

• • Engagement with Control Owners: Regular interactions with control owners to ensure the effectiveness of the controls in place. 
  • Assessment of Submitted Proofs and Samples: Careful evaluation of submitted proofs and samples to ensure they aligned with respective control activities. 

Overcoming Challenges with GhostWatch 

Throughout the compliance journey, OTS encountered several challenges, including: 

• • Access to Templates: Navigating various industry standards and regulatory frameworks required access to a wide array of templates. 
  • Controls Mapping: The need to map controls to multiple regulatory standards added complexity to the compliance process. 
  • Manual Evidence Submission and Tracking: Managing the submission and tracking of evidence manually was time-consuming and prone to errors. 

How GhostWatch’s Expertise and Guidance Helped Overcome These Challenges 

GhostWatch played an instrumental role in overcoming these obstacles by offering tailored solutions: 

• Extensive Template Library: With over 80 industry framework templates readily accessible within the platform, OTS could easily align its practices with relevant standards. 
• Comprehensive Controls Mapping: GhostWatch provided robust mapping capabilities that identified control gaps and allowed for the re-purposing of proofs across different frameworks, streamlining the compliance process. 
• Centralized Management System: By centralizing controls, audit processes, proof management, and issue tracking within one cohesive system, GhostWatch significantly improved efficiency and reduced the likelihood of errors. 

Results and Benefits 

The SOC 2 audit engagement managed through GhostWatch was a resounding success for OTS. Despite encountering a few areas for improvement within the platform, the continuous guidance provided by the GhostWatch Support team and the collaborative effort of all stakeholders ensured a positive outcome. 

Measurable Benefits for the Client Organization 

Achieving SOC 2 certification brought several significant benefits to OTS: 

• • Improved Security Posture: By implementing and maintaining rigorous controls, OTS enhanced its overall security posture, effectively safeguarding sensitive data. 
  • Increased Customer Trust: The certification provided assurance to clients that their data is handled securely and responsibly, fostering greater trust and loyalty. 
  • Operational Efficiency: Utilizing GhostWatch’s centralized management system streamlined compliance processes, reducing time and resources spent on manual tasks. 
  • Regulatory Compliance: Meeting SOC 2 requirements positioned OTS favorably within the heavily regulated financial technology sector, ensuring adherence to industry standards. 

Through the partnership with GhostWatch, OTS not only achieved SOC 2 certification but also fortified its reputation as a secure and reliable service provider, paving the way for continued growth and success. 

The Path to SOC 2 Compliance Success 

This case study highlights the significant journey OTS took to achieve SOC 2 certification, emphasizing the importance of data security and compliance within the financial industry. Key takeaways include: 

• • Strategic Partnership: OTS selected GhostWatch for its comprehensive compliance services, robust platform features, and expert guidance. 
  • Structured Approach: GhostWatch’s systematic methodology included thorough onboarding, training, readiness assessments, and continuous support. 
  • Overcoming Challenges: By leveraging GhostWatch’s extensive template library, comprehensive controls mapping, and centralized management system, OTS effectively navigated the complexities of SOC 2 compliance. 
  • Measurable Benefits: Achieving SOC 2 certification enhanced OTS’s security posture, increased customer trust, improved operational efficiency, and ensured regulatory compliance. 

Partnering with GhostWatch proved invaluable for OTS, providing them with the necessary tools, expertise, and support to successfully achieve SOC 2 certification. GhostWatch’s end-to-end compliance solutions and dedicated guidance transformed a challenging process into a streamlined and efficient journey, ultimately positioning OTS as a secure and reliable leader in their industry. 

Ready to simplify your journey to SOC 2 compliance with GhostWatch? Contact our Experts today.