Lower EUC Risk with Automated Controls

Do you think that any of your critical business processes are vulnerable to a spreadsheet error?  Or perhaps, has the number of models (including artificial intelligence) proliferated to the point where it’s difficult to understand your risk exposure (never mind reduce it)? If yes, there is something you can do. 

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 controlled files in your organization. Do you know which documents, spreadsheets and other files contain personally-identifiable information (PII)? If not, how can you comply with the EU General Data Protection Regulation (GDPR)? How can you ensure effective security for this unstructured information?

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 evolve into a material - and public - business crisis.

Given your dependence on Microsoft Audit & Control Manager's Server, are you concerned about the sustainability of your spreadsheet risk management now that official support has ended. Or, are you migrating your critical Excel files to the cloud (e.g. SharePoint Online) which is not supported in Microsoft ACM Server?  CIMCON Software can help you maintain effective governance on Excel & Access files whether they’re stored in the cloud or on-premises.

Just 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 critical spreadsheets.  There's a highly effective and much more productive way to detect and correct spreadsheet errors!

We're super proud to share with you that InsuranceERM has awarded CIMCON Software the Best End-UserComputing Risk Management Solution in its InsuranceERM Awards 2017!!  This recognition confirms CIMCON as the industry standard for EUC risk management automation software. Read the whole review here.

Two recent articles in The Wall Street Journal reignited the debate between spreadsheet defenders and foes. Excel is perennially derided by software marketers selling replacement solutions, yet its usage continues to proliferate. So we need to ask, why are spreadsheets used so often within critical business processes? More often than not, the smart business decision is to keep those spreadsheets in place.