Emerging Technologies for Financial Services

David Campbell
By Technology

financial-navigator-emerging-technologiesTechnology has long played a key role in the financial services industry. Today, however, a number of new and rapidly accelerating trends are emerging that promise to usher in an entirely new paradigm. Information technology can no longer simply be an “add on” at the periphery of the business, but rather must be deeply embedded at its core. Here at Financial Navigator we are able to capitalize on the capabilities and opportunities that this changing environment presents and are positioned to deliver these technologies to our customers. If you are interested in learning more about these emerging technologies and how they affect your business and clients, we have identified some resources to help you.

Cloud Security Alliance (CSA)

The CSA promotes the use of best practices for providing security assurance within Cloud Computing, and provide education on the uses of Cloud Computing to help secure all other forms of computing. Key technologists from Financial Navigator are members of CSA. www.cloudsecurityalliance.org

American Institute of CPA’s (AICPA)

The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers specialty credentials for CPAs who concentrate on personal financial planning; fraud and forensics; business valuation; and information technology. www.aicpa.org Following are some relevant technology articles: Service Organization Control (SOC) Reports Cloud Computing Resources

Cloud Accounting Institute (CAI)

The CAI is a clearinghouse of information on software as a service (SaaS) and cloud computing. CAI is dedicated to addressing the needs of accounting and finance professionals. In addition the CAI publishes case studies, white papers, a cloud accounting resource directory and research on cloud financials and accounting best practices. http://cloudaccountinginstitute.org

PCI Security Standards

The PCI Security Standards Council is an open global forum, launched in 2006, that is responsible for the development, management, education, and awareness of the PCI Security Standards, including the Data Security Standard (PCI DSS)Payment Application Data Security Standard (PA-DSS), and PIN Transaction Security (PTS) requirements. Financial Navigator uses these standards as one of cornerstones in our data security strategy. www.pcisecuritystandards.org

SSAE-16

SSAE No. 16 is an attestation standard put forth by the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) that addresses engagements undertaken by a service auditor for reporting on controls at organizations that provide services to user entities that are likely relevant to internal control over financial reporting. http://www.ssae16.org

Multi-Factor Authentication (MFA)

Multifactor authentication (MFA) is a security system in which more than one form of authentication is implemented to verify the legitimacy of a transaction. The goal of MFA is to create a layered defense and make it more difficult for an unauthorized person to access a computer system or network. Financial Navigator will use MFA techniques both to protect our customers data access and internally to access our systems. This Wikipedia article provides a good overview of the important MFA technology. Visit our Resource Center for a wide array of resources for family office management.