The increasing focus on continuous process improvement, risk management and compliance within financial control functions as a result of the introduction of Sarbanes Oxley and other legislation has identified a potentially critical weakness for many corporates.
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[Discover] Finextra: Bank spending on risk and compliance wasted - BearingPoint http://www.finextra.com/fullstory.asp?id=11584 (compliance management risk
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The reliance on Spreadsheets for critical financial reporting processes, consolidation, reconciliations, commission calculations, revenue recognition and other finance processes leading up to the release of financial statements is a major risk for many major corporates.
Year 2000 Compliance::
These spreadsheets, which can be linked to real-time feeds, are for users looking for "off-the-shelf" pricing and risk management software.
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The lack of risk management processes around these Spreadsheets is another major audit and compliance risk.
Recently, a clutch of software companies have launched technological solutions to help organizations tackle the risk involved in the utilization of Spreasheets in critical financial reporting processes. Some have extended the reach of control to include Access Databases too.
Electronic Document Management - Enterprise Content Management ::
According to the ECM software specialist, the new version of ABS for Spreadsheets mitigates risk and eases the burden of regulatory compliance by
http://www.contentmanagement365.com/Electronic_Document_Management/Article409457.aspxHOME |
What we have seen is a range of solutions, some basic - some very elaborate, that feature a range of activities including federated search, inventory, risk assessment, remediation, secure storage, access control, version control, change management, link migration management, cell by cell auditing and dashboard reporting features.
The leading provider right now is Prodiance Inc. www.prodiance.com a partner of Trintech Inc. www.trintech.com a leading provider of reconciliation, compliance and risk management technologies. Competition comes from Cluster Seven, Finsbury and a clutch of others that have tried and failed to match Prodiances lead in the market place.
For more information on Spreadsheet Controls and Risk Management, dont hesitate to contact me at ted.sparrey@supaworld.com.
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Spreadsheet Risk Management and Compliance