Everything to know about Salesforce compliance documentation: generate reports and audits effortlessly

Meeting compliance requirements is a major challenge for many financial organizations. According to recent statistics, 35% of institutions spend between 1,000 and 4,999 hours annually on these activities. What’s more, the projected total cost of financial crime compliance for institutions worldwide is a staggering $213.9 billion. 

Salesforce’s advanced reporting capabilities offer a solution to this challenge. By simplifying and automating the reporting and audit processes, Salesforce can help financial institutions manage their compliance requirements more efficiently and free up valuable resources.

At Noltic, we have extensive experience implementing customized Salesforce solutions to improve compliance documentation and reporting. In this guide, we will explain how Salesforce streamlines compliance tasks, its key features to aid in this process, and how our expertise can help your organization leverage these tools effectively.

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How Salesforce simplifies compliance management for financial services

Salesforce is regarded as one of the top CRMs for financial companies because it provides ready-made solutions tailored to your organization's specific needs, including templates and reports. Among other reasons are the following. 

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Centralized data

Salesforce integrates information from various sources into a single platform, giving financial organizations a comprehensive view of their operations and compliance status. This consolidation reduces data silos and enhances the accuracy of reports and audits.

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Real-time data access

With Salesforce, financial institutions can access data instantly, enabling timely decision-making and quicker responses to compliance requirements. This real-time access helps monitor compliance status continuously and address any issues as they arise.

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Full automation of compliance processes

Salesforce automates repetitive compliance tasks, such as data entry and report generation. This minimizes human error, reduces staff workload, and ensures that compliance processes are carried out consistently and accurately.

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Customizable reports and dashboards

Salesforce provides tools to create customized reports and dashboards tailored to specific operational and compliance needs. Banks can design reports that meet regulatory requirements, such as KYC or AML, and gain insights into their compliance status through interactive and dynamic dashboards.

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Improved risk management

Salesforce enhances risk management by consolidating data and automating processes. Financial institutions can better identify, assess, and mitigate risks, set up alerts for potential risk indicators, and integrate with other platforms and tools to facilitate compliance operations.

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Industry-specific solutions

Salesforce Financial Services Cloud is developed explicitly for financial industry organizations and provides a comprehensive solution for managing data across core banking, wealth management, and insurance systems. This integration allows for more personalized client interactions and targeted engagement through automation and AI tailored to the financial industry. Tools can accelerate the compliance processes, improve customer insights, and facilitate resource management.

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Cost and resource efficiency

Salesforce compliance tools significantly reduce employees’ manual efforts and optimize resource allocation. By automating repetitive tasks and providing a centralized platform for data management, financial organizations can lower operational costs and regulatory compliance budgets.

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A brief overview of Salesforce compliance reporting features

Salesforce offers a range of compliance reporting features designed to help organizations, particularly in the banking sector, to manage and adhere to regulatory requirements effectively. They provide visibility into data usage, ensure security, and simplify compliance processes. Let’s take a closer look at these solutions:

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Salesforce Shield

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Salesforce Shield is a suite of security and compliance tools that provides enhanced protection and control over your data. Banks use it to ensure data privacy, secure sensitive information, and meet regulatory requirements such as GDPR, CCPA, and SOX compliance with Salesforce. Some of the main features include:

• Event Monitoring tracks and monitors user activity and system events to detect and respond to potential security issues.
• Field Audit Trail provides a detailed record of changes to data fields for compliance and audit purposes.
• Platform Encryption hides sensitive data at rest and in transit to protect against unauthorized access.
• Shield Platform Encryption protects data stored on the Salesforce platform, safeguarding sensitive information in compliance with GDPR, CCPA, and PCI DSS.

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Reports and Dashboards feature

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This allows you to create customized reports and visualizations to monitor and analyze compliance metrics. Financial organizations can track compliance with regulatory requirements like Basel III, MiFID II, and Dodd-Frank. Here is what you can do:

• Create detailed reports tailored to specific compliance needs and regulatory requirements.
• Visualize key compliance metrics and trends with interactive dashboards.
• Automatically generate and distribute reports regularly to ensure ongoing compliance monitoring.
• Analyze data at a granular level to uncover insights and address compliance issues.

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Audit Trail

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Audit Trail provides a comprehensive record of all changes made to data and configurations. In banking, this feature is crucial for tracking and auditing changes to ensure compliance with SOX, GDPR, and PCI DSS regulations.

