Is SOC audits a substitute for third‑party risk assessments?

Could SOC audits serve as a practical substitute for third‑party risk management practices, particularly in smaller organizations? We posed the question to AI, and here’s what it had to say:

SOC audits are not a substitute for third‑party risk assessments.

They are a piece of the puzzle, not the whole picture.

A SOC report provides independent assurance that a vendor’s controls have been tested. It’s a valuable trust signal, but it doesn’t tell the full story.

Third‑party risk assessment goes further:

• 🌐 Evaluates financial stability, compliance posture, and resilience

• 🔍 Considers governance, subcontractors, and reputational exposure

• 📊 Provides a holistic view across people, processes, and technology

👉 Best practice: Use SOC reports within your risk assessment program, not instead of it. True resilience requires layered assurance.

What’s your perspective?