Spreadsheet Risk Issues

It is interesting to note that the riskiness of operational spreadsheets are overlooked even by companies with high standards of risk management. Only when errors amount to actual losses do they realize that these risks have been staring them in the face all along.

Common spreadsheet risk issues

Susceptibility to trivial manual errors

Due to the fundamental structure of spreadsheets, a slight change in the formula or value in any of their inhabited cells may already affect their overall output. An

  • accidental copy-paste,
  • omission of a negative sign,
  • erroneous range selection,
  • incorrect data input or
  • unintentional deletion of a character,cell, range, column, or row

are just some of the simple errors spreadsheet users frequently encounter. Rarely are there any counter-checking controls in place in a spreadsheet-based activity and manual errors therefore easily go undetected.

Possibility of the user working on the wrong version

How do you store spreadsheet files?

Since the most common reports are usually generated on a monthly basis, users tend to store them using variations of these two configurations:

spreadsheet storage

If you notice, a user can accidentally work on the wrong version with any of these structures.

Prone to inconsistent company-wide reporting

This happens when a summary or ?final? spreadsheet is fed information by different departments coming from their own spreadsheets. Even if most of the data in their spreadsheets come from one source (the company-wide database), erroneous copy-pasting and linking, or even different interpretations of the same data can result to contradicting information in the end.

Often defenceless against unauthorised access

Some spreadsheets contain information needed by various individuals or department units in an organisation. Hence, they are often shared via email or through shared folders in a network. Now, because spreadsheets don’t normally use any access control, any user can easily open a spreadsheet file and view or modify the contents as he wishes.

Highly vulnerable to fraud

A complex spreadsheet system with zero or very minimal controls provides the perfect setting for would-be fraudsters. Hidden cells with malicious formulas and links to bogus information can go unnoticed for a long time especially if the final figures don’t deviate much from expected values.

Spreadsheet risk mitigation solutions may not suffice

Inherent complexity makes testing and logic inspection very time consuming

Deep testing can uncover possible errors hidden in spreadsheet cells and consequently mitigate risks. But spreadsheets used to support financial reporting are normally large, complex, highly-personalised and, without ample supporting documentation, understandably hard to follow.

No clear ownership of risk management responsibilities

There?s always a dilemma when an organisation starts assigning risk management responsibilities for spreadsheets. IT personnel believe users in the business side of the organisation should be responsible since they are the ones who create, edit, store, duplicate, and share the spreadsheet files. On the other hand, users believe IT should be responsible since they have always been in-charge of managing IT infrastructure, applications, and files.

To get rid of spreadsheet risks, you’ll have to get rid of spreadsheets altogether

One remedy is to have a risk management activity that involves both IT personnel and spreadsheet users. But wouldn’t you want to get rid of the complexity of having to distribute the responsibilities between the two parties instead of just one?

Learn more about Denizon’s server application solutions and how you can get rid of spreadsheet risk issues.

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Disadvantages of Spreadsheets – obstacles to compliance in the Healthcare Industry


How Internal Auditors can win the War against Spreadsheet Fraud


Spreadsheet Reporting – No Room in your company in an age of Business Intelligence


Still looking for a Way to Consolidate Excel Spreadsheets?


Disadvantages of Spreadsheets


Spreadