Fintech PR
Automated compliance audits: Syncron increases efficiency and meets the highest security standards
SoC1, SoC2 and ISO certificates prove the reliable security of financial and IT processes – accelerated by innovative automation
MUNICH, Dec. 11, 2024 /PRNewswire/ — Syncron, one of the leading manufacturers of intelligent service lifecycle management (SLM), has successfully automated its audit process. The new solution enables Syncron to handle compliance audits much faster, more efficiently, and, therefore, more cost-effectively. Syncron is not only improving its compliance processes but also increasing customer satisfaction. This is because around 68% of Syncron customers require proof of security through successful certifications.
“Trust Center” and FedRAMP compliance – exciting prospects for the future
Syncron is committed to further optimizing its automated audit processes to enhance transparency regarding customers’ overall compliance status. Starting in 2025, a centralized Trust Center will provide comprehensive access to all relevant compliance audit information. To support this goal, Syncron has already conducted a preliminary analysis of FedRAMP (Federal Risk and Authorization Management Program) compliance. FedRAMP establishes a standardized framework for the security assessment, authorization, and continuous monitoring of cloud products and services.
Current audits for SoC1, SoC2 and TISAX
Syncron regularly certifies its products and operational processes according to industry-relevant standards, demonstrating its commitment to delivering sophisticated products and services without compromising security. The company holds up-to-date certifications, including SoC, ISO, Skyhigh, and G-Cloud. For the latest SoC and ISO audits, Syncron introduced the new automated approach with outstanding results: all products are now covered by SOC1, with zero major findings, minor findings, or opportunities for improvement (OFIs) in both SOC reports. The company also achieved full recertification under the newest version of ISO 27001:2022 and received attestation against ISO 27017, confirming its application of ISO 27001 standards in the cloud. Not only were there no complaints from the auditors, but service fees for ISO, SOC1, and SOC2 certifications were reduced by almost half compared to 2023, while efficiency increased threefold. Syncron was able to complete all three audits in just two weeks – instead of the three months previously required.
The company owes these results to its new approach to managing complex compliance evidence: Working with a leading audit provider made it possible to centralize and standardize audits that were previously regionally dispersed and fragmented. By centralizing operations, Syncron was able to significantly reduce delays and inefficiencies, meeting customer requirements faster and more effectively.
In the future, Syncron plans to utilize the system also for TISAX certification, which is becoming increasingly important for the German automotive industry. The Trusted Information Security Assessment Exchange (TISAX) evaluates information security, privacy, and data protection, introducing a range of new controls to build trust with key leaders in the automotive sector. A concurrently performed TISAX self-assessment already delivered very promising results.
The key to success: setting up a central control library
A key factor in this success was the creation of a central control library in which requirements from different regulations are linked together, thus avoiding duplicate processing. One component of this is a system that can answer questions automatically, replacing manual, time-consuming processing typically handled by employees. This allows audits to be carried out much more efficiently and accurately.
“Proof of security in the form of certifications is essential for our customers, as they entrust us with their valuable company data,” said Alex Korotkov, Chief Information Security Officer, Syncron. “With our new approach, we will be able to handle audits even more efficiently in the future. Through establishing a single source of truth and technological innovation, Syncron can exceed customer expectations, build trust, and take compliance processes to a new level of efficiency.”
About Syncron
Syncron helps manufacturers and dealers capitalize on the new service economy by optimizing aftermarket profitability, increasing customer loyalty, and enabling the transition to servitization. Syncron aligns all aftermarket services to its Service Lifecycle Management (SLM) cloud platform, helping organizations differentiate themselves by delivering exceptional aftermarket experiences while driving significant revenue growth. The world’s leading brands trust Syncron, making the company the largest private global market leader in intelligent SaaS solutions for service lifecycle management. More information here: syncron.com.
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