Rhodes Report - October Edition

by Kristen Rhodes   Oct 08, 2014

Contractor Compliance, Rhodes Report, Technology

I'm sure the data security breaches that occurred at some of the nation's largest retailers over the past few months have had most companies reviewing their IT connections with customers, vendors, contractors and suppliers - and rightly so. The good news is that, as a ServiceChannel customer, you can rest assured that you have already taken steps to enhance the security of your company's information and have protected your company's data from being accessed by unauthorized external accounts.

My goal, as always, is to help you maximize the value of ServiceChannel within your organization through new features, best practices and innovative ideas. But it's also a goal to make sure your organization recognizes that you are an important protector of company assets with your decision to use ServiceChannel.

I'm confident that there is no other facilities management solution available that's as committed to the security, success and future of our clients. As a reminder, here are four important examples of how we are striving to help your compliance, security and operational risk profiles:


“Although most managers are aware of the inherent risks associated with using vendor products and services, many do not have the necessary processes or controls in place to address such risks.”
 
- Mark Scott, J.D. CFE
  “Managing Risks in Vendor Relationships”

Cloud-based Isolation - Greater security Iso
It's important to note that because of ServiceChannel's isolated cloud-based system, contractors and vendors will never directly access your corporate systems or data. Serge Lubensky, our co-founder and Chief Technology Officer, has recently written a detailed blog about the workings and benefits of cloud-based isolation which you can find on our website. I urge all of you to read this article and share it with your teams.

 

SSAE 16 (SOC 1) Type II Certification - Transaction safety ssae-16
The SSAE 16 standard goes above and beyond SAS 70, an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants. The successful completion of this audit illustrates ServiceChannel's ongoing commitment to create and maintain the most stringent controls for the protection and security of our customers' confidential information.

Achieving the highest level of SSAE 16 certification (Type II) means that ServiceChannel provides the greatest levels of assurance regarding processes and data required in today's marketplace. It results in the most stringent levels of safety and security related to your financial transactions (i.e. Work Orders, Electronic Invoicing, Cap-ex Projects).

By the way, you can easily incorporate our Service Auditors' Report in your Sarbanes-Oxley compliance programs as proof that appropriate controls are in place. The SSAE 16 audit can also help you to comply with other regulations, including HIPAA (Health Insurance Portability and Accountability Act), GLBA (Gramm-Leach-Bliley Act of 1999), and ISO 27001.

Your PrivateNetwork - Enhanced Compliance PN
By streamlining the process of collecting, exchanging and keeping current important information from your contractors - including W-9's, insurance information, rates, licenses, direct deposit and other business information, ServiceChannel provides you with an incredibly powerful compliance management tool. With proactive alerts, you and your company are never at risk of having an unlicensed or uninsured contractor on your property or around your employees and customers. In fact, many clients have told us that PrivateNetwork is like having another employee, providing them with the "eyes and ears" on their contractor network, 24/7/365.


“If not managed effectively, the use of service providers may expose institutions to risks that can result in regulatory action, financial loss, litigation and loss of reputation.”
 
- Board of Governors of the Federal Reserve System
  “Guidance on Managing Outsourcing Risk”

Argos Risk Score - Reducing Financial Risk argos
To take risk management a step further, ServiceChannel has partnered with Argos Risk, a leader in the credit risk management industry. The Argos Risk Score is a proprietary Argos Risk tool that assesses the overall financial, payment, and going concern risk associated with a specific contractor's business - combining multiple risk factors into one simple score. This provides you with perspective not only on prospective partners but on your existing network of contractors as well. If you haven't already done so, check out the Argos Risk Scores of your contractors in your Private Network.

Thanks again, and as always, would love to hear your feedback or answer any more questions on this or any other topic.

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