Excel Audit - Managing Spreadsheet Risk
Why are Excel spreadsheets so prevalent in business today?
Microsoft Excel is one of the most used tools in the business world today. Excel based spreadsheets offer a fast, flexible, intuitive and cost effective platform for rapidly analysing data and presenting information to support decision making. End user developed spreadsheets often fill the gap between the current business requirements and formally managed IT systems.
However, the very attributes that have made Excel Spreadsheets so popular lead to increased risks for the businesses that rely on them.
What is spreadsheet risk?
A study by KPMG found that 95% of spreadsheets contain errors and that 5% of those errors are material.
Spreadsheet risk is the risk that your business could lose revenue and profit, fail to comply with regulators or find its reputation damaged as a result of spreadsheet error.
Click here to see some examples of the impact of failing to manage spreadsheet risk.
How can we help you to manage your spreadsheet risk
We can help you to quantify, manage and mitigate your spreadsheet risk by:
- producing a catalogue of your spreadsheets;
- identifying your business critical spreadsheets;
- rebuilding your spreadsheets to best practice standards where appropriate;
- training your team in the techniques of best practice spreadsheet development;
- delivering a formal governance process for continued spreadsheet risk management.
Working with trusted partners, we can also develop bespoke software to replace business critical spreadsheets where appropriate.
Click here to view our approach to managing spreadsheet risk.
Do you know how well you are managing your spreadsheet risk?
Take our survey to see how well you are managing your spreadsheet risk.
To see how we can help you to manage your spreadsheet risk click here to download our Managing Spreadsheet Risk overview.