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SOC 2 Type 2 – The SaaS Differentiator

Nov 6, 2019 Best Practices Contract Analytics Digital Transformation

You need more capability to process the data you work with, but you’re acutely aware that the data you work with is sensitive and protecting that data is a top priority for your business. You know you can’t confidently explore the capability and sustainability of any SaaS solution without first understanding whether you can trust the organization behind the technology.

SaaS Security

Software as a Service (SaaS) is increasingly more prevalent in organizations like yours which aim to solve tough operational problems with cutting edge technology at a fraction of the cost compared to building the same technology in house.

Whether it’s your IT department, Vendor Risk Management department, or Security department, whoever is tasked with validating the administrative and technical controls of vendors wants to know that the data you export will be protected to the same or an even greater standard than your organization maintains internally. You also want a solution that will scale and maintain operational resilience no matter what threats it faces, such as natural disasters, increased demand, and cybersecurity threats.

The Vendor Test

So, how can you implement SaaS solutions while assuring your data is safe and resilient? Evaluate every vendor with these three important questions:

  1. Can the vendor back-up their questionnaire responses with third-party audits?
  2. Can the vendor go beyond validating the existence of technical and administrative controls and also demonstrate the effectiveness of those controls?
  3. Can the vendor satisfy your company’s requirement for SOC 2 Type 2 certification?

If they can satisfy the last requirement, the first two are guaranteed. SOC 2 Type 2 is the gold standard for service organizations seeking to validate the existence and effectiveness of administrative and technical controls around the service provided. ThoughtTrace selected SOC 2 Type 2 certification for this reason. While extremely difficult to achieve, SOC 2 Type 2 is invaluable because it allows ThoughtTrace to show you how we build our solutions, how we scale our solutions, how we protect your data, and ultimately why we are capable of earning your business and maintaining a long-standing relationship as a vendor and a business partner. 

Ready to learn more? Visit our Security and Compliance page on the ThoughtTrace website or Request a Demo to learn more about ThoughtTrace’s domain-specific, turnkey SaaS solution for contract analytics. ​​

About ThoughtTrace

In 2017, ThoughtTrace launched the first industry-specific Document Intelligence and Contract Analytics platform that provides value on day one with minimal training and setup. Leveraging AI/ML as a complement to human expertise, the ThoughtTrace platform identifies critical obligations in contracts exponentially faster and with greater accuracy than traditional methods. ThoughtTrace reads, organizes, and surfaces data that gives users operational agility, actionable insights, and decision-making superpowers.