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Salesforce reveals Shield for Financial Services Cloud to boost enable compliance for businesses

Monday 1 August 2016 | 09:45 AM CET

Salesforce has unveiled Shield for Financial Services Cloud to help businesses verify regulatory compliance.

Shield adds new regulatory management tools to the company's Financial Services Cloud, which launched in the spring 2016. That launch was part of Salesforce's latest push to offer new services for specific industry verticals beyond its existing, general purpose customer relationship management software, reports.

Shield is delivered with Deloitte, a Salesforce partner and introduces new capabilities for tracking due diligence requirements, understanding services provided to individual customers and monitoring who in an organization has access to different types of protected customer data.

Shield will enable financial services companies to streamline their compliance and governance Relevant Products/Services initiatives, the Sal. That will help "open new doors to innovate at scale in the cloud," according to the company.

Salesforce said Shield will enable businesses to more easily meet new requirements such as the US Department of Labor's Fiduciary Rule, introduced in 2016. Set to take effect in April 2017, the new requirements are designed to ensure that brokers and other financial advisors put their clients' best interests ahead of their own when giving advice.

Salesforce's whitepaper on Shield enables permission-based restrictions on access to cardholder data, encrypts card data that's stored in PDF or image-based financial documents, and audits for changes to key pieces of information such as names and supports encryption of mortgage documents and other types of important files.

Available now, Shield is priced according to a percentage of a user's total spending on Salesforce products, while Financial Services Cloud is priced starting at USD 150 per user per month.

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