• Field History Tracking monitors changes to data fields, capturing details about what was changed, who made the change, and when.
• Setup Audit Trail tracks changes to Salesforce configuration settings and customizations.
• Change History feature provides detailed logs of all user actions and system modifications for audit and compliance purposes.

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Data Mask

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Data Mask helps protect sensitive information by displaying masked data in environments where full data visibility is unnecessary. Banks can ensure that sensitive customer information is not exposed during non-secure operations, aiding compliance with GDPR, CCPA, and PCI DSS.

• Data Obfuscation feature masks sensitive data fields to protect privacy while maintaining data usability.
• Customizable Masking Rules define and apply specific rules for masking data based on regulatory requirements such as GDPR and CCPA.
• Testing and Development Protection ensures that sensitive data is not exposed in development or testing environments.

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Financial Services Cloud

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Financial Services Cloud is designed specifically for the financial industry, offering tools to manage client relationships, comply with regulations, and streamline operations. In banking, it provides a comprehensive solution for managing financial services and compliance requirements related to regulations such as Basel III, MiFID II, and Dodd-Frank.

• Client Management tool allows banks to track and manage client interactions, accounts, and financial goals in one platform.
• Regulatory Compliance Tools are built-in features.

• Risk and Compliance Reporting.
• Generate reports and dashboards to monitor risk and compliance metrics.
• Analyze client data to provide personalized services.

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Salesforce Governance, Risk, and Compliance (GRC) integrations

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Salesforce GRC Integrations offer a way to connect Salesforce with external GRC systems to enhance compliance and risk management. In banking, these integrations help unify risk management processes and ensure regulatory compliance with standards like SOX, Basel III, and GDPR.

• Connect Salesforce with GRC systems for comprehensive risk and compliance management.
• Automate risk assessments and compliance checks using integrated GRC tools.
• Consolidate risk and compliance data from Salesforce and external systems.
• Monitor and track compliance activities across different systems and platforms.

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Compliance Management Tool

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This tool helps organizations manage their Salesforce requirements documents and ensure adherence to regulations. In banking, this tool assists in maintaining compliance with financial regulations such as SOX, Dodd-Frank, and Basel III.

• Monitor and track compliance with internal policies and external regulations.
• Identify, assess, and manage risks associated with compliance activities.
• Generate reports to meet regulatory requirements.
• Store and manage compliance-related documents and records securely within Salesforce.

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Mitigating risks with Salesforce compliance management

Regulatory compliance is one of the most complex areas in banking, with frequent changes and a high risk of human error. Even with compliance automation through Salesforce, mistakes can still occur. Here are some useful tips from our team to help you prevent them.

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1. Set up Field Audit Trail

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Configure Field Audit Trail to track changes to critical fields, maintain historical data for auditing purposes, and trace who made changes and when, which is essential for compliance with regulations like SOX and GDPR. When setting up Field Audit Trail, focus on the following:

• Prioritize fields that store critical data, such as financial transaction records, personal identifiable information (PII), customer account statuses, and regulatory compliance fields. For example, in banking, track changes in credit limits, loan statuses, or KYC details.
• Set appropriate retention periods for audit logs. Salesforce allows you to maintain data changes for up to 10 years, but ensure this period aligns with regulatory requirements of GDPR, PCI-DSS, SOX.
• Review field-level security settings to ensure that only authorized users can view or edit sensitive information. Combining Field Audit Trail with strong access controls enhances security and transparency.
• Conduct periodic reviews of field change logs to identify suspicious activity or patterns that might indicate unauthorized access or fraud attempts.

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2. Implement Platform Encryption

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Use Platform Encryption to protect sensitive data both at rest and in transit to comply with data protection regulations such as GDPR, CCPA, and PCI DSS by ensuring that sensitive information remains secure from unauthorized access. Here is how you can strengthen data protection even more with Salesforce Shield:

• Focus on encrypting fields that contain PII, financial records, and confidential business information. Examples include Social Security numbers, customer financial details, or medical records. These are particularly sensitive to breaches and must be protected at the highest level.
• Salesforce allows you to manage your own encryption keys or use Salesforce's key management service. If your organization has specific encryption policies (such as FIPS 140-2 requirements), ensure you’re using a compliant key management system.
• Ensure that data is encrypted while traveling between systems. Salesforce supports TLS 1.2 encryption for data in transit. Make sure all integrations and APIs used for data exchange are using secure, encrypted connections.
• After setting up encryption, regularly test your encryption setup to verify that sensitive data remains encrypted and cannot be easily decrypted by unauthorized users.

