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Contract Cloud Archives

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Financial Services

How do I implement Contract Cloud into my representative training?

Contract Cloud’s application program interface (“API”) can plug into your registered representative training at any point when the representative is acknowledging compliance materials or terms and conditions. The scripts displayed to the representatives through the API are curated by the broker dealer to ensure compliance with regulators and to communicate all adequate terms and disclosures to the representative.

All video recordings are securely uploaded and stored by Contract Cloud’s patent-pending system. The recordings are managed, sorted and retrievable at anytime through the administrator’s portal.

Demand a better method of contracting, prevent unnecessary disputes, and increase investor trust. Contract Cloud is beyond a signature; it is your video witness.

 

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HIPAA Compliance

How does Contract Cloud Encrypt your data?

HIPAA’s Security Rule includes addressable implementation specifications regarding the encryption of PHI and PII in transmission (“inflight”) and in storage (“at-rest”). The same data encryption mechanisms used in a traditional computing environment, such as a local server or a managed hosting server, are used in our virtual computing environment, Amazon S3. Contract Cloud has full root access and administrative control over our virtual servers located in North America. To protect data security during electronic transmission, our files are encrypted using technologies such as 128-bit AES algorithm; 256-bit AES encryption is available upon request.

AWS Security Policies

For Amazon S3, AWS employees’ access to customer data is highly restricted and not necessary for customer support or maintenance.

Contract Cloud Control Policies

Contract Cloud uses a number of mechanisms to control access to the video witness data while in-flight and at-rest in the AWS cloud. Our system administrators set user and computer access controls to restrict data access and secure data. Contract Cloud employees are unable to access the data before it is de-identified. Our customers control their own access to our data and should restrict access to constituents who are HIPAA trained.

Auditing, Back-Ups, and Disaster Recovery

HIPAA’s Security Rule requires in-depth auditing capabilities, data backup procedures, and disaster recovery mechanisms. The services Contract Cloud utilizes in AWS contain features that address these requirements.

Contract Cloud technology is designed to be consistent with HIPAA and HITECH auditing requirements. Auditing capabilities are in place to allow security analysts to drill down into detailed activity logs or reports to see who had access, IP address entry, what data was accessed, etc. This data is tracked, logged, and stored in a central location for extended periods of time, in case of an audit. Using Amazon EC2, Contract Cloud runs activity log files and audits down to the packet layer on AWS virtual servers. We also track any IP traffic that reaches our virtual server instance.

Under HIPAA, covered entities must have a contingency plan to protect data in case of an emergency and must create and maintain retrievable exact copies of electronic PHI. We use Amazon S3 to implement a data back-up plan on AWS. By loading our files into Amazon S3, multiple redundant copies are automatically created and stored in separate data centers. These files can be accessed at any time, from anywhere (based on permissions) and are stored until intentionally deleted by the Contract Cloud system administrator or our customer’s system administrator.

Disaster recovery, the process of protecting an organization’s data and IT infrastructure in times of disaster, is a HIPAA requirement satisfied by AWS3. It involves maintaining highly available digital systems, keeping both the data and system replicated off-site, and enabling continuous access to both. By using Amazon S3, our data is replicated and automatically stored in separate data centers in North America to provide reliable data storage with a service level of 99.9% availability and no single points of failure.

For more information on AWS HIPAA compliance, please review their May 2015 White Paper – Creating Healthcare Data Applications to Promote HIPAA and HITECH Compliance

For more information on Contract Cloud’s HIPAA compliance please contact Contract Cloud at admin@contractcloudinc.com.

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Fitness

Contract Cloud is used in following industries:

– Moving & Storage
– Entertainment
– Action Sports
– Fitness

Don’t see your industry here? Contact us and learn how we can help your business.

How do I implement Contract Cloud into my workflow?

Contract Cloud is easily delivered through its patent-pending App or application program interface (“API”). Contract Cloud plugs into your workflow at any point when the customer is signing waivers and service agreements in either paper or electronic formats. The scripts displayed to the customers are curated by the business to ensure authenticity and to communicate all adequate terms and disclosures to the customer.

In both App and API products, the recordings are securely uploaded and stored by Contract Cloud’s patent-pending system. The recordings are managed, sorted and retrievable at anytime. All content displayed to the customer through Contract Cloud’s platform can be customized by the business.

Start demanding a better method of contracting, prevent unnecessary disputes, and increase business and document efficiencies. Contract Cloud is beyond a signature; it is your video witness.

 

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Action Sports

Contract Cloud is used in following industries:

– Moving & Storage
– Entertainment
– Action Sports
– Fitness

Don’t see your industry here? Contact us and learn how we can help your business.

How do I implement Contract Cloud into my workflow?

