NEWVault Insights AI: ask your vault anything, cited to the source.See how it works

GLOSSARY

The language of
document intelligence.

Clear, quotable definitions of the terms that shape digital vaults, compliance and AI in financial services.

A

AI agentSoftware that uses AI to carry out a multi-step task, such as assembling an onboarding package, by taking actions across systems rather than only answering questions. In regulated firms, agents need permissions, approvals and an audit trail.Read the AI Agents announcement AI governanceThe policies and controls that decide what AI can access and do, and record what it did, including permissions, approvals, human review and audit logs.Document governance Audit trailA time-stamped record of every action taken on a document or account, such as who viewed, uploaded, shared or changed it, and when.Compliance and audit readiness

B

Books and recordsThe records a regulated financial firm must create and preserve, and for how long, so regulators can examine its business. In the US these are set out in SEC and FINRA rules; in Canada, by CIRO.Compliance and audit readiness Bulk distributionDelivering large volumes of documents, such as statements and tax forms, to many client accounts at once, automatically matched to the right recipient.Explore bulk distribution Business email compromise (BEC)A fraud in which criminals impersonate an executive, client or vendor by email to redirect payments or steal data. It was the second-costliest type of cybercrime reported to the FBI in 2025.Secure Document Exchange

C

Capital callA request from a private fund for investors to contribute part of the capital they committed, by a set date. Also called a drawdown.Capital call notices Client portalA secure online space where a firm and its clients exchange documents and information. A digital vault is a client portal built for long-term, organized document storage.Explore the Digital Vault CRM2The second phase of Canada’s Client Relationship Model, which requires annual reports to clients on the charges they paid and the performance of their investments.CRM2 annual reports

D

Data residencyA requirement that data be stored in a specific country or region. FutureVault offers hosting in Canada, the United States or Europe.Visit the Trust Center Digital vaultA secure, encrypted online home for important documents, the digital equivalent of a safety deposit box, with permissions and an audit trail on every action.Read the definition Document intelligenceTurning the data inside documents into structured information that people, systems and AI can act on.Document intelligence Document lakeA single, governed home for every document a firm holds, from every source, organized so people, systems and AI can find, retrieve and understand it. The document counterpart to a data lake.Explore Document Lake

E

eDeliveryDelivering statements, tax forms and disclosures electronically, with the client’s consent, instead of by mail.Statement delivery EntityIn FutureVault, a way to organize documents within a vault, like separate filing cabinets for a person, trust or company, with independent or combined views.Explore the Digital Vault

F

FINRA Rule 4511The FINRA rule requiring member firms to make and preserve books and records as required by FINRA rules and the Exchange Act, keeping records for six years where no other period is specified.Compliance and audit readiness Fund FactsA short, plain-language summary of a Canadian mutual fund’s investments, risks, performance and costs, delivered to investors before they buy.Fund Facts, explained

G

Golden sourceThe system a firm treats as its single, authoritative source of truth for a type of data, such as client, advisor and account relationships.Databricks integration Great wealth transferThe movement of wealth from one generation to the next as assets pass to heirs. Cerulli Associates projects $124 trillion will change hands in the United States through 2048.Estate planning

H

HouseholdA group of related clients and accounts, such as a couple, their children and their trusts, managed together as one relationship.Explore the Digital Vault Human in the loopA design in which a person reviews or approves AI output before it’s used, such as low-confidence extracted fields or an AI agent’s consequential actions.How IDP works

I

Intelligent document processing (IDP)Using OCR, AI and language models to identify, classify and extract data from structured and unstructured documents.Explore IDP

K

Know your client (KYC)The information a firm collects and keeps current about each client, including identity, finances, objectives and risk tolerance, to make suitable recommendations and meet anti-money-laundering rules.KYC forms, explained

L

Large language model (LLM)An AI model trained on large amounts of text to understand and generate language. LLMs power AI assistants and document question-answering.Vault Insights AI Legal holdAn instruction to preserve documents relevant to litigation, an investigation or an audit, overriding normal retention and deletion rules until it’s lifted.Document governance

M

Model Context Protocol (MCP)An open standard that lets AI tools securely search, read and reason over data in other systems using natural language.Explore FutureVault MCP Multi-factor authentication (MFA)Signing in with two or more proofs of identity, such as a password and a one-time code, to block account takeover.See security controls

O

Optical character recognition (OCR)Technology that converts text in scanned documents, images and handwriting into machine-readable text.How IDP works

P

Private LLMA large language model run in an environment a firm controls, so documents and prompts aren’t shared with public AI services.How IDP works

R

Regulation S-PThe SEC rule requiring financial firms to protect customer information. Amendments adopted in 2024 require an incident response program and notice to affected customers within 30 days of a breach.Privacy notices, explained Retrieval-augmented generation (RAG)An AI technique that retrieves relevant passages from a firm’s own documents and gives them to a language model, so answers are grounded in, and can cite, real sources.Vault Insights AI Role-based access control (RBAC)Granting access by role rather than person by person. In FutureVault, roles such as advisor, branch manager, compliance and head office set which vaults, folders and documents each person can see, as enterprise-scale permissions that every vault inherits.See security controls

S

Schedule K-1The US tax form a partnership, trust or S corporation issues to each owner to report their share of its income, deductions and credits.Schedule K-1, explained SEC Rule 17a-4The SEC rule setting how broker-dealers must preserve required records, including retention periods and requirements for electronic recordkeeping.Compliance and audit readiness Single sign-on (SSO)Signing in once with a firm’s identity provider, such as Microsoft Entra ID, to access connected applications without separate passwords.Identity integrations SOC 2 Type IIAn independent audit report on how well a service organization’s security controls operated over a period of time, not just at a single point in time.Visit the Trust Center

T

Tax slipA Canadian information slip, such as a T3, T5 or T5008, that reports income paid to a taxpayer and is filed with the Canada Revenue Agency.Browse the document library Trusted Advisor permissioningFutureVault’s patented model that lets clients give family members, accountants and lawyers secure access to exactly the documents they choose.See how it works

U

Unstructured dataInformation that doesn’t sit in rows and columns, such as PDFs, scans and emails. Most client information at financial firms is unstructured until it’s extracted.How IDP works

W

White-labelA product delivered under the firm’s own brand rather than the provider’s, so clients see the firm’s name, logo and colours.Explore the Digital Vault