ClusterSeven Recognized as Best-of-Breed Provider in RiskTech Quadrant® for Enterprise GRC Solutions
Company Ranked in Chartis RiskTech Quadrant® for Enterprise GRC for Two Years in a Row
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Company Ranked in Chartis RiskTech Quadrant® for Enterprise GRC for Two Years in a Row
ClusterSeven’s Enterprise Spreadsheet Manager (ESM), Access Database Manager (ADM), and Inventory Management System (ISM) products were recognized for market potential and completeness of offering. In the 2015 report that contains the RiskTech quadrant, Chartis states: “ClusterSeven helps customers manage enterprise GRC for this risk class, while providing additional functionality for user productivity and data insight.”
New elements in the DFAST instructions include further guidance on supervisory expectations, specifically that model inventories should include significant end-user computing (EUC) applications that support financial modelling projections, both directly and as indirect, data feeder files.
London/New York, 23 February, 2015 – The vast majority of asset management professionals have significant concerns over the use of financial and economic models and believe the financial services industry is not doing enough to manage model risks, according to new research from ClusterSeven(1), the specialist data management firm
Four-fifths (79%) of respondents to a study by ClusterSeven said that a high dependency on models poses a “significant” business risk to financial institutions, with a similar number (83%) saying that model risk management is a “significant” industry challenge.
“Whether it is data preparation, supporting calculations, or regulatory/management reporting it is rare for any financial modeling process to be conducted without spreadsheets,” stated Peyman Mestchian, Managing Partner at Chartis. “The ClusterSeven solution adds a data governance layer to these models that mitigates risk.”
“Traditional GRC vendors often emphasize the replacement of spreadsheets that are being used for controls, but this fails to recognize that many spreadsheets are critical parts of financial processes such as data preparation and calculations,” stated Peyman Mestchian, Managing Partner at Chartis. “The ClusterSeven solution fills a critical need in the market by providing an advanced set of capabilities to automatically manage business spreadsheets and the data they contain.”
London/New York, 8 October, 2014 – Schroders Investment Management (“Schroders”) has become the latest financial services firm to award a contract to data management and spreadsheet control specialist ClusterSeven. Schroders has selected ClusterSeven’s Enterprise Spreadsheet Management® (ESM) software to provide control for its key business spreadsheets and the data they manipulate.
London/New York, 1 September, 2014 – Investec Bank Plc (“Investec”) has become the latest bank to award a contract to data management and spreadsheet control specialist ClusterSeven. Investec has selected ClusterSeven’s Enterprise Spreadsheet Management® (ESM) software to provide control for its key business spreadsheets and the data they manipulate.
London/New York, 25 January, 2014 – ClusterSeven announced today that it has entered into a contract with Janus Capital Management LLC (“Janus”), an investment management firm, for ClusterSeven’s Enterprise Spreadsheet Management® (ESM) software to provide control for its key business spreadsheets and the data they manipulate. Janus is a global firm managing approximately $110 billion in global assets across a broad range of asset classes including equities, fixed income, alternatives and asset allocation products.
London/New York, 14 January, 2014 – BLME (Bank of London and The Middle East) has become the latest bank to award a contract to data management and spreadsheet specialist ClusterSeven. BLME has selected ClusterSeven’s Enterprise Spreadsheet Management® (ESM) software to provide control for its key business spreadsheets and the data they manipulate. BLME is an independent UK, wholesale Sharia’a compliant bank based in London. It is the largest Sharia’a compliant bank in Europe. The core divisions that make up BLME’s offering are Corporate Banking, Treasury and Wealth Management comprising of Private Banking and Asset Management.
TORONTO, July 23, 2013
TORONTO, July 23, 2013- SWI and ClusterSeven announced today the formation of a strategic partnership, which will combine SWI's expertise in the Canadian Financial and Energy sectors with ClusterSeven's industry-leading solutions in the End-User Computing (EUC) space. Under the partnership, SWI will further extend ClusterSeven technology into the Canadian market, becoming a key local provider of services and solutions that reduce the operational risk brought about by widespread spreadsheet use.
London/New York, 15 May, 2013 –Poor control policies for business critical tax data are leaving UK financial services firms dangerously exposed to financial and reputational losses, according to research1 by ClusterSeven. The findings come at a time when the scrutiny of corporate tax calculations is intensifying as governments, regulators and other stakeholders focus on the details of corporate tax returns.
London/New York, 25 March, 2013 – Research by ClusterSeven on C-level executives and senior managers working in financial services in the UK has revealed dangerously poor attitudes to business critical data managed in spreadsheets and similar databases. Half (51%) of C-level executives say there are either no usage controls at all or poorly applied manual processes over the use of spreadsheets at their firms1. Nine in ten (89%) admit they rely on manual oversight to maintain data integrity, with only one in 10 (11%) saying there is an automated control policy that allows them to fully understand changes between different versions of spreadsheets and see a clear audit trail for data.
London/New York, 29 January, 2013 – Increasing demands from regulators, investors and other stakeholders for stringent data management controls at financial institutions has helped ClusterSeven report record profits for 2012 – net income up over 40% year-on-year to over £0.4m (US$0.6m) on record turnover of over £3.3m (US$5.2m). The specialist data management firm, which also won a record number of nine new clients for the year including major banks and insurers, helps financial institutions’ tax and finance teams manage and control their vast estates of Excel spreadsheets and similar databases.
Both the Switzerland-based Basel Committee on Banking Supervision (BCBS) and the Financial Services Authority (FSA) in the UK have recently made it clear that when relying on manual processes, desktop applications or key internal data flow systems such as spreadsheets, banks and insurers should have effective controls in place that are consistently applied to manage risks around incorrect, false or even fraudulent data. The citation by the BCBS is the first time that spreadsheet management has ever been specifically referenced at such a high level, a watermark in the approach to spreadsheet risk.
London 14 May, 2012: Managing Agency Partners Ltd (MAP), the independent Lloyd's of London underwriter, has become the latest insurer to sign up to ClusterSeven’s solution for governance and insight into unstructured financial data.
MAP has implemented ClusterSeven’s Enterprise Spreadsheet Management® (ESM) software to provide control for its key business spreadsheets and the data they manipulate. ClusterSeven’s end-user computing management solutions enable insurers and financial institutions to maintain the transparency and integrity of their spreadsheets and data files in order to increase productivity and business insight and to reduce operational risk.
London/New York 4 April, 2012: Canopius Group has become the latest insurer to award a contract to data management and spreadsheet specialist ClusterSeven. Canopius has implemented ClusterSeven’s Enterprise Spreadsheet Management® (ESM) software to provide control for its key business spreadsheets and the data they manipulate. Canopius Managing Agents is one of the largest privately-owned managing agents at Lloyd's of London. This is the third contract win with a London-market underwriter by ClusterSeven in the last year.
London 10 January, 2012 Only one in five (20%) actuaries and insurance finance professionals are completely confident of their firm’s data control processes and the supervision of their large estates of business-critical spreadsheets. Two in five respondents (40%) stated that corporate controls around spreadsheet access could be improved and over one in ten (13%) warned they are simply not confident at all about the oversight process behind spreadsheets.