Remember Me
forgot your password?

Spreadsheet Risk Management and Compliance

The increasing focus on continuous process improvement, risk management and compliance within financial control functions as a result of the introduction of Sarbanes Oxley and other legislation has identified a potentially critical weakness for many corporates.

The reliance on Spreadsheets for critical financial reporting processes, consolidation, reconciliations, commission calculations, revenue recognition and other finance processes leading up to the release of financial statements is a major risk for many major corporates.

The lack of risk management processes around these Spreadsheets is another major audit and compliance risk.

Recently, a clutch of software companies have launched technological solutions to help organizations tackle the risk involved in the utilization of Spreasheets in critical financial reporting processes. Some have extended the reach of control to include Access Databases too.

What we have seen is a range of solutions, some basic - some very elaborate, that feature a range of activities including federated search, inventory, risk assessment, remediation, secure storage, access control, version control, change management, link migration management, cell by cell auditing and dashboard reporting features.

The leading provider right now is Prodiance Inc. www.prodiance.com a partner of Trintech Inc. www.trintech.com a leading provider of reconciliation, compliance and risk management technologies. Competition comes from Cluster Seven, Finsbury and a clutch of others that have tried and failed to match Prodiance's lead in the market place.

For more information on Spreadsheet Controls and Risk Management, don't hesitate to contact me at ted.sparrey@supaworld.com.

Ted Sparrey

Ted Sparrey is a UK Sales Professional who specializes in helping UK Finance Professionals to reduce costs, manage risk, increase efficiency and ensure compliance in the areas of GL/Balance-Sheet Reconciliations, Spreadsheet Controls and SOX compliance. Contact me for more details of recommended technology solutions. email: ted.sparrey@supaworld.com

Rate this Article: 5 / 5 stars - 2 vote(s)
Print Email Re-Publish

Add new Comment



Captcha

  • Latest Regulatory Compliance Articles
  • More from Ted Sparrey

The Challenges of Managing Urban Growth and Implication to Real Estate Professionals

By: Fattah Adewale Aderinto | 03/12/2009
urban population growth can be explained in term of natural increase in population, rural-urban migration and city annexation into surrounding rural areas. Urban city or mega city within a country has been a victim of any urbanization because they offer number of competitive advantages such as higher wages, education, health care, and social cultural attractions, that all result in a better quality of life for the poorest members of the society

Family lawyer- Taking Care of your Family Issues:

By: marryzalaa | 01/12/2009
A Personal Family Lawyer is a trusted advisor who helps you to make the very best personal, financial, legal and business decisions for your family throughout your lifetime.

Family lawyer- Taking Care of your Family Issues:

By: marryzalaa | 01/12/2009
A Personal Family Lawyer is a trusted advisor who helps you to make the very best personal, financial, legal and business decisions for your family throughout your lifetime.

BUY BACK OF SHARES – LEGAL ASPECTS

By: DR.R.SRINIVASAN | 30/11/2009
Buy back of shares enable the company to go back to its shareholders and offers to purchase from them the shares they hold. Sec. 77A of the companiesAmendmentAct, 1999,the central Govt has permitted Indian companies to buyback their shares from the Open Market.

Small Claims Court

By: junaidahmad1 | 25/11/2009
Johnny B. Good entered the store with a photo of seven rolls of film for development. "I want my honeymoon photos developed as soon as possible. We were in Italy, and I took the most amazing pictures in my life," he said. "No problem, replied the clerk at the photo shop." We will have them ready by the end of the day, "she said. After work, Johnny returned to the photo store to claim his developed pictures." Wow, you're sure you bring them?

MLM Secret You Should Know

By: Terry Wg | 24/11/2009
MLM success is within your reach if you just know the ins and out of MLM network marketing.

Real Estate Laws in Louisiana: What You Should Know as a Property Owner

By: Andre Savoie | 24/11/2009
One of the many unique attributes of the state of Louisiana is our legal code. Unlike the rest of the states in America, the laws in Louisiana are based on the French civil code, also referred to as the French Napoleonic code. Read more about how this may impact you if you own or are considering buying real estate in the state.

Does Your Bankruptcy Law Firm Need Both Attorneys And Accountants?

By: marryzalaa | 11/11/2009
Recent changes in U.S. law made declaring bankruptcy a much more complicated matter. Chapter 7 is the most common form of bankruptcy requested by debtors and does not require repayment

Is This the End for Spreadsheet Based Reconciliation Certification, Tracking, Control and Compliance?

By: Ted Sparrey | 05/07/2007 | Regulatory Compliance
In a world of ever increasing regulatory compliance requirements, technological solutions to manual controls and finance practices are enabling organisations to better achieve cost-effective compliance whilst improving business practices.

Submit Your Articles Free: Signup
Article Categories




Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2008 Free Articles by ArticlesBase.com, All rights reserved. (0.31, 8, w2)