News
Prodiance Introduces Industry Leading Spreadsheet Analytics
San Ramon , Calif. – October 16, 2006 – Prodiance Corporation, a world leader in delivering comprehensive business solutions for improving compliance with today’s corporate, regulatory and legal mandates, today announced a new product to help organizations inventory, analyze, document, and assess risk for critical spreadsheets used in the financial reporting process.
The Spreadsheet Compliance Lifecycle
In light of Sarbanes-Oxley (SOX) Section 404 in the U.S. , the MiFID and Combined Code in the UK , and other regulatory compliance mandates, leading tax and audit firms are now recommending tighter spreadsheet controls to reduce the risk of errors in the financial reporting process. In working with leading global organizations through numerous deployments, Prodiance has learned that a proactive approach to spreadsheet compliance encompasses:
- Inventory - identifying the critical spreadsheet population impacting the financial reporting process.
- Risk Assessment - performing an initial evaluation of existing spreadsheet controls, analyzing the integrity of all critical spreadsheets, and assigning risk levels.
- Remediation - performing audits of critical spreadsheets in a controlled environment, developing spreadsheet documentation and controls, and correcting critical errors.
- Management & Control - applying sustaining controls to all critical spreadsheets, including change control, versioning control, access controls and security, backup and archival, etc.
- Automation & Monitoring - automating key spreadsheet workflows (including reviews and approvals, alerts and notifications, change requests, attestations, etc.) and providing visibility through graphical reports.
Introducing Prodiance Spreadsheet IQ
As a key component in the Prodiance Spreadsheet Compliance Edition solution, Prodiance Spreadsheet IQ is designed to help organizations automate inventory, risk assessment, analysis, documentation, and remediation efforts for critical spreadsheets. Other integrated products from the Prodiance Spreadsheet Compliance Edition provide discovery of critical spreadsheets, tracking changes and reporting on changes, management of spreadsheets in a controlled environment, and automation of workflows such as review and approval cycles, GL reconciliations, financial analyses, and other key financial processes involving spreadsheets.
Key Features
Key features and benefits for Prodiance Spreadsheet IQ include:
- Detailed spreadsheet inventory reports (including any linked spreadsheets)
- Spreadsheet Documentation Manager
- Advanced analytics and error checking through workbook and cell analysis reports
- Workbook and cell change history reports
- Interactive graphical workbook and cell dependency diagrams
- Multi-workbook reporting
- Interactive cell and formula analysis
- Automatic spreadsheet optimization
- Automatic cell highlighting and coloring schemes
- Integration with Prodiance Search for identifying critical spreadsheets across disparate content repositories, web sites, employee PCs, shared drives, and 3 rd party content and document management systems such as Microsoft SharePoint document libraries.
“With over 95% of organizations using spreadsheets to support financial reporting processes, the need for tighter controls and better visibility over critical spreadsheets is top of mind for many executives today.” said Dr. Soheil Saadat, president and CEO of Prodiance Corporation. “With Prodiance Spreadsheet IQ and the Prodiance Spreadsheet Compliance Edition, organizations can now automate the entire spreadsheet compliance lifecycle with an integrated solution from one vendor, from inventory and risk assessment, to remediation, management and control, and automation and monitoring.”
Availability and Resources
An evaluation version of Prodiance Spreadsheet IQ is available for immediate download on the Prodiance web site at www.prodiance.com/products/spreadsheetIQ.asp, along with more product information. General availability for Prodiance Spreadsheet IQ is targeted for October 30, 2006.
About Prodiance
Prodiance Corporation is a world leader in delivering comprehensive business solutions and best practices for improving compliance with today’s corporate, regulatory and legal mandates, and boosting productivity for knowledge workers. With proven technologies and solutions for financial spreadsheet control and remediation, management of electronic evidence, automation of key business processes, and federated search for eDiscovery, Prodiance leverages a 15-year history in delivering solutions for highly-regulated markets. Organizations across the financial, legal, real estate, telecommunications, entertainment, aerospace and defense, health care, educational, manufacturing, and engineering & construction markets have trusted Prodiance as a strategic partner to achieve their goals – driving down the cost of compliance, automating key business processes, and better leveraging corporate knowledge assets. Prodiance Corporation is an independent, privately held corporation based in San Ramon, California. Additional news and information about Prodiance solutions, products and services is available at www.prodiance.com or by calling 1-866-569-5678.
Prodiance PR Contact:
Eric
Perry
(866) 569.5678
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