InteDelta: Spreadsheet Control In Financial Institutions
Posted: 1 October 2014
It is hard to imagine the world of commerce without spreadsheets. They are used in virtually every department of every business. Spreadsheets are particularly pervasive within financial institutions where they often have business critical functions such as pricing financial instruments, analysis for investment decisions and risk management models. This can present significant operational risk and there have been a number of well publicised failures resulting from spreadsheet errors.
In this paper we explore the way in which institutions are addressing spreadsheet risk. This is based on a survey we conducted amongst financial institutions in addition to our experience of consulting to institutions and a review of the literature relating to spreadsheet risk. This paper covers:
- What can go wrong with spreadsheets
- Drivers for controlling spreadsheet risk
- How institutions perceive spreadsheet risk
- Managing spreadsheet risk (including automated controls)
- How InteDelta can help
Our survey covered a cross section of financial institutions, from some of the world’s largest banks and asset managers to small insurance brokers. We also interviewed a number of vendors which provide spreadsheet control solutions and other industry experts in the field of spreadsheet control.