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SOC Reporting: How SaaS Companies Like Vena Help To Ensure Customer and Partner Data Is Safe and Secure

In today’s digital age, data is at the center of nearly every organization. Cloud computing has brought incredible benefits for businesses, including increased collaboration, insights and flexibility. It has, however, also brought security risks that can be quite costly. The average cost of a data breach in 2022 is $4.35 million USD, according to the latest Cost of a Data Breach Report from IBM Security, based on research from Ponemon Institute. In addition to the financial hit, a data breach can result in loss of trust from partners and customers. What’s more, the increased focus on data privacy due to GDPR in Europe and the California Consumer Privacy Act (CCPA), means that security breaches could also result in steep fines or litigation. The average cost of a data breach in 2022 is $4.35 million USD. Customers and partners often seek assurances that an outside organization can be trusted with their data. For Software as a Service (SaaS) companies, such as Vena, that manage a large volume of diverse data, adherence to System and Organization Control requirements, also referred to as SOC, can help establish a common language of trust. What Is a SOC Report? At its core, SOC reports are independent, third-party audit reports that demonstrate how an organization achieves key compliance controls and objectives based on criteria defined by the American Institute of Certified Public Accountants (AICPA). For example, they can help validate, among other things, that a company’s internal security practices meet specific criteria. These practices include both technology and human protocols. SOC reports are independent, third-party audit reports that demonstrate how an organization achieves key compliance controls and objectives based on criteria defined by the American Institute of Certified Public Accountants (AICPA). SOC 1 Report There are different kinds of SOC audits. A SOC 1 audit examines and reports on an organization’s control environment that may be relevant to its customers’ internal controls over financial reporting. SOC 2 Report A SOC 2 audit looks at an organization’s control environment as it relates to established trust criteria, including security for a service offering. SOC audits can be further broken into two types: a Type 1 audit reviews the control environment at a single point in time, whereas a Type 2 audit looks at the control environment over a defined period of time, typically from six to 12 months, depending on the needs of the organization and intended users. Third-Party Validation Since Vena operates in the corporate performance management space and deals with sensitive data, our customers expect us to implement appropriate organizational safeguards designed to protect the financial, operational and other organizational data they bring into our Complete Planning platform. Type 2 SOC reports provide an independent assessment that can help customers assess whether the control environments of vendors are suitably designed and operating effectively for their needs. When Vena underwent its SOC evaluation, we partnered with a top accounting firm to ensure that our audit was conducted by an experienced and respected third party. We’ve always developed Vena’s network infrastructure and tech stack with security in mind, so the road to issuing our Type 1 SOC report was a short one once we started the process. As part of our SOC 2 Type 2 audit, we looked at both human-based and technology-based enterprise risk management measures as they related to the security trust principle. The examination included evaluating the technology we have in place, assessing the internal training for all our staff and reviewing the outputs from ongoing incident response exercises with our technical and crisis management teams. Security is a process and no organization can sit back and assume that it is 100% secure. Achieving a level of security that can be independently verified, such as SOC, is a continuous journey that never truly ends. Our teams are regularly updating our defensive technologies, conducting penetration tests, reviewing privileged access grants and generally staying on top of the latest threat intelligence. Security is a process and no organization can sit back and assume that it is 100% secure. Executive Support For companies pursuing SOC 2 compliance (or considering going through the audit process), it is important to have both executive buy-in and full support and commitment across the organization from the ground up. This was the case for us at Vena. Our entire team were engaged champions of the process. Conducting a SOC evaluation serves a number of valuable functions. It establishes a framework, cadence and discipline of ongoing review which can help protect an organization from both financial and reputational damage and ensure that authored policies are followed as part of the running business. Vena continues to strengthen our Complete Planning platform, which is designed to ensure our users’ data is safe, secure and always available. To learn more about Vena’s commitment to customer trust, visit our Customer Trust page.

December 6, 2022 |

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Melissa Howatson Joins Vena as CFO

