Australia Insurance Act 1973 (Cth) vs SOC 2

What is the difference between Australia Insurance Act 1973 (Cth) and SOC 2?

Australia Insurance Act 1973 (Cth) is a financial services framework applying in Australia: Commonwealth, with 14 controls across 5 domains. SOC 2 is a compliance framework applying in the United States, with 61 controls across 5 domains. They govern different subjects, so the overlap is limited to the governance requirements they share. The mapping below shows where that is.

Australia Insurance Act 1973 (Cth)14 controls

SOC 261 controls

Questions people ask about Australia Insurance Act 1973 (Cth) and SOC 2

What is the difference between Australia Insurance Act 1973 (Cth) and SOC 2?

Australia Insurance Act 1973 (Cth) has 14 controls while SOC 2 has 61 controls. Both frameworks address compliance requirements but differ in scope, focus, and applicability. Use our platform to explore the exact control-to-control mappings.

Do I need both Australia Insurance Act 1973 (Cth) and SOC 2?

Whether you need both depends on your industry, regulatory requirements, and customer expectations. Many organizations implement multiple frameworks simultaneously. Our compliance platform helps you map controls between Australia Insurance Act 1973 (Cth) and SOC 2 so you can identify shared requirements and avoid duplicate effort.

How do Australia Insurance Act 1973 (Cth) and SOC 2 controls map to each other?

Our platform maps controls between Australia Insurance Act 1973 (Cth) and SOC 2 at a granular level. Each mapping shows whether controls are fully aligned, partially aligned, or represent gaps. This helps you prioritize implementation when pursuing both frameworks.

Which framework should I implement first, Australia Insurance Act 1973 (Cth) or SOC 2?

The best starting point depends on your specific regulatory requirements, industry, and customer demands. Consider which framework is most urgently required by your stakeholders or regulators. Use our free compliance platform to run a gap analysis and determine the optimal implementation sequence.