Contract Cloud is easily delivered through its patent-pending App or application program interface (“API”). Contract Cloud plugs into your workflow at any point when the customer is signing waivers and service agreements in either paper or electronic formats. The scripts displayed to the customers are curated by the business to ensure authenticity and to communicate all adequate terms and disclosures to the customer.

In both App and API products, the recordings are securely uploaded and stored by Contract Cloud’s patent-pending system. The recordings are managed, sorted and retrievable at anytime. All content displayed to the customer through Contract Cloud’s platform can be customized by the business.

Start demanding a better method of contracting, prevent unnecessary disputes, and increase business and document efficiencies. Contract Cloud is beyond a signature; it is your video witness.

 

View Products

 


Sign Up for a Customized Demo

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Entertainment

Contract Cloud is used in following industries:

– Moving & Storage
– Entertainment
– Action Sports
– Fitness

Don’t see your industry here? Contact us and learn how we can help your business.

How do I implement Contract Cloud into my workflow?

Contract Cloud is easily delivered through its patent-pending App or application program interface (“API”). Contract Cloud plugs into your workflow at any point when the customer is signing waivers and service agreements in either paper or electronic formats. The scripts displayed to the customers are curated by the business to ensure authenticity and to communicate all adequate terms and disclosures to the customer.

In both App and API products, the recordings are securely uploaded and stored by Contract Cloud’s patent-pending system. The recordings are managed, sorted and retrievable at anytime. All content displayed to the customer through Contract Cloud’s platform can be customized by the business.

Start demanding a better method of contracting, prevent unnecessary disputes, and increase business and document efficiencies. Contract Cloud is beyond a signature; it is your video witness.

 

View Products

 


Sign Up for a Customized Demo

Read More  

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Moving and Storage

Contract Cloud is used in following industries:

– Moving & Storage
– Entertainment
– Action Sports
– Fitness

Don’t see your industry here? Contact us and learn how we can help your business.

How do I implement Contract Cloud into my workflow?

Contract Cloud is easily delivered through its patent-pending App or application program interface (“API”). Contract Cloud plugs into your workflow at any point when the customer is signing waivers and service agreements in either paper or electronic formats. The scripts displayed to the customers are curated by the business to ensure authenticity and to communicate all adequate terms and disclosures to the customer.

In both App and API products, the recordings are securely uploaded and stored by Contract Cloud’s patent-pending system. The recordings are managed, sorted and retrievable at anytime. All content displayed to the customer through Contract Cloud’s platform can be customized by the business.

Start demanding a better method of contracting, prevent unnecessary disputes, and increase business and document efficiencies. Contract Cloud is beyond a signature; it is your video witness.

 

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Sign Up for a Customized Demo

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Rule506-Compliance

How does Contract Cloud support 506(b) offerings?

Under 506(b), crowdfunding platforms may sell securities to “accredited investors” who self-verify their accreditation and certain “sophisticated” non-accredited investors. The purpose of these regulations is to limit investment opportunity to individuals with sufficient knowledge, wealth, general intelligence and experience in financial and business matters to make them capable of evaluating the merits and risks of the prospective investment.

Crowdfunding platforms require investors to simply click a box to attest that they are either accredited or sophisticated. Some platforms even require prospective investors to answer multiple choice questions during investor profile creation to demonstrate sophistication. Contract Cloud’s video witness API easily integrates with both of these scenarios. The investor clicks “I agree” or completes the sophistication quiz, which is quickly followed by their video attestation. Contract Cloud does not require the user to ever leave the platform’s workflow. The digital video attestation can again be used at the point of investment when the investor clicks his/her acknowledgment of the terms and conditions of the investment.

Once an investor is portrayed as “sophisticated,” he/she has the potential to diminish the burden crowdfunding platforms must meet to establish the investor was provided with a suitable investment recommendation. The recording demonstrates the investor has an appropriate level of knowledge and adequate understanding to be capable of evaluating the risks associated with investing. Contract Cloud’s video attestation will enforce the validity of the investor’s investment objectives, financial needs and other customer based considerations.

How does Contract Cloud support 506(c) offerings?

Under 506(c), crowdfunding platforms can broadly solicit and generally advertise investment offerings online if the investors are all accredited investors. The crowdfunding platform must also take reasonable steps to verify that the investors are all accredited investors.

As defined in Rule 501 of Reg D, the term accredited investor means any person who meets a defined minimum income and net worth. Certain states also set forth more strict definitions of the qualifications for an accredited investor. Further, the crowdfunding platform must reasonably believe the investor meets the required legal criteria at the time of the sale of the securities.

Contract Cloud helps companies verify and validate the accuracy of the information provided by potential investors in order to prove accreditation and prevent fraud. Identity verification and information accuracy can be confirmed during the creation of the investor profile through Contract Cloud’s video attestation service. The video witness can also capture investors’ stated intent to make the investment at issue as well as their capacity. Contract Cloud provides a layer of protection for the crowdfunding platform to demonstrate to regulators that it is using all means available to ensure the accreditation of the investor is verified.

