LOWER EUC RISK WITH AUTOMATED CONTROLS

Earlier this year, Peter High wrote on Forbes.com about an interview he had with Clay Johnson who currently is the CIO of Walmart. Although the topics of discussion weren’t specific to end-user computing risk management, I found Clay’s lessons learned from his early experience at FedEx to be very applicable to my work focused on Model risk and EUC risk management.

The Prudential Regulatory Authority’s Supervisory Statement SS3/18 concerning model risk management principles is the latest in a long line of financial industry guidance that started with OCC 2011-12, The Federal Reserve’s SR 11-7 and others. Although it is highly focused on the models used for determining capital adequacy (stress testing) in UK banks, and the principles are sound, it is not good news for model risk managers.

You have millions of end-user controlled files in your organization. Do you know which documents, spreadsheets and other files contain personally-identifiable information (PII)? If not, how can you comply with the EU General Data Protection Regulation (GDPR)? How can you ensure effective security for this unstructured information?

Steve's team finished  the month-end close ahead of schedule without any mistakes. This humorous 15-second video shows how he celebrates! 

Why would a senior executive with strategic responsibilities even remotely think about something so seemingly tactical as spreadsheet risk? Read on: This article discusses a series of recent cases that illustrate how a spreadsheet error can quickly evolve into a material - and public - business crisis.

Imogen doesn't worry about errors in her models - she has automated controls!  This humorous 15-second video explains why she is so relaxed. 

A small error in a spreadsheet can cause a very public material error. Easily find all your spreadsheet errors BEFORE you finalize your acquisition.

Given your dependence on Microsoft Audit & Control Manager's Server, are you concerned about the sustainability of your spreadsheet risk management now that official support has ended. Or, are you migrating your critical Excel files to the cloud (e.g. SharePoint Online) which is not supported in Microsoft ACM Server?  CIMCON Software can help you maintain effective governance on Excel & Access files whether they’re stored in the cloud or on-premises.

Just one tiny spreadsheet error can snowball into a disaster for your company and for everyone responsible. No organization wants to suffer a material financial loss due to a spreadsheet error. And yet, most firms use ineffective, manual methods to find errors in their critical spreadsheets. There's a highly effective and much more productive way to detect and correct spreadsheet errors!

The consequences of trusting - but not verifying - that your spreadsheet has no errors.