Press Articles

If you require any other information, please contact Alex Subba Row at
asubbarow@clusterseven.com, or tel: +44 20 7148 6276.

Friday
Jan172014

Solvency II Reappears on the Data Radar 

The news that Solvency II is back on track surprised many in the insurance community who had considered a Solvency II ‘lite’ alternative as the most probable way forward. Notwithstanding further delays, the key date is now 1 January 2016. In relatively broad terms, at the heart of the Solvency II programme remains the management of an insurance firm’s data. Despite the extended deadline to January2016, insurance firms still have a great deal of work to do....

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Tuesday
Nov052013

The siren call of Microsoft Excel

Businesses must do more than pay lip service to controls on spreadsheet usage, says Lisa Pollack

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Tuesday
Nov052013

ClusterSeven awarded 2013 GRC Value award in Information and Data Governance by research firm GRC 20/20

ClusterSeven's Enterprise Spreadsheet Manager (ESM), a data management solution for businesses, audit firms and financial institutions, has been awarded the 2013 GRC Value award in Information and Data Governance by US research firm GRC 20/20.

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Tuesday
Nov052013

Spreadsheet management processes will come under the microscope, data expert predicts

UK financial services leaders expect that their business-critical data will come under greater scrutiny from regulators over the coming year, new research suggests.

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Tuesday
Oct292013

Tax technology: Spreadsheets, Big Data and tax professionals

One business truism rarely discussed, not just amongst tax professionals but the wider business community, is just how widespread the use of spreadsheets remains in the modern world. Applications such as common-or-garden Excel are the core medium for corporate data across small businesses right up to global multinationals....

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Friday
Oct182013

What is End User Computing (EUC)

End User Computing (EUC) usually refer to PC-based spreadsheets or databases which often used to provide critical data or calculations related to financial risk areas within the scope of a SOX 404 assessment.

They can support complex calculations and provide significant flexibility. However, with flexibility and power comes the risk of errors, an increased potential for fraud, and misuse for critical spreadsheets not following the software development lifecycle (e.g. design, develop, test, validate, deploy).

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Thursday
Oct172013

Financial services firms predict new regulations on data management

A survey of senior executives in financial services firms has found that most expect the regulators to demand more evidence of controls over data held in databases and on spreadsheets.

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Monday
Jul012013

Financial services lack proper control of their tax data

UK financial services companies could be doing much more to ensure their critical tax data is secure.

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Monday
Apr082013

Tech City firm storms spreadsheets

British firm ClusterSeven has created technology to clean up the world’s spreadsheets and eliminate errors such as those that led to £3.8bn losses

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Wednesday
Mar272013

Avoiding spreadsheet Hell

Spreadsheets are ubiquitous, but they are also a major source of risk, as high-profile examples have shown. Tom Groenfeldt reports on how firms ensure spreadsheet integrity

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Tuesday
Mar262013

FINANCIAL SERVICES FIRMS AT RISK AS C-LEVEL EXECUTIVES ADMIT TO POOR MANAGEMENT OF BUSINESS CRITICAL DATA

More than nine out 10 (93%) use spreadsheets as much as, or more than other financial applications in managing financial data

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Monday
Mar182013

Financial Times quotes ClusterSeven on survey of spreadsheet usage

More than half of financial services groups in the UK have poorly applied or no controls for managing business-critical spreadsheets, leaving them open to the problems....

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Monday
Mar182013

FT Alphaville locks on to bank's spreadsheet errors

As a result of a spreadsheet error, the degree to which the [bank's] marks were adjusted — by a separate middle office function — was very limited. By May, however, this was revised when the calculation errors were uncovered.

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Wednesday
Feb202013

Solutions To Spreadsheet Risk Post JPM's London Whale

The New Statesmen’s tech writer, Alex Hern, asks “Is Excel the most dangerous piece of software in the world?” His question was prompted by the JPMorgan Task Force Report into the Chief Investment Office’s $6 billion-plus loss. It found the bank’s Value at Risk (VaR) was being calculated with an Excel spreadsheet that “required time-consuming manual inputs to entries and formulas, which increased the potential for errors.”

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Thursday
Aug162012

Talking Reference Data with Andrew Delaney: Spreadsheet Wars Reprised

....the way regulators are looking at risk and other reports from financial institutions. It’s not just about the answer anymore; the regulators want to understand the models underlying the reports and – more pertinently to us – whether the data used in the models is both accurate and consistent.

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Monday
Jun252012

Managing spreadsheet risk when outsourcing business processes

While outsourcing partners pride themselves on their ability to maintain high quality data management standards and reduce the costs of running processes, there is a vital piece of business activity that warrants particular scrutiny. This is the use of Excel spreadsheets: firstly as a means of sharing critical data between the company and outsourcing partner; and secondly as a component of key business processes that must remain in the company even after the outsourcing. When business processes are ‘split down the middle’ like this, one could argue that the job is only part done.

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Wednesday
Apr042012

Regulatory "catalyst" pushing data quality

Compliance is working as a catalyst towards data quality and enterprise-wide risk management at insurance firms, thinks Lloyd’s underwriter Canopius.

Heightened compliance demands for better data quality and pressure to deliver enterprise-wide risk management (ERM) frameworks are driving industry change, thinks Bradley Cass, head of risk and compliance at Canopius.

Ralph Baxter, chief executive of ClusterSeven, the data management firm partnered with Canopius, stresses that moves towards improving the standard of information fed into a firm represent an industry shift towards better data quality.

Click here to read the full article at Reactions net (free trial registration or subscription required)

Monday
Mar262012

Spreadsheet risk: The devil is in the data

Companies have to accept that spreadsheets need to be used but they must know when and where they are being used, writes Ralph Baxter

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Monday
Dec192011

Managing spreadsheet risk in financial services

Transparency, control and validation of critical business data is an increasingly serious concern for the financial services sector. Banks, insurance companies and actuarial firms are facing up to the fact that they need to tackle the data risk issue as a matter of urgency. However, a major part of this challenge lies outside the knowledge of IT departments.

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Thursday
Dec152011

Are spreadsheets putting businesses at risk?

What links a billion-dollar reporting mistake by a global oil company, an accounting error by outsourcing specialist Mouchel, and an arithmetical error overstating the strength of the UK construction industry by the Office of National Statistics? The answer is spreadsheet risk, and control errors with data management.

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