News
Prodiance Releases New White Paper Entitled "Fraud Prevention & Detection for Mission Critical Spreadsheets"
San Ramon, Calif. – October 20, 2008 – Prodiance Corporation, a leading provider of Governance, Risk and Compliance solutions, today announced a new executive white paper entitled Fraud Prevention & Detection for Mission Critical Spreadsheets. The new white paper highlights the merits of adding proper safeguards and controls to financially significant spreadsheets as an effective measure to prevent and detect fraud.
Abstract
In the midst of the current economic crisis, greed, lack of oversight, and lack of transparency have left an “open door” in many organizations for non-compliance, gross accounting errors, and even fraud. According to Baseline Consulting, approximately 68% of today’s corporate data is managed in IT controlled applications, and 32% is stored in key spreadsheets, Access databases, BI and management reports, office documents, and other end-user computing (EUC) applications. In many cases, these EUCs are managed in uncontrolled environments and lack the proper safeguards and controls needed to ensure that bad things don’t happen. It’s these bad things – gross errors in key spreadsheets, "undocumented" transactions hidden in invisible cells or hidden worksheets, unauthorized changes, and logic errors - that create unacceptable risk and exposure for organizations.
Spreadsheets are perhaps the most risky EUC in most organizations. They are used in some of the most mission critical processes: equities trading, risk and uncertainty analysis, financial reporting, closing the books, account reconciliations. Their ubiquity and flexibility in delivering immediate results also presents many challenges, including lack of change control, multiple outdated and even conflicting versions, unauthorized changes, no archival or backup process, lack of documentation, logic errors, and more.
"Organizations that do not take a proactive approach to controlling mission critical spreadsheets and other EUCs may face significant loss events, non-compliance with regulatory mandates, and even losses in shareholder value due to earnings restatements," said Dr. Soheil Saadat, president and CEO of Prodiance Corporation.
To Download the White Paper
The new white paper is available immediately upon request on the Prodiance web site at:
http://www.prodiance.com/downloads/requestwp.asp
About Prodiance
Prodiance delivers Governance, Risk and Compliance (GRC) solutions to help increase visibility, transparency and control over End User Computing applications such as spreadsheets, databases and BI reports which comprise a significant portion of mission critical data within organizations. Prodiance leverages over 18 years experience in delivering innovative technology solutions for highly regulated markets. Leading global organizations across the banking, insurance, capital markets, energy, telecommunications, manufacturing, media and entertainment, food and beverage, health care, and educational markets have trusted Prodiance as a strategic partner to achieve their goals. Prodiance Corporation is an independent, privately held company 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
Vice President, Marketing
Tel. +1-866-569-5678
email: eric.perry@prodiance.com
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