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.

Topics: manage risk, ss3/18, pra ss3/18, prudential regulation authority ss3/18, model inventory

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?

Topics: manage risk, information security, pii, gdpr compliance

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.

Topics: spreadsheet errors, manage risk

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.

Topics: manage risk, euc controls, data governance in the cloud, microsoft acm

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!

Topics: spreadsheet errors, manage risk

We're super proud to share with you that InsuranceERM has awarded CIMCON Software the Best End-UserComputing Risk Management Solution in its InsuranceERM Awards 2017!! This recognition confirms CIMCON as the industry standard for EUC risk management automation software. Read the whole review here.

Topics: spreadsheet errors, manage risk, awards

Two recent articles in The Wall Street Journal reignited the debate between spreadsheet defenders and foes. Excel is perennially derided by software marketers selling replacement solutions, yet its usage continues to proliferate. So we need to ask, why are spreadsheets used so often within critical business processes? More often than not, the smart business decision is to keep those spreadsheets in place.

Topics: spreadsheet errors, manage risk

Get Started Managing Spreadsheet Risks Today - It's Easier Than You Think!!

Everyone knows it – Spreadsheets and other end-user controlled models and applications are risky. Errors, data loss, deliberate tampering/fraud – these are just a few of the risks.

Topics: spreadsheet controls, euc controls

Is data governance or information governance responsible for managing spreadsheet and other EUC risks? Does IT own it or the line of business? The short answer is: both IT and the line of business have accountability. Here are 3 tips to cooperate and reduce these risks.

Topics: manage excel risk, reduce euc risk, data & information governance

Spreadsheet gurus are often the important caretakers of an organization’s most sensitive information. If so, then this phrase probably gives you some pause. Just because you haven’t yet experienced a spreadsheet “horror story” doesn’t mean that there is not one lurking in your future.

Topics: spreadsheet errors, xl audit