Spreadsheets & EUCs pose a unique risk to companies because they fall outside of traditional risk management controls. As a result, they go unnoticed while becoming entrenched in critical business processes.
The majority of all highly regulated companies who are tasked with either updating their existing end user computing controls or are having to implement a credible and robust end user computing policy for the first time typically have very little internal resource or expertise that they can leverage to get the job done.
End user computing applications pose a unique risk to organizations because they fall outside of the realm of traditional application risk management controls. With the right set of EUC controls in place, you can mitigate this risk and ensure policy compliance for your most sensitive files.
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Spreadsheets are a key tool in financial services organizations. Regulatory mandates such as Basel III, Solvency II, DFAST, and CCAR force financial institutions to evaluate how they manage their unstructured data in a rigorous control framework.
The Patient Protection and Affordable Care Act fundamentally changed the direction of healthcare. As a result, this shift increased the need for healthcare finance teams to provide due diligence in their internal control framework, which often includes spreadsheets or other EUCs that are prone to errors.
Utility companies use Excel spreadsheets to consolidate financial information, energy trading, and operational data from different regional systems. SOX and regulatory agencies require companies to use a rigorous control framework to make sure that financial reporting, rate case details, energy trade confirmations, and commodity commitments are sound and accurate.