A risk more relevant than ever. Fortunately, there are ways to mitigate it!
SUMMARY
This article outlines potential strategies to secure financial data and support more efficient financial operations in mid-sized organizations.
Reading time: 3 minutes 40 seconds
Securing financial information in a rapidly changing world
In mid-sized companies, financial processes are often complex and decentralized, increasing the risk of data loss, manipulation errors, or unauthorized access. A centralized analytical financial model enables the enforcement of standards, tighter access control, and traceability of data usage. It offers a modern response to governance, auditability, and compliance challenges while supporting cross-department collaboration. Implementing this kind of model is essential to ensure the security and resilience of the finance function.
Strategy #1: Centralizing access control rules
Managing access rights to financial data is a cornerstone of security. When processes are scattered across Excel files or multiple uncoordinated systems, control becomes nearly impossible. Centralization allows for the implementation of granular permissions based on roles, departments, or legal entities.
To achieve this, organizations should adopt an FP&A platform that supports single sign-on (SSO), role-based access management, and automatic tracking of user actions. Integrating these features into a centralized analytical model significantly reduces the risk of sensitive information leakage or mishandling.
Strategy #2: Built-in traceability and auditability
Another essential element is ensuring complete traceability of budget changes, month-end adjustments, and generated reports. Traditional tools like Excel do not reliably track who modified what, when, and why.
The recommended approach is to use a platform that automatically logs changes, version histories, and justification notes for all adjustments. This simplifies review, builds trust during internal or external audits, and reduces reliance on manual file exchanges.
Strategy #3: Reducing the proliferation of sensitive Excel files
The widespread use of local or shared Excel files in unsecured locations is one of the biggest threats to financial data confidentiality. Versions multiply, controls disappear, and exposure increases.
To mitigate this risk, sensitive Excel files should be replaced with secure data entry interfaces connected directly to the centralized financial model. Team members can still contribute to processes—forecasts, budget tracking, etc.—via a familiar interface while adhering to strict security and governance standards.
Conclusion
By centralizing data, access rules, and user interfaces within a structured financial model, finance teams can significantly reduce operational and compliance risks. SwiftFinance FP&A offers an integrated solution with a centralized analytical core, delivering the flexibility of Excel with the rigor of a secure, governed system. An architecture built to meet today’s challenges and prepare for tomorrow’s growth.
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Strategy for securing financial information