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FinancialForce.com Assuring the CFO’s Trust

Written By: Predrag Jakovljevic
Published On: January 14 2013

Last week, FinancialForce.com, the cloud applications company formed as a joint venture between UNIT4 and salesforce.com, announced the availability of trust.financialforce.com, a resource for customers that describes the control processes, security, application quality, and platform monitoring environment that underpin all FinancialForce.com cloud business applications. Built on the Salesforce Platform (a.k.a., Force.com), FinancialForce.com applications inherit all the benefits of the investments made by salesforce.com in infrastructure, data management, controls, security and certifications including SysTrust, Truste, VeriSign Secured, Safe Harbor, SAS70, and ISO 27001.

Offering an even higher level of assurance as a financial applications provider for publicly traded organizations, FinancialForce.com now provides customers a Service Organization Control One (SOC 1) Type II report prepared by an internationally recognized Big 4 auditing firm and in accordance with Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization. In other words, trust.financialforce.com is the result of FinancialForce.com’s recent completion of SOC 1, an independent third-party audit, to give answers to the toughest “how” questions from businesses about cloud application reliability and control. The resource details FinancialForce.com’s methodical approach to ensuring the highest standards in financial application controls and quality. Useful links are also provided to help customers monitor system statistics and statuses, learn about scheduled maintenance windows, and recognize potential threats.

A common concern of chief financial officers (CFOs) is the need to reduce risk, while insuring compliance, security, and financial statement integrity, and trust.financialforce.com should help ease those fears. Only time will tell whether security fears are the main reasons for the somewhat low rate of replacing on-premises financials apps with cloud financial management system (FSM) solutions, as compared with other apps that are more regularly deployed in the cloud, such as for human capital management (HCM) and customer relationship management (CRM). Will this higher trust change the long-ingrained “data hoarding” culture and attitudes of financial executives?
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