Spreadsheets are usually not handled correctly. When it comes to government regulations, this is especially true. With regulations such as Sarbanes-Oxley (SOX) or the General Data Protection Regulations (GDPR), it’s important to make sure that your spreadsheets are protected. Even though the data varies, the way that it is handled is the same.
Spreadsheets are overlooked everyday. As a consequence, it creates a lot of risk. That can translate to significant costs later on. Specifically, these fines can cost millions, and it can also damage a company’s reputation. As a result, major companies need to follow Sarbanes-Oxley (see the full SOX Act of 2002).
Spreadsheets can be used to do many things. Sometimes they’re used for storing personal data. If that’s the case, it also makes them at risk for many regulations. One of the most important regulations regarding this GDPR (see the full data protection rules).
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.