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Trusting Others With Your Data

For finance, security is still the main sticking point on outsourcing

By Dave Lindorff | Updated on May 01, 2006

Amid all the excitement and controversy concerning outsourcing, it’s worth noting that when it comes to finance, treasury and accounting, there is still not that much activity; the Hackett Group estimates that in the U.S. only about 4% of finance processes and essentially no treasury operations are being outsourced at this time. What’s the difference between now and a few years ago? Finance executives are more interested. Hackett and other consultants in the space suggest finance and accounting outsourcing could as much as double in the next three years.

But standing between executives and the idea of outsourcing is still one large, and potentially insurmountable, concern: Will information be safe? “It’s a far more important concern than we had thought it would be,” says Jon Watts, a principal at Booz Allen Hamilton. “Companies are definitely worried about the improper use of data, the theft of data and, of course, there is also a reluctance to entrust financial data to an outsource provider when as CFO you have to sign your name to the books.”

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