Enhancing SOC 2 Audit Efficiency for Trinsic

How AssuranceLab's AI Audit Models enhanced the audit process and outcome for SOC 2.

INTRODUCTION

Trinsic is the first identity acceptance network. They augment identity verification with acceptance of 60+ million pre-verified users.

Their platform harmonizes onboarding complexity while reducing friction and fraud with passkeys, verifiable credentials and digital wallets.

BACKGROUND?

In the dynamic world of cybersecurity compliance, SOC 2 audits are important for technology companies like Trinsic to demonstrate their commitment to data security.

Leveraging their innovative AI audit model Lexi, AssuranceLab has redefined the audit process, setting new benchmarks for efficiency and thoroughness.

This case study explores how AssuranceLab's application of AI technology transformed the SOC 2 audit experience for Trinsic by removing the conventional labour-intensive and manual SOC 2 audit process.

SOLUTION IMPLEMENTATION

Trinsic engaged with AssuranceLab shortly after their SOC 2 readiness was met within their compliance software, Drata. Amie Jordan , Head of Operations & Finance at Trinsic shared their experience with onboarding and beginning the audit.

“The onboarding process with AssuranceLab was clearly laid out in their Quickstart Guide and Knowledge Base, and steps to prepare for our Type I audit took no more than 3 hours,” she said.

AssuranceLab then implemented Lexi's AI audit models to address two critical aspects of the SOC 2 audit process:

1. Instant analysis with pass-fail reporting: The AI technology was engineered to rapidly assess Trinsic's controls and documentation, delivering immediate pass-fail results for the 83 controls ‘within the ‘Drata Starter' SOC 2 framework. This swift feedback enabled Trinsic to prioritise areas needing attention efficiently. As described by AssuranceLab Co-CEO, Paul Wenham , "Leveraging Lexi's AI capabilities allowed us to provide instantaneous, detailed insights into our client's control environments. This not only streamlined the audit process but also empowered Trinsic to focus its efforts where it mattered most, fast-tracking the audit outcome."
2. Comprehensive detail extraction: Lexi's AI models excelled in identifying and presenting essential audit information, such as relevant dates, policy clauses, and the interrelations between documents and controls. This feature greatly facilitated the audit team's comprehension and accelerated the verification processes.

THE IMPACT OF AI-POWERED AUDITS

The adoption of Lexi's AI audit models by AssuranceLab brought about significant improvements for Trinsic:

• Initial review efficiency: The first AI-powered review yielded a 61% pass rate, focusing the subsequent efforts on the remaining 39%.
• Enhanced pass rate and speed: Detailed AI-extracted insights allowed for an increase in the pass rate to 92%, including validation of the initial passes, within a few hours.
• Accuracy: The initial passes were verified with a 100% accuracy rate, affirming the reliability of the AI audit process without necessitating any reversals.

SOLUTION

“The turnaround to complete our audit and validate all relevant evidence collected was minimal; in cases where there were control queries, AssuranceLab’s detailed requests made remedies painless. We spent about three hours reviewing and responding to queries, and a final three hours reviewing the audit report," Amie said.?

“AssuranceLab’s use of AI in our SOC 2 audit, along with their clear feedback on audit results and controls to remedy, allowed for a seamless and efficient audit,” Amie said.?

CONCLUSION

AssuranceLab's deployment of Lexi's AI audit models has revolutionised the SOC 2 audit process, highlighting the potential for AI to enhance audit efficiency and effectiveness.

This collaboration not only streamlined Trinsic's compliance journey but also instilled a higher degree of confidence in its controls and processes.

“We encourage the continued optimization of AssuranceLab’s AI model efforts to bolster the SOC 2 audit processes. By harnessing the efficiencies enabled by AI we obtained our SOC 2 Type I report with less than 10 hours of effort in the audit process,” stated Amie.