Contract Management

What is Financial Data?

Financial data is the accumulation of files, documents, and information pertaining to the financial health of a business or organization. These documents can include purchasing agreements, invoices, balance sheets, income statements, bank statements, investor capital positions, payroll information, pricing, etc.

Document Management Systems for Contracts and Financial Data

ImageSite and Engine-Box (the Cloud version of ImageSite) help companies manage more than just their technical documents.  They serve as the perfect locations for storing contracts and financial data and managing the workflows and versioning associated with them.  The systems provide secure, authorized access to contracts and other financial documents for review, mark-up, and approval.  All participants in the contract management/financial life cycle process have immediate electronic access to vital documents which can be queried, viewed, marked-up, or used for simultaneous collaboration among multiple participants, all while securing control and access.

Organize Financial Documents

ImageSite provides companies with a simple way to store and retrieve contracts and financial records.  It allows teams to organize files on the project, folder, or metadata level for immediate access by authorized users.  System administrators and “power users” can create a folder structure that is intuitive and navigable for users or can utilize variable or full-text searches to locate files and documents.

Maintain Compliance

ImageSite makes compliance management easy, as it provides complete transparency for auditors and for organizations working in regulated industries.  Files in ImageSite are secured using the principle of “least privilege” - a security practice outlined in the National Institute of Standards and Technology’s (NIST) SP 800-171.  ImageSite’s audit trails also make it easy to respond to audit and e-discovery requests, as they include relevant information such as timestamps, user names, document version numbers, and the accessing devices.

Read More: Audit Trails

Secure Financial Documents

ImageSite uses multiple authorization and authentication protocols to help organizations secure files and documents at the source.  ImageSite includes the following security options:

• Digital Signature
• Multifactor Authentication
• Multilevel Access Control
• IP Whitelisting/Blacklisting
• Strong Password Requirements and Validation.

ImageSite also protects financial documents from hackers, whether at rest and in transit, using SSL and AES encryption.  SSL (Secure Sockets Layer) is an encryption-based internet security protocol that encrypts data transmitted across the web or a network.  SSL initiates an authentication process between two communicating devices to ensure that both devices are legitimate accessors using encrypted traffic.

AES (Advanced Encryption Standard) uses a symmetric-key algorithm for both encrypting and decrypting data.  It has been adopted by the U.S. government and is a FIPS-approved (Federal Information Processing Standards) cryptographic algorithm.

Read More: Security and Access Control

Software Benefits:

Implementing the System

ImageSite implementation takes days, not weeks or months.  Integrate with advanced image capture, like Simple Index and go paperless.  Users can design workflow processes to follow contract management from the initiation phase to the renewal phase, while version control ensures users are working with the latest draft of contracts and financial documents. You can also set up life cycle reminders to notify appropriate departments when contracts or service renewals are due.