Regulatory Compliance - ClusterSeven

Regulatory Compliance

Why Does It Matter?

Regulators are increasingly aware how spreadsheets form part of regulated processes and now often need evidence of management controls and data governance, to ensure that regulatory submissions are error-free and a fair reflection of the business.

Spreadsheets provide huge power and flexibility to users. However, their lack of management and audit controls means that highly-regulated businesses lack the controls in their spreadsheet estate. This can expose them to regulatory, shareholder, reputational and legal issues caused by flawed regulatory compliance processes including:

CECL Reporting    SS3/18 Stress Testing    CCAR/DFAST Stress Testing    GDPR Compliance & Auditing    Attestation Process Management    SR 11-7 Model Governance    Solvency II Compliance

What Causes Spreadsheet Risk?

Spreadsheet risk is more likely to occur if you use:

  • Complex formulas.
  • Sophisticated macros.
  • Multiple, integrated spreadsheets.
  • Spreadsheets integrated with external data sources and corporate applications.

The Solution: Automated Spreadsheet Risk Management

ClusterSeven offers regulated business automated spreadsheet risk management solutions that allow them to apply the same level of data governance and management control that feature in their corporate IT systems. Our solutions cover a range of compliance regimes including SOX, Basel III, CCAR/DFAST, Solvency II, GDPR and many others.

Need More Information?

  • The ClusterSeven solution will assist us with our own internal business risk management and governance, and in complying with the regulatory mandate.

    Keith Haylock, Assistant General Manager, Risk Management Department at SMBC Europe