Client Case Studies
We pride ourselves on having a fully reference able and active customer base. Find our what customers say about the benefits of using ClusterSeven to help ensure governance, risk and compliance best practice in their organizations.
Major New York Health Insurance ProviderDownload the full case study
A major New York based health insurance provider has chosen ClusterSeven’s spreadsheet management solution to ensure financial accounting accuracy and regulatory compliance. The widespread use of spreadsheets in this organization meant a high exposure to spreadsheet risk, and the need for controls was highlighted when an error was found in a formula on a business-critical financial statement.
The insurance provider’s finance department now has a complete understanding of its spreadsheet landscape based on a thorough inventory of files, the relationships between them alongside the associated risks.
SMBC EuropeDownload the full case study
Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE), a subsidiary of the large global Japanese commercial bank, was established in 2003 and has locations in London, Paris, Amsterdam and other major European cities.
SMBCE was finding it difficult to manage and monitor it’s large spreadsheet estate using basic tools and manual processes, presenting specific data governance and compliance challenges. To address the situation, SMBCE investigated a number of spreadsheet management solutions providers before selecting ClusterSeven. SMBCE chose the ClusterSeven platform for its functionality and suitability for the organization; read the full case study.
Global Electronics & Video Game BrandDownload the full case study
A well-known international consumer brand has partnered with ClusterSeven to deliver enterprise spreadsheet risk management, to enhance data governance, address potential process control gaps, and mitigate spreadsheet risk. The dynamic, high volume market in which it operates necessitates the use of spreadsheet-based management and reporting models to bridge what the gaps in corporate IT systems. These spreadsheets are pervasive and provided budgeting, cash flow forecasts, reconciliation calculations and reports, for example, using data feeds from the firms ERP system.
The Internal Audit department has implemented ClusterSeven’s CSM solution to provide a framework to assess, and highlight risks in its business-critical spreadsheets.
Shawbrook BankDownload the full case study
Shawbrook Bank, a specialist UK savings and lending bank founded in 2001 to serve the needs of SMES and individuals in the UK. At 31 December 2016, the bank’s total lending reached more than £4.1 billion and has raised over £3.9 billion in deposits since its launch.
Shawbrook has deployed a central ClusterSeven provided platform for the management of business-critical spreadsheets. The Bank’s adoption of ClusterSeven is a key element of bank’s strategy to build and strengthen its model risk management capabilities and provides the Operational Risk team with central, automated oversight of all the Bank’s major spreadsheets and EUC models. The solution non-intrusively manages all Shawbrook’s business-critical spreadsheets, providing automated audit trails that highlight when and what changes have been made by individuals in the Bank’s high-risk applications.
BlackRockDownload the full case study
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:
- Reduce and control spreadsheet risk
- Add control without making it onerous for users
- Meet regulatory requirements around the use of spreadsheets in business critical processes
Janus HendersonDownload the full case study
Colorado-headquartered Janus Henderson is a leading global investment manager with approx. $180 billion in assets under management (as of 31 December 2014). The firm offers institutional and intermediary clients as well as individual investors complementary asset management disciplines including growth, core and value equities, fixed income and mathematical investing. Outside the US, Janus Henderson has offices in a number of financial centres including London, Tokyo, Hong Kong and Singapore.
Janus Henderson identified that a large number of internal processes and functions were tied to and heavily reliant on spreadsheets. The firms’ Operational Risk Team coordinated an exercise to self-identify the use of spreadsheets by department – with the results confirming the pervasive use of spreadsheets and, more importantly, the operational dependencies many processes had to spreadsheets. From benign checklists and logs to critical business processes and calculations, the review exercise found that spreadsheets had become an integral tool to the business units. However – and most significantly – the Operational Risk Team found that in most cases, the control environment needed to be strengthened.
Example use cases
Organizations rely on spreadsheets in a variety of ways and as a result there are many different ways in which ClusterSeven can assist and add value to a business.
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