SOC1 Controls Notes in SG – 51 Security

Objectives should be reviewed and agreed upon by company leadership and CPA partner.

Controls provide reasonable assurance that cash and security positions are completely and accurately reconciled between the application and the depositories in a timely manner.

Controls provide reasonable assurance that transactions are authorized and received only from authorized sources.

Controls provide reasonable assurance that transactions are entered, processed, recorded and reported in a accurate manner.

Controls provide reasonable assurance that transactions are entered, processed, recorded and reported in a complete manner.

Controls provide reasonable assurance that transactions are entered, processed, recorded and reported in a timely manner.

Controls provide reasonable assurance that transactions are validated in complete, accurate, and timely manner.

Controls provide reasonable assurance that asset and liability balances relate to rights or obligations of the user entity.

Controls provide reasonable assurance that asset, liability and equity interest balances are reported in accurate amounts.

Controls provide reasonable assurance that transactions are recorded and reported in the proper accounts.

Controls provide reasonable assurance that balances represent all asset, liability, and equity interest balances that should have been recorded.

Controls provide reasonable assurance that balances represent valid asset, liability, and equity interest balances and are classified properly.

Refer to OBJ-1 in agreed upon list of objectives.

Refer to OBJ-2 in agreed upon list of objectives.

Refer to OBJ-3 in agreed upon list of objectives.

Refer to OBJ-4 in agreed upon list of objectives.

Refer to OBJ-5 in agreed upon list of objectives.

Controls provide reasonable assurance that new customers are set up accurately and completely, according to the contractual agreement.

Controls provide reasonable assurance that data input controls ensure the processing and accuracy of output files.

Controls provide reasonable assurance that employees and contractors understand their responsibilities and are suitable for the roles for which they are considered. Controls ensure the reduction in risk of theft, fraud, and misuse of facilities.

Controls provide reasonable assurance that management provides oversight, segregates duties, and guides consistent implementation of security practices.

Controls provide reasonable assurance that client transactions are initially recorded completely, accurately, and in a timely manner.

Controls provide reasonable assurance that client transactions are processed in a timely manner and reported in accordance with client-specific business rules.

Controls provide reasonable assurance that production and business problems are identified, recorded, analyzed, and resolved completely and in a timely manner.

Controls provide reasonable assurance that system availability is monitored and issues are identified and resolved on a timely basis.

Controls provide reasonable assurance that new customers are established on the system in accordance with the applicable contracts and requirements.

Controls provide reasonable assurance that maintenance instructions are properly authorized, recorded completely and accurately, and processed timely.

Controls provide reasonable assurance that invalid transactions and errors are identified, rejected, and correctly re-entered into the system in a timely manner.

Controls provide reasonable assurance that the contents of data files remain complete and accurate, and the correct versions of all data files are used in processing.

Controls provide reasonable assurance that adjudicated claims are paid in a complete, accurate, and timely manner.

Controls provide reasonable assurance that customer invoices and funding requests are authorized and processed in a complete, accurate, and timely manner.

Controls provide reasonable assurance that reports provided to customers are complete, accurate, and timely.

Controls provide reasonable assurance that claims are received only from authorized sources.

Controls provide reasonable assurance that claims received are entered in a complete, accurate, and timely manner.

Controls provide reasonable assurance that claim adjustments are authorized and processed in a complete, accurate, and timely manner.

Controls provide reasonable assurance that claim actions for subrogation, coordination of benefits, and other recoveries for submitted claims are processed in a complete, accurate, and timely manner.

Controls provide reasonable assurance that enrollment and eligibility information received from customers is authorized and processed in a complete, accurate, and timely manner.

Controls provide reasonable assurance that group and benefits contracts are authorized and that contract terms are established and maintained in a complete, accurate, and timely manner.

Controls provide reasonable assurance that provider contracts are authorized and provider data is established and maintained in a complete, accurate, and timely manner.

Controls provide reasonable assurance that asset purchase and redemption transactions are authorized and complete, accurately traded, and recorded in a timely manner.

Controls provide reasonable assurance that client information and data is imported securely during onboarding to the organization’s private system.

Controls provide reasonable assurance that contributions and loan payments are authorized and completely and accurately processed and recorded in a timely manner.

