they research and offer financial advice for companies lend money and provide underwriting services insurance companies require payments for certain aspects of life such as homeowner ship and automobiles they offer packages based on activity and risk pooling the risks of groups with similar risks
The SOC1 (SSAE16 Type II) audit is widely recognized for the intensive scrutiny it puts service organizations through, in terms of their control activities related to information technology and related processes.
Besides technology, people and processes are the pillars of a successful SOC. As stated above, a SOC is a team; and as in every winning team, all rules must be fulfilled properly. Leaders (and leadership) will be needed, while engineering roles, analyst roles, and operations roles will have to be covered. Many functions must be carried out and analysts will be assigned to two or three tiers.