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3. Enable Event Monitoring

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Leverage Event Monitoring to track and monitor user activities and system events. This tool helps in identifying suspicious behavior or potential security issues, supporting compliance with GDPR and SOX by allowing you to respond quickly to potential breaches. Key details to focus on include:

• Set up tracking for key actions such as data exports, login attempts, changes to permission sets, or edits to high-risk custom Salesforce compliance objects(e.g., financial transactions). By monitoring these activities, you can detect potential security risks or breaches early on.
• Establish custom alerts for suspicious behavior, such as failed login attempts, unusual data exports, or changes to admin privileges. For instance, you can be immediately notified if a user suddenly accesses large volumes of customer data or modifies access controls.
• Store event logs in external systems for long-term analysis or compliance needs. While Salesforce allows short-term storage, exporting logs to systems like a Security Information and Event Management (SIEM) platform ensures long-term auditability and compliance.

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4. Configure Data Masking Rules

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Apply Data Masking to obfuscate sensitive information in non-secure environments. This practice supports compliance with GDPR and PCI DSS by preventing exposure of sensitive data during development or testing phases. Key practices include:

• Focus on data such as customer names, addresses, phone numbers, and other PII that shouldn't be exposed in sandbox environments. Masking these fields ensures that developers and testers cannot see real data but still work with realistic data structures.
• Use anonymization techniques to replace sensitive information with random but valid-looking data. This prevents unauthorized users from accessing real data while maintaining the integrity of testing environments.
• Regularly review sandbox data to ensure it remains masked and inaccessible to unauthorized users. This is especially critical when sharing sandbox environments with third-party developers or consultants.

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5. Automate compliance workflows with Salesforce Flow

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Salesforce Flow allows you to automate repetitive compliance tasks, reducing human error and ensuring critical compliance steps are consistently followed. Here's how to make the most of it:

• Set up automated approval processes for handling financial transactions, regulatory reporting, or changes to sensitive records. This ensures that all changes go through appropriate checks before being finalized.
• Create automated flows that generate and store compliance-related documentation. For example, use flows to create audit reports and track key decisions and approval timestamps to maintain proper documentation.
• Automate recurring compliance checks, such as monthly user access reviews or quarterly data audits. Scheduling these tasks reduces the risk of missing important deadlines and keeps your organization on track with its compliance goals.

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Salesforce compliance management for banks: Noltic’s case studies 

With a portfolio of 110+ completed projects, our team has extensive experience collaborating with banks and financial institutions to implement customized Salesforce solutions. During the projects’ execution, our certified engineers and developers pay close attention to regulatory compliance, building dashboards and reports according to our clients' needs. Let’s take a closer look at some of our case studies for the financial sector.

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Marketing Cloud for Esquire Bank

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Noltic’s Salesforce-certified Marketing Cloud specialists collaborated with Esquire Bank to create a unified analytics-based platform. This solution enhanced customer communications and managed a digital knowledge base for the legal community.

The goal was to boost customer engagement with advanced analytics and communication tools. We developed a Marketing Package to help the client understand and target B2B client personas. Since 2018, we’ve worked with the client to build communication channels, manage content, and automate email marketing, resulting in increased user engagement and a more personalized experience.

Here is what we have achieved during our cooperation:

• Tripling industry averages for click-to-open and click-through rates.
• Acquiring over 50% of new law firm clients through digital marketing within two years.
• Increasing productivity and efficiency with streamlined content creation.
• Optimizing marketing strategies with precise tracking and analysis.
• Accelerating lead generation with customizable email campaigns and faster deployment.

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Customized CRM for Esquire Bank

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Esquire Bank sought to improve its support for law firms by creating a new app for reports and analytics alongside a new CRM system. The goal was to enhance customer data management, speed up sales, boost revenue, and reduce CRM interactions, thereby increasing client engagement.

Here is how Noltic’s team approached the task:

• Customizable CRM, implemented with a new, industry-specific UI.
• Sales Console developed for campaign automation and enhanced marketing functionality.
• Lead and Opportunity Automation with a customized conversion process and duplicate alerts.
• Interactive Sales Console.

