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, but their lack of management and audit controls means that highly-regulated businesses lack the data governance controls in their spreadsheet estate that can expose them to regulatory, shareholder, reputational and legal issues caused by flawed regulatory compliance processes and submissions.

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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.

Regulatory Compliance and Spreadsheet Risk

Spreadsheet risk often forms a key part of the business processes involved in:

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

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
  • Organizations need solutions like ClusterSeven for spreadsheet and EUC controls that are usable at all levels of the organization, in addition to supporting the needs of audit, risk, and compliance professionals.

    Michael Rasmussen, GRC Economist & Pundit, GRC 20/20 Research, LLC