Earlier this year, Peter High wrote on Forbes.com about an interview he had with Clay Johnson who currently is the CIO of Walmart. Although the topics of discussion weren’t specific to end-user computing risk management, I found Clay’s lessons learned from his early experience at FedEx to be very applicable to my work focused on Model risk and EUC risk management.
The Prudential Regulatory Authority’s Supervisory Statement SS3/18 concerning model risk management principles is the latest in a long line of financial industry guidance that started with OCC 2011-12, The Federal Reserve’s SR 11-7 and others. Although it is highly focused on the models used for determining capital adequacy (stress testing) in UK banks, and the principles are sound, it is not good news for model risk managers.
You have millions of end-user files in your organization. Do you know which documents, spreadsheets and other files contain personally-identifiable information (PII)? If not, how will you comply with the EU General Data Protection Regulation (GDPR)? And more importantly, how can you fully ensure information security?
Steve's team finished month-end close far earlier than normal and now have time for more important things.
Why would a senior executive with strategic responsibilities even remotely think about something so seemingly tactical as spreadsheet risk? Read on: This article discusses a series of recent cases that illustrate how a spreadsheet error can quickly snowball into serious material - and public - impact.
A small error in a spreadsheet can cause a very public material error. Easily find all your spreadsheet errors BEFORE you finalize your acquisition.
Are you concerned about EUC risk given your dependence on Microsoft Audit and Control Manager Server once mainstream support ends this October? Or are you migrating your critical EUCs to the cloud - where Microsoft ACM can't support your EUC risk management? CIMCON Software can help you maintain effective governance on Excel & Access files whether they’re stored in the cloud or on premises.
Even one tiny spreadsheet error can snowball into a disaster for your company and for everyone responsible. No organization wants to suffer a material financial loss due to a spreadsheet error. And yet, most firms use ineffective manual methods to find errors in their most critical spreadsheets. There's a highly effective and more productive way to hunt for spreadsheet errors!