SOC Audits Explained: Type 1 vs Type 2, SOC 1 vs 2 vs 3 (TPRM Framework 2026)
What is a SOC audit? Many of you have heard about SOC 2 audit reports or even SOC 3. In this video, I break down exactly what SOC audits are, the three categories (SOC 1, SOC 2, SOC 3), and the two types (Type 1 vs Type 2), so you can make informed vendor risk decisions as a TPRM analyst.
What You'll Learn:
✅ What is SOC audit (Service Organization Control definition)
✅ SOC 1 vs SOC 2 vs SOC 3 (key differences & when to use each)
✅ Type 1 vs Type 2 audits (point-in-time vs 12-month continuous testing)
✅ Trust Service Criteria (5 pillars: security, availability, confidentiality, processing integrity, privacy)
✅ Why SOC audits matter for third-party risk management
✅ Decision matrix: Which SOC audit your vendors should have
✅ Real-world vendor examples (AWS, Okta, Stripe, DataDog)
SOC Audit Categories Explained:
SOC 1: Financial reporting controls → Skip in TPRM
SOC 2: Security, availability, confidentiality, processing integrity, privacy → Your focus (NDA-protected)
SOC 3: Public version of SOC 2 → For screening & regulatory compliance
SOC Audit Types Explained:
Type 1: Point-in-time assessment → Weak (no operational testing)
Type 2: 12-month continuous testing → Gold standard (proves effectiveness)
Who This Video Is For:
TPRM Analysts | Risk Managers | Compliance Officers | Vendor Management Professionals | Security Leaders | Internal Auditors | Procurement Teams | Startup CTOs | GRC Professionals
Why This Matters:
Over 60% of organizations have been hit by third-party vendor breaches. Regulators now mandate fourth-party risk assessments. Insurance providers are DENYING claims for unmanaged third-party risk. Your board is asking questions SOC audits are your answer.
Frameworks Covered:
SOC audit decision matrix | Vendor risk stratification | Third-party assessment hierarchy | Trust service principles | Compliance and regulatory perspective
Related Videos You Should Watch:
Fourth Party Risk Management: 5-Step Playbook
TPRM for Startups: Compliance Checklist
Vendor Risk Assessment Framework
SOC 2 Type 2 Audit Process Explained
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