Office Of The CFO - ClusterSeven

Office Of The CFO

Why Does It Matter?

A company’s Chief Financial Officer (CFO) Function often covers a range of areas, which can encompass financial management and control, stakeholder management, compliance reporting, as well as engaging the in the strategic development of the business.

Delivering these capabilities requires accurate, transparent and up-to-date information in which senior financial managers can have full confidence. While many corporate IT systems are designed and used to deliver this quality of data, the continued use of spreadsheets in many businesses present a dilemma. Their power and flexibility mean they are central to the success of the business, either as part of management and final mile reporting, or as an intrinsic part of many business processes. However their lack of controls means that spreadsheet risk can provide inaccurate management information, which can affect the quality of business decision making, can create the need to restate earnings and generate compliance or issues.

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What Causes Spreadsheet Risk?

Spreadsheet risk is more likely to occur if there is:

  • Extensive reliance on spreadsheets for key processes.
  • Lack of corporate understanding of the functionality of the spreadsheets.
  • Technical complexity within spreadsheet processes.
  • Lack of transparency and auditability of spreadsheet-based processes.

The Solution: Automated Spreadsheet Risk Management

ClusterSeven offers businesses of all types and sizes 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 management challenges including regulatory compliance (SOX, Solvency II, stress testing and more), internal audit, tax management, management reporting and Brexit implementation issues.

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