What is SSAE 18?

The Statement on Standards for Attestation Engagements No. 18 (SSAE 18) is a new set of standards that have replaced SSAE 16 to help increase the usefulness and quality of a SOC 1 report. These changes, which became effective on May 1 2017, now require service organizations to implement a formal third party vendor management program and a formal annual risk assessment process to identify and classify risks.