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Next Steps When Your Vendor’s SOC Report Has Issues


January 24, 2024

Reviewing a vendor’s SOC report can be challenging enough, so what happens if the SOC report is filled with issues that the auditor found? Terms like “qualified opinion,” “adverse opinion,” “disclaimers,” and “exceptions” are significant enough for further review.

Your credit union will need to determine if you pass on the vendor relationship or mitigate or accept the risk and this infographic will help you make that decision. Download this resource to learn next steps to take when you have an unfavorable vendor SOC report on your hands.

Download to learn:

  • Common misconceptions with SOC reports
  • Four next steps after an unfavorable vendor SOC report
  • Three reminders about vendor SOC report reviews 

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About Venminder

Venminder is an innovative, customer-motivated company that is mission-driven to help solve the many challenges organizations face when managing risks from outsourcing to third parties.

Venminder provides a dedicated platform to empower effective end-to-end lifecycle management and mitigation of third-party risks. Venminder creates long-term collaborative partnerships with their customers, providing implementation assistance, product and best practices training, ongoing support, access to expertise and more.