Controls provide reasonable assurance that defined contribution plans set up on the application are authorized by plan sponsors and completely and accurately processed and recorded in a timely manner.

Controls provide reasonable assurance that requests for new fee setup, changes, corrections, terminations, and reversals are completely and accurately processed and recorded in the application in a timely manner.

Controls provide reasonable assurance that investment income, dividends, corporate actions, and participant account values are completely and accurately calculated, processed, and recorded in a timely manner.

Controls provide reasonable assurance that invoice routing functionality is accurate.

Controls provide reasonable assurance that loan requests are authorized and completely and accurately processed and recorded in a timely manner.

Controls provide reasonable assurance that new funds and changes to funds are authorized and completely and accurately implemented in a timely manner.

Controls provide reasonable assurance that participant enrollments and changes to participant data are authorized, and completely and accurately processed and recorded in a timely manner.

Controls provide reasonable assurance that changes to plan data are authorized, and completely and accurately processed and recorded in a timely manner.

Controls provide reasonable assurance that plan and participant statements are accurate, complete, and provided to or sent to the plan sponsors or participants in a timely manner in accordance with contractual agreements.

Controls provide reasonable assurance that plan distributions and payments to participants are authorized and completely and accurately processed and recorded in a timely manner.

Controls provide reasonable assurance that participant-initiated transfers and changes in investment allocations are authorized and completely and accurately processed and recorded in a timely manner.

Controls provide reasonable assurance that account statements and client reports detailing client account holdings and market values are complete, accurate, and provided to clients in a timely manner.

Controls provide reasonable assurance that investments are settled in a complete, accurate, and timely manner.

Controls provide reasonable assurance that custodians are informed of transactions in a complete, accurate, and timely manner.

Controls provide reasonable assurance that corporate action notices are identified and received from an authorized source and are updated in the system in a complete, accurate, and timely manner.

Controls provide reasonable assurance that security positions and cash balances reflected in the portfolio accounting system are reconciled in a complete, accurate, and timely manner to actual positions and balances held by custodians.

Controls provide reasonable assurance that investment management fees and other expenses are authorized, calculated, and recorded in a complete, accurate, and timely manner.

Controls provide reasonable assurance that interest, dividend, and other income information is received from an authorized source and recorded in a complete, accurate, and timely manner.

Controls provide reasonable assurance that cash received for interest and dividends is processed in a complete, accurate, and timely manner.

Controls provide reasonable assurance that investment transaction instructions are authorized and entered into the system in a complete, accurate, and timely manner.

Controls provide reasonable assurance that portfolio guidelines are monitored and exceptions are identified and resolved in a complete, accurate, and timely manner.

Controls provide reasonable assurance that allocations are approved by a portfolio manager.

Controls provide reasonable assurance that block orders are allocated to clients on a pro rata basis for equity trades and a predetermined allocation for fixed-income trades.

Controls provide reasonable assurance that loans and collateral are authorized and processed and recorded in a complete, accurate, and timely manner.

Controls provide reasonable assurance that collateral on loans is invested in accordance with the lender agreement and recorded and monitored in a complete, accurate, and timely manner.

Controls provide reasonable assurance that loan repayments are processed and recorded completely, accurately, and in a timely manner.

Controls provide reasonable assurance that money movement (receipts and disbursements) is authorized and processed in a complete, accurate, and timely manner.

Controls provide reasonable assurance that net asset values are authorized and calculated in a complete, accurate, and timely manner.

Controls provide reasonable assurance that new accounts are authorized and set up in accordance with client instructions and guidelines in a complete, accurate, and timely manner.

Controls provide reasonable assurance that account modifications are authorized and implemented in a complete, accurate, and timely manner.

Controls provide reasonable assurance that new account holdings and cash are reconciled to custodian bank statements in a complete, accurate, and timely manner.

Controls provide reasonable assurance that security prices are received from an authorized source and updated in a complete, accurate, and timely manner.

Controls provide reasonable assurance that new securities and changes to existing securities are authorized and entered in the security master file in a complete, accurate, and timely manner.

Controls provide reasonable assurance that price overrides are authorized and processed in a complete, accurate, and timely manner.