Speaker: chelsea belmonte
Company: Berkshire Bank

SOC Reports: Reducing the Risk of Service Providers

In an effort to function more efficiently in the market, entities are outsourcing specific tasks or entire business functions, especially as it relates to IT, to service organizations. While outsourcing has its benefits, which include increasing revenues, reducing costs and creating new market opportunities, it also comes with risks. Some of the most recent breaches that have caused well-known companies to receive negative publicity in the news, have been traced back to service providers. This has proven that, although a company can delegate responsibility to service organizations, the company's management is still responsible for those services as it relates to customers and other stakeholders such as the board of directors, shareholders and regulators. SOC reports can be leveraged to perform due diligence procedures to gain comfort over the controls in place at a service organization related to financial processing, security, availability, confidentiality, integrity and/or privacy.

Chelsea Belmonte currently is an AVP in the IT Risk Management group at Berkshire Bank. Throughout her career, she has had the opportunity to work in external audit, in the Big 4, internal audit as well as in compliance. Having this experience gives her the unique perspective of being able to understand situations from different vantage points! Chelsea obtained both her Bachelor's and Master’s degrees in Accounting from Siena College. Chelsea is a Certified Public Accountant (CPA) and Certified Information Systems Auditor (CISA). When she is not deeply enthralled in everything auditing and compliance, she enjoys the outdoors as well as spending time with her Black Lab puppy!

Chelsea Belmonte
Berkshire Bank