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).
Financial institutions use spreadsheets everyday. As one of the most regulated industries, there needs to be a higher degree of care with these spreadsheets. Specifically, regulations such as Basel III, Solvency II, DFAST and CCAR must be followed in finance.
The insurance industry is heavily regulated. As a matter of fact, the Patient Protection and Affordable Care Act changed it a lot. Because of this shift, there is a growing need placed on healthcare finance teams. They must create internal controls that include spreadsheets and other EUCAs.
Utility companies use spreadsheets for many things. These include finance, energy trading, and keeping track of operational information. Due to regulations, they must make sure that all reporting is 100% accurate.