Money Never Sleeps: Managing the Finance Team’s Constant Flow of Data
The day-to-day life of a finance team involves the need to share highly sensitive materials among their organization. How can they do so securely?
30 March 2016
The day-to-day business life of a CFO and extended strategic finance team involves the constant need to share highly sensitive and confidential materials among their organization and global strategic finance parties. The term “money never sleeps” comes to mind when thinking about the constant flow of financial information across and beyond the organization — people are working beyond boundaries, regions, devices etc.
The amount of work required by the strategic finance team to manage key financial decisions is significant and highly confidential. If any financial data were to fall into the wrong person’s hands, it could result in catastrophic legal and competitive consequences. It’s key that information is shared with the right people and kept secure, and ideally, able to be shared in a user-friendly way for any non-tech savvy finance team members. The strategic finance team should strongly consider using a secure solution to share this type of information as an alternative to using e-mail and consumer file sharing tools. With the help of a secure collaboration solution, tedious tasks and processes that require a lot of collaboration can be streamlined, securely and compliantly. Here are just a few ways:
- Decision making: Making decisions around the development of international business strategies that deliver the highest financial returns and are tax efficient is vital to the strategic finance team. This may involve engaging with external lawyers and tax advisors, as well as internal teams. During this process they are sharing and collaborating on information like detailed tax studies, transfer price studies, and legal inter-company agreements. For obvious reasons, they need to be able to maintain control over this content — even after it’s shared with partners and leaves their organization. A secure collaboration tool can help streamline this decision making by enabling teams to store, share, and control all content and related versions of content — in the tool you can directly see where the content goes, and revoke permissions to the content at any time.
- Compensation planning: Another important process that can be streamlined is compensation planning and analysis; which may involve the development of sales commission plans, incentive programs, corporate bonus plans, and other compensation related activities. Most all of the finance team's data associated with compensation planning contains highly sensitive financial and personal information which must be safeguarded at all times. What if a spread sheet that listed everyone’s salary information was leaked to the wider organization? If this type of spread sheet was shared via e-mail accidentally to the wrong person, this scenario could become a harsh reality. With a secure collaboration tool, risks and leaks can be minimized with the ability to only permission the appropriate people to certain documents. For example, if someone accidentally shared a confidential document with the wrong person through an Intralinks Workspace, the person who shared the file has the ability to retract this information simply by depermissioning the user at any point — even if they downloaded the documents onto their computer. For added peace of mind, admins of a workspace can then check the file access report to make sure the recipient did not view, share, or download the document.
It is needless to say that the use of a secure collaboration tool in finance teams (and really any department), makes daily processes not only more efficient and easy, but more secure. Rest assured, documents can be kept safer and disastrous data leaks can be avoided by enabling secure collaboration in your team.