Safe4 Asset Register is launched with release of version 5.0

Since 2010 Safe4 has become established as one of the most secure services on the Internet for the delivery and storage of documents. With the release of Safe4 version 5.0 that capability is dramatically enhanced, as now the inclusion of the Safe4 Asset Register allows the direct input of data into fields that can be set up and managed by the the service provider.

Safe4 Asset Register driven by business requirements

This development was triggered by a number of different requirements, partly arising from the work that Safe4 has been doing in the fields of will-writing and inheritance planning, and more recently in property conveyancing. Whilst Safe4 has always offered the ability for document files to be uploaded securely by both service providers and their clients, this was not always the most efficient way to record some types of information. Details such as National Insurance numbers, personal contact information, or references to memberships are more easily recorded as data, simply entered directly into on-screen fields.

Ever-increasing occurrence of fraud

Furthermore, in recent years the huge increase in fraudulent interception of emails has meant for example that when an end-client needs to provide a conveyancer with the bank details for the transfer of funds to complete a property transaction, both parties have been exposed to significant risk. In most cases today, this information is sent in an open email, or communicated by telephone.

Professional Indemnity insurers have been aware of this for some time, and as a consequence many law firms and other professional practitioners have seen their PI insurance premiums rise steeply, with very large excess payments in respect of every claim.

The Safe4 Asset Register enables a service provider to define classes of asset themselves, and to associate them with attributes which become the fields into which the end client can input their details directly, without using email or voice. This all happens under the protection of the industry-leading security offered by Safe4. Email is only used to notify the service provider that the data has been entered, whereupon they must login to the system to obtain the necessary information. All actions are captured in the Safe4 audit trail, which provides a strong evidential record should any dispute arise.

Reduce risk, improve compliance

As well as helping to mitigate risk and thus slow down the ever-increasing cost of PI insurance, it is believed that use of the Safe4 Asset Register will also enhance compliance with the Solicitors Regulation Authority guidelines for the use of cloud computing services. Avoidance of email for the transfer of confidential information, UK hosting in ISO 27001-accredited data centres, powerful encryption, independent annual penetration testing and other measures offer genuine protection for service providers and their clients.

A wide range of other business applications can be supported by the Safe4 Asset Register. Safe4 will be publishing a series of articles and announcements in the coming months highlighting the benefits that can accrue to different types of organisation, including those in the financial services, health, business continuity planning, charities, property, government, training and skills development sectors.

Please get in touch with us for more information on how the Safe4 Asset Register can add value to your business.