Howatson’s experience scaling companies and building high-performing global finance organizations will guide Vena through its next phase of growth We're pleased to announce that Melissa Howatson has joined Vena's executive team as chief financial officer, reporting to CEO Hunter Madeley. Howatson joins Vena at a pivotal moment in its growth trajectory. The company recently grew its global team to more than 700 employees and, despite economic headwinds, has achieved record performance over the course of 2022, propelled by industry-leading customer satisfaction ratings and new milestones in its ecosystem of strategic partners and engagements with global customers. In her new role, Howatson will help lead Vena through its next phase of growth, driving operational scale and agility in service of Vena’s ecosystem of customers, partners, employees and community. “Vena has grown tremendously in the past year, and we were looking for a finance leader who has successfully guided companies toward their next milestone,” said Madeley. “Melissa brings a great combination of scale-up and start-up experience, a strong financial and consulting background spanning industries such as edtech, ‘Big Four’ accounting and automotive and a proven history of building and leading high-performing global finance organizations. We are thrilled to have her join us on our journey.” Howatson joins Vena after almost a decade at D2L, a global learning technology company, where she served as CFO, was a member of the board of directors and led the completion of D2L’s initial public offering in 2021. Prior to D2L, she held finance leadership positions at Bend All Automotive, Qwalify and Primal. She obtained her CPA-CA designation while working in the assurance practice at KPMG. “Vena enables finance to evolve from being simply an aggregator of data to a strategic business partner that delivers insight and analysis to drive agility, resilience and stronger decision making. The time is right for finance teams to harness the power of Vena ..." —Melissa Howatson CFO at Vena "Throughout my career, I have seen firsthand the value that finance teams can bring to the larger organization and the important role they can play in moving the business forward,” said Howatson. “Vena enables finance to evolve from being simply an aggregator of data to a strategic business partner that delivers insight and analysis to drive agility, resilience and stronger decision making. The time is right for finance teams to harness the power of Vena, and I’m excited to work with Hunter and the team to deliver the utmost value for our customers and guide Vena through its next phase of growth.” Come Grow With Us We’re hiring! Vena has offices in Toronto, Canada and in London, England. Visit our Careers page for current job openings or follow us on LinkedIn, Instagram, Twitter or Facebook to learn more about life at Vena.

December 6, 2022 |

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Vena Maintains Strong Business Momentum in Q3 2022

Customer trust, corporate culture and a new employees milestone propel continued growth amid economic headwinds TORONTO – Dec. 1, 2022 – Vena, the Complete Planning platform loved by finance and trusted by business, approaches 2023 following a strong performance in its third quarter. The company continued to grow its employee base and engagements with global customers, introduced new product innovation, drove customer growth buoyed by consistently exceptional satisfaction scores and was lauded for its product and corporate culture. In November, Vena Solutions launched Vena with Microsoft Power BI Embedded. The integration enriches Vena’s Insights and Analysis solution with advanced data analytics and AI-powered business insights embedded directly into Vena’s cloud-based CPM platform, powering FP&A, extended planning and beyond. This integration represents the latest evolution of Vena's ongoing strategic collaboration with Microsoft and makes Vena the only Complete Planning platform with out-of-the-box, user-guided business intelligence for all. TrustRadius, the community-driven product reviews site, recognized Vena Complete Planning with a 2022 Best Software award, which celebrates products that support the evolution of self-serve buyers by sourcing and using customer reviews. The recognition came on the heels of Vena winning a TrustRadius Tech Cares award for the third consecutive year. The award recognizes technology companies that go above and beyond in supporting their employees and the communities they operate in. Additionally, Vena was named one of Canada’s Most Admired Corporate Cultures for 2022 by Waterstone Human Capital. The award recognizes not only strong corporate culture but also looks at how culture has aided the organization to drive success. These achievements all complement a strong third quarter that saw Vena grow its global team to more than 700 employees, maintain exceptional growth in revenue and achieve industry-leading customer satisfaction ratings. “Vena’s exceptional performance despite global economic uncertainty is a testament to the trust our customers place in us, the value they realize from using our Complete Planning platform and the support of our partners and Venanites throughout the company,” said Vena CEO Hunter Madeley. “We are honored by the recognitions awarded to Vena for its products and, especially, its culture and people, and look forward to continued collaboration and partnership as we head into 2023.” Other highlights achieved in Q3 2022 include: A customer base that has increased by more than 300 new customers in 2022, sustained customer satisfaction with a 93% CSAT score and 41% growth in expansion revenue as customers continue to put their trust in Vena to power their Plan To Grow™ in turbulent times. The addition of more than 30 new Partners this year, with Ujimatec, SolomonEdwards, Anatona and others joining Vena’s Partner Network in Q3. The launch of Vena Marketplace, a destination where finance and operations professionals can access integrations, solutions and services to Power their Plan To Grow. Continued employee growth despite ongoing economic turbulence with a 30+% increase in headcount year-over-year. Successful completion of SOC 1 and 2 Type II audits, which provide an independent assessment of how Vena’s cloud-based CPM platform achieves compliance controls and objectives based on criteria defined by the American Institute of Certified Public Accountants (AICPA). Additional recognition of Vena with awards from workplace culture and corporate brand reputation platform Comparably. These awards included Best Company Happiness, Work-Life Balance, Perks & Benefits and Compensation. About Vena Vena is the only native Excel Complete Planning platform built for Microsoft 365 with Power BI Embedded. Vena transforms how business, finance and operations leaders Plan To Grow™ with the Vena Growth Engine, the SaaS platform and methodology that empowers and inspires your plans and guides your growth journey. Over 1,300 of the world’s leading companies power their growth with Vena. For more information, visit venasolutions.com. Media Contact Jonathan Paul Senior Director, Content & Communications, Vena jpaul@venacorp.com

December 1, 2022 |

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