Corporate Finance & Accounting

Corporate Spreadsheet Challenges With over 200 million users worldwide, Microsoft Excel is perhaps the most ubiquitous analysis and management reporting tool on the planet. Spreadsheets, Access databases and other end-user computing (EUC) applications are used every day in organizations across the globe in finance and accounting operations, including closing the books, account reconciliations, revenue recognition, journal entries, and budgeting and forecasting. Yet, organizations can be exposed to unacceptable business risks when critical spreadsheets and other EUCs are properly monitored and controlled.

For CFOs, controllers and finance executives, spreadsheet risks can include inaccurate account balances, errors in the financial reporting process, lost earnings, non-compliance with regulatory mandates (including SOX 404, Bill 198, NAIC Model Rule, FRCP Rule 26), and shattered shareholder confidence.

Auditor Guidance on Spreadsheet Controls Leading tax and audit firms recommend automating internal controls over critical spreadsheets and EUCs to help organizations minimize this risk, including:

Used collectively and in an automated fashion, these controls provide a sustainable and effective internal control framework for critical spreadsheets and EUCs ensuring that financial data is secure, trusted and always maintained with the highest level of integrity its lifecycle, from creation to destruction.

Spreadsheet Risk & Compliance Lifecycle

Automating Spreadsheet Risk & Compliance Management The Prodiance Enterprise Risk Manager (ERM) System is a comprehensive and integrated technology solution that incorporates all of these key controls and is based on best practices developed through a successful history of implementation projects at leading global organizations. The Prodiance ERM system helps organizations automate the Spreadsheet Risk & Compliance Lifecycle, from inventory, and risk assessment, to management and control, optimization, certification, and reporting.

The Prodiance ERM system is a proven technology solution that exceeds recent guidance from leading tax and audit firms, and provides a sustainable infrastructure to help organizations automate internal controls over business critical spreadsheets. For end users, there is little or no impact to existing business processes and spreadsheet performance because the solution is based on a web based (zero client) user interface.

Proven ROI This web based approach minimizes the cost and resource impact to IT organizations because there is no software installation required on client PCs, and no performance impact to existing spreadsheet models. Bottom line benefits include effective risk mitigation, improved compliance, increased transparency, and improved productivity for end users.