Sometimes it seems like every source of information has a vastly different standard for what is enough, and it is difficult to know who to trust. For instance, some will insist that startups basically need to hire a full-time personnel to perform the risk assessment! 

Does SOC 2 Mandate Risk Assessment? 

You may have heard it said before, and we at Render Compliance have even said, that there are no prescribed controls for the SOC 2 framework. And this is generally true. The SOC 2 framework dictates that the organization formulates its own controls to meet the standardized Trust Services Criteria.  

However, risk assessment is built into the SOC 2 framework and accompanying requirements. It formulates the critical process through which management must determine which controls should be in place. It’s effectively a control that all the other controls are built on. 

So effectively – yes, risk assessment is required for SOC 2 compliance. 

What type of risk assessment do I need? 

The details of a risk assessment may vary based on factors such as the organization’s size, industry, operations, and system complexity. Each company must decide the appropriate form of assessment. At a minimum, however, the process should include:

A) interviewing department heads or team leaders to identify critical assets,

B) analyzing what are the primary threats to those assets, and

C) prioritizing response and remediation of those risks.