The Internal Revenue Service is one of the largest and most essential federal government agencies… which means that there is a lot of opportunity for third-party contractors and managed service providers to offer products to support its mission. It also means that these contractors will be expected to adhere to security standards, specifically those outlined in IRS 1075. 

Fortunately, IRS 1075 is aligned with other federal standards, all of which provide a sound security footing and potential to pivot services to other government agencies. Here, we’ll discuss some overlap between IRS 1075 and federal standards, specifically those related to the National Institute of Standards and Technology (NIST). 

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Audits and compliance are just part of doing business for financial organizations. Clients and partners must know that they can trust you to manage their critical information, keep it secure, and maintain its confidentiality. Frameworks like Systems and Organization Controls, or SOC, help organizations meet these expectations in a standardized way. 

While SOC 2 is generally the more popular all-purpose attestation for businesses, SOC 1 attestation is just as necessary, if not more, for financial service providers. 

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Many enterprises are looking for ways to increase their security and to protect their interests. As the world of cybersecurity, legal risk and operational challenges become more and more complex, checklist compliance regulations just aren’t going to cut it. That’s why governments and private organizations are increasingly turning to risk management as a tool for security and compliance. That’s why ISO 31000, a standardization guide for risk management frameworks, is so important.

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