Salesforce Certified Financial Services Cloud Practice Test - Questions Answers, Page 16

Compliant Data Sharing (CDS) is a feature of Financial Services Cloud that lets administrators and compliance managers configure advanced data-sharing rules so that they can improve compliance with regulations and company policies. Some of the things to consider when implementing CDS in Financial Services Cloud (FSC) are:

CDS in FSC allows record owners to grant access to their records to other FSC users.Record owners can use the Manage Participants component on record pages to share their records with other users who have relevant roles or permissions6.

CDS can only be applied to FSC objects and Account and Opportunity objects.CDS supports sharing for Account, Opportunity, Financial Account, Financial Holding, Financial Goal, Referral, Relationship Group, Action Plan Template, Action Plan, Action Item Template, Action Item, Interaction Summary, Interaction Summary Participant Role Assignment, Interaction Summary Participant Role Definition7.

To get the benefits of CDS, administrators must set organization-wide sharing settings for supported objects to the Private access model.This ensures that only record owners and users above them in the role hierarchy have access to the records by default8.

Compliant Data Sharing

Work with Compliant Data Sharing

Salesforce offers various tools and capabilities to integrate Financial Services Cloud with external systems, such as core banking, insurance, or mortgage platforms. Some of the tools and capabilities that a consultant can recommend are:

Industry Integration Solutions with the MuleSoft Anypoint Platform: These are prebuilt integration solutions that leverage the MuleSoft Anypoint Platform to connect Financial Services Cloud with common industry systems, such as Fiserv, FIS, Jack Henry, and Guidewire1.These solutions enable bi-directional data synchronization, orchestration, and transformation between Salesforce and the external systems2.

OmniStudio Integration Procedures: These are reusable components that define the logic and sequence of steps for integrating data from external sources into Financial Services Cloud3.Integration procedures can be triggered by events, such as a button click or a record update, and can invoke other components, such as DataRaptors or OmniScripts4.

OmniStudio DataRaptors: These are data transformation components that can extract, load, and manipulate data from various sources, such as Salesforce objects, REST or SOAP web services, or CSV files5.DataRaptors can be used to map data between different formats, perform calculations or validations, or create or update records in Financial Services Cloud6.

Industry Integration Solutions

MuleSoft Anypoint Platform

OmniStudio Integration Procedures

Create an Integration Procedure

OmniStudio DataRaptors

Create a DataRaptor

Salesforce provides features and tools to help financial institutions improve the efficiency of their mortgage processes and provide better experiences for their customers. Some of the features and tools that a consultant can suggest to Cumulus Bank to implement are:

The standard mortgage flow templates to build a mortgage flow in Financial Services Cloud: These are prebuilt flow templates that guide users through the steps of creating a mortgage application, capturing borrower information, and submitting the application for approval7.The templates can be customized to suit the bank's specific needs and requirements8.

Flow Builder to automate these business processes: Flow Builder is a point-and-click tool that lets users create flows to automate business processes in Salesforce9.Flow Builder can be used to create custom mortgage flows that integrate with other Salesforce features, such as data models, objects, fields, validation rules, and actions10.

Flow Builder for Mortgage

Customize Mortgage Flows

Flow Builder

Create a Mortgage Flow

Consent Management for Financial Services Cloud is a feature that helps financial institutions honor and respect their customers' wishes when they request only specific forms of contact from their company or opt-out of certain types of data-sharing.This feature helps institutions comply with the data protection and privacy regulations that apply to their company11. A consultant can suggest the following actions to implement Consent Management for Financial Services Cloud:

Set up tracking and storage of certain data privacy preferences: This involves creating data privacy records for customers who have opted out of certain types of communication or data-sharing, and selecting the appropriate options in the record to indicate their preferences12.

Use the Consent API: This is an API that lets users query, create, update, or delete consent records for customers who have given or withdrawn their consent for certain types of communication or data-sharing.

Protect your Salesforce organization: This involves setting up organization-wide sharing settings, encryption, field-level security, and other measures to ensure that only authorized users can access or modify customer data according to their consent preferences.

Consent Management for Financial Services Cloud

Set Up Tracking and Storage of Certain Data Privacy Preferences

[Use the Consent API]

[Protect Your Salesforce Organization]

To skip non-work days in Action Plan when setting task completion dates, the administrator should configure the day without business hours, as it is considered a non-work day, even if the day is a recurring holiday. This means that the administrator should leave the start and end time fields blank for any day that is not a working day, such as Saturday or Sunday.Action Plans will then automatically omit those days when calculating the task completion dates based on the business hours1.Recurring holidays are not considered by Action Plans when determining the non-work days to skip2.

Set Business Hours

Set Up Company-wide Holidays

Financial accounts management is a Salesforce Financial Services Cloud feature that enables financial advisors to track and manage client accounts. A financial account is any account managed by a financial institution, such as a bank, an insurance company, or an investment firm.Financial Services Cloud supports many kinds of financial accounts, such as checking accounts, savings accounts, mortgages, credit cards, investment accounts, insurance policies, and more3.Financial advisors can use Financial Services Cloud to view, create, update, and delete financial accounts for their clients, as well as link them to other objects, such as households, goals, referrals, or opportunities4.

Financial Accounts

Manage Financial Accounts

Actionable Relationship Center (ARC) is a tool that a Salesforce FSC consultant can recommend to a wealth manager who needs to make sense of complex client relationships and discover new business opportunities.ARC is an advanced visualization engine that provides a holistic view of customers and their relationships with actionable insights, all in one place5.ARC helps users understand relationships among people and businesses by presenting them in interactive components, such as graphs, cards, lists, and filters6.ARC also allows users to perform actions on the customer data, such as creating tasks, sending emails, or updating records7.

Actionable Relationship Center (ARC)

Get Started with Actionable Relationship Center

Work with Actionable Relationship Center

Record alerts are a feature of Financial Services Cloud that let users create and display alerts on record pages to highlight important information or actions. Record alerts are based on OmniStudio, a low-code platform for building digital experiences in Salesforce. To access or extend permissions for record alerts in Financial Services Cloud, users need to have one of the following permission sets:

FSC Standard permission set: This permission set grants access to the core features of Financial Services Cloud, including record alerts.Users with this permission set can view and create record alerts on supported objects, such as accounts, contacts, financial accounts, and opportunities1.

FSC Foundations permission set: This permission set grants access to the common features of Financial Services Cloud that are shared across subverticals, such as retail banking, wealth management, and insurance.Users with this permission set can view and create record alerts on supported objects2.

OmniStudio User permission set: This permission set grants access to the OmniStudio features, such as OmniScripts, DataRaptors, Integration Procedures, and Record Alerts.Users with this permission set can view and create record alerts on any object that has the Record Alert component enabled3.

FSC Standard Permission Set

FSC Foundations Permission Set

OmniStudio User Permission Set

The architect at Cumulus Insurance should be aware of the limitation that the administrator can define up to 300 total sharing rules for each object when using the Role Hierarchy and sharing rules to implement the franchise business model. Sharing rules are a way of granting additional access to records based on criteria, such as record owner, role, or field values. The Role Hierarchy is a way of organizing users into a hierarchy that reflects the reporting structure of the company. The Role Hierarchy and sharing rules can be used together to control the access and visibility of records for different users in Financial Services Cloud. However, there is a limit of 300 sharing rules per object, which means that the administrator may need to use other methods, such as public groups or manual sharing, to grant access to records beyond this limit.

[Sharing Rules]

[Role Hierarchy]

[Sharing Rule Limits]