How does Contract Cloud support FINRA Suitability Rule 2111?

Under FINRA Rule 2111, crowdfunding platforms must have a reasonable basis to believe that their recommended or “promoted” investment transactions are suitable for their investors. The three customer obligations for crowdfunding platforms under Rule 2111 that can be validated with video attestation are: customer-specific suitability, quantitative suitability and financial ability.

The customer-specific suitability obligation requires the crowdfunding platform to have a reasonable basis to believe that the promoted investment is suitable for a particular investor based on his/her investment profile. This assessment is based on the information obtained through reasonable diligence to ascertain the customer’s investment profile. Crowdfunding platforms can further demonstrate the validity of the information in review by requiring the investors to attest to the information they provided in their profile.

Quantitative suitability obligations require crowdfunding platforms to have a reasonable basis for believing that a series of promoted transactions are not excessive and unsuitable for the investor when taken together in light of his/her investment profile. Video attestation on the accuracy of the information provided by the investor during the profile creation is a pre-validation method implemented prior to checking the finances of the investor. If the investor becomes over-concentrated in investments on the platform, then video attestation can be used to capture the investor’s understanding of the risks associated with the investment.

Rule 2111 prohibits crowdfunding platforms from recommending a transaction or investment strategy involving a security or the continuing purchase of securities unless the crowdfunding platform has a reasonable basis to believe that the investor has the financial ability to meet such a commitment. Video attestation is a vital verification step to investor profile creation and/or investor disclosure process prior to running full financial checks.

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Medical

Read our white paper about HIPAA Compliance

How does Contract Cloud integrate with my current informed consent process?

Contract Cloud is easily delivered through its patent-pending App or application program interface (“API”). Physicians, Institutional Review Boards (IRBs) or Research Sponsors can integrate Contract Cloud into their informed consent process regardless of whether patients are giving informed consent through paper or electronic means. The patient is simply recorded while reading a script or answering a quick question displayed through Contract Cloud’s interface. The questions or scripts are written by the health care professionals and are completely customizable.

In both API and App products, the recordings are securely uploaded and stored by Contract Cloud’s patent-pending and HIPAA compliant system. The recordings are managed, sorted and retrievable at any time by designated administrators. Contract Cloud uses top of the line security to protect the privacy of patients and the confidentiality of data. For additional security information please review our HIPAA Compliance documentation.

Start demanding a better method of informed consent, prevent unnecessary disputes, and increase trust with your patients. Contract Cloud is beyond consent; it is your video witness.

 

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Investing: Compliance

 Watch a quick video about our compliance solutions

How do I implement Contract Cloud into my representative training?

Contract Cloud’s application program interface (“API”) can plug into your registered representative training at any point when the representative is acknowledging compliance materials or terms and conditions. The scripts displayed to the representatives through the API are curated by the broker dealer to ensure compliance with regulators and to communicate all adequate terms and disclosures to the representative.

All video recordings are securely uploaded and stored by Contract Cloud’s patent-pending system. The recordings are managed, sorted and retrievable at anytime through the administrator’s portal.

Demand a better method of contracting, prevent unnecessary disputes, and increase investor trust. Contract Cloud is beyond a signature; it is your video witness.

 

View Products

 


Sign Up for a Customized Demo

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Investing: Retail

Our customers use Contract Cloud to provide investor attestations surrounding signatures of virtual processes including:

  • Accredited investor representations
  • Acknowledgment of receipt and/or review of offering materials
  • Acknowledgment of receipt and/or review of risk disclosures
  • Attestations surrounding overconcentration of assets
  • Trade request acknowledgments
  • Alternative investment disclosures and acknowledgments

How do I implement Contract Cloud into my workflow?

For electronic investment platforms and/or e-disclosures, Contract Cloud’s application program interface (“API”) plugs into the Financial Service Provider’s (or its vendor’s) workflow at any point where an investor makes one of the above listed attestations. The scripts displayed to the investor through the API are curated by the Financial Services Provider to ensure compliance with regulators and to communicate all adequate terms and disclosures to the investor.

Contract Cloud can also be used as a stand-alone app in circumstances where the investor’s attestations or acknowledgments are done in traditional paper processes. The Financial Service Provider simply needs to download Contract Cloud’s app to their representatives’ iPads. The Financial Services Provider manages scripts for the investor through a secure web-portal.

In both API and App products, the recordings are securely uploaded and stored by Contract Cloud’s patent-pending system. The recordings are managed, sorted and retrievable at anytime.

Demand a better method of contracting, prevent unnecessary disputes, and increase investor trust. Contract Cloud is beyond a signature; it is your video witness.

 

View Products

 


Sign Up for a Customized Demo

Read More