Office Of The CFO - ClusterSeven

Office Of The CFO

The Dilemma Of Spreadsheets For Finance Departments
Modern finance departments rely on accurate, transparent & up-to-date information. While there are countless corporate accounting systems designed to deliver this quality of data, the continued use of spreadsheets presents a dilemma to many businesses. Often key to core processes such as final mile reporting, spreadsheets are a flexible and easy to use tool. However their lack of controls means an inherent risk of errors and inaccurate information. Left unchecked, these errors affect the quality of business decision making and can create the need to restate earnings, or generate compliance issues – Tesco and Conviviality provide good examples.

You are more exposed to spreadsheet risk if you have:

  • Extensive reliance on spreadsheets for key processes.
  • A lack of corporate understanding of the functionality of the spreadsheets.
  • Technical complexity within spreadsheet processes.
  • A 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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