We integrated a custom website with Sales Cloud, adding features such as smart search for duplicates, a Summary Page, Lead Scoring, and Account Profile Questions. We also included an AppExchange package and ETL integration for financial data collection and loan calculations.

These solutions accelerated sales, increased revenue, and minimized manual CRM tasks, giving employees more time to engage with clients. The intuitive interface and automated processes simplified onboarding and data input, while scalable tools facilitated the integration of updated processes.

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Conclusion

Compliance management for banks is both time-consuming and complex due to strict regulations and the need for detailed reporting. Salesforce offers powerful tools to accelerate the process. Key solutions like Salesforce Shield facilitate data protection, customizable reports and dashboards provide real-time insights, Audit Trail provides detailed activity tracking, and Data Masking safeguards sensitive information. Financial Services Cloud and GRC integrations further enhance risk management and compliance monitoring.

At Noltic, we specialize in implementing Salesforce solutions to help banks manage regulatory compliance challenges. With 300+ Salesforce certificates, our team has all the necessary expertise to optimize strategies, meet industry regulations, facilitate data management, and improve operational efficiency.

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FAQ

What kind of compliance reports can I generate with Salesforce?

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Salesforce offers a robust suite of tools for generating compliance reports that address various regulatory needs. Here’s a closer look at the types of reports you can create:

• Data Access Reports: Salesforce provides detailed reports on data access, including who viewed or modified data and when. This is crucial for ensuring that only authorized personnel have access to sensitive information, and it helps in tracking compliance with data protection regulations like GDPR.
• Audit Logs: The platform’s audit log functionality enables you to monitor and record all changes made to records and configurations. These logs include details on what changes were made, by whom, and when. This is essential for maintaining transparency and meeting auditing requirements.
• Security Compliance Reports: Salesforce can generate reports that verify compliance with security policies. These reports can include data on encryption status, access controls, and user permissions, helping to ensure that your organization adheres to industry security standards and regulations.
• Custom Compliance Reports: Salesforce’s flexible reporting tools allow you to create customized reports that fit specific regulatory requirements unique to your industry. You can use these tools to design reports that capture the exact data you need for compliance purposes, with options for real-time data visualization and analysis.

The platform’s Reports and Dashboards feature is particularly useful for creating these reports. It allows you to visualize data through charts, graphs, and other formats that make compliance tracking more intuitive and actionable.

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Is Salesforce secure enough for my sensitive financial data?

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Yes, Salesforce offers comprehensive security features designed to protect sensitive financial data. Key security measures include:

• Salesforce Shield: Provides advanced data protection with features like encryption, event monitoring, and field audit trail. Encryption ensures that data is secure both at rest and in transit.
• Event Monitoring: Tracks user activities and data changes, helping you identify and respond to potential security threats.
• Field Audit Trail: Keeps a detailed history of changes made to data fields, allowing for transparency and accountability.
• Compliance Certifications: Salesforce complies with various industry standards and regulations such as GDPR, HIPAA, and ISO 27001, ensuring robust security practices.

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I'm not a Salesforce expert. Can I still generate compliance reports?

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Yes, Salesforce is designed to be user-friendly and accessible for users at all skill levels. You can generate compliance reports using:

• Pre-built Templates: Salesforce offers standard report templates tailored to common compliance requirements, simplifying the report creation process.
• Drag-and-Drop Interface: The platform’s intuitive drag-and-drop tools make it easy to customize and generate reports without advanced technical skills.
• Guided Reporting: Step-by-step wizards guide you through the process of creating and customizing reports.
• Support and Training: Noltic provides training and support to help you understand and utilize Salesforce’s reporting features effectively, even if you’re new to the platform.

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What if I have specific compliance needs beyond what Salesforce offers?

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Salesforce is highly adaptable and can be customized to meet specific compliance requirements. If your needs extend beyond the standard features, you can:

• Customize Salesforce: Utilize Salesforce’s customization options to develop tailored solutions that address your unique compliance requirements.
• Third-Party Integrations: Leverage third-party apps and integrations available on the Salesforce AppExchange to add specialized compliance functionality.
• Consult with Experts: Work with Noltic to assess your specific compliance needs and customize Salesforce solutions accordingly. Our team can help implement additional features and ensure that all regulatory requirements are effectively met.

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