RiskTech Forum

ClusterSeven: Spreadsheet Management in BlackRock

Posted: 1 November 2013  |  Source: Cluster Seven Services Ltd

BlackRock® is one of the world’s pre-eminent asset management firms and a premier provider of investment management, risk management and advisory services to institutional, intermediary and individual investors around the world.

BlackRock is a fast paced firm with new products and processes being created all the time. Excel plays an important role in innovation and is often used to prototype these products and processes. Whilst being innovative, it is important that controls are in place to prevent Blackrock being exposed to monetary, reputational and technology risk. The challenges presented were:

The high-level objectives set out in BlackRock’s Global Spreadsheet Policy are to reduce the risks associated with spreadsheet use by:

Ensuring spreadsheet-dependent business processes can sustain the loss of one or more key people
A spreadsheet is considered in scope for BlackRock’s Global Spreadsheet Policy if it meets BOTH of the following criteria:

Operates as an application driving a process that presents a high level of monetary, reputational or technology risk
Contains a high degree of complexity. For example, the spreadsheet includes complex use of formulas and calculation, a high number of connections to multiple worksheets or external data sources, or employs macros or other code.

Please register or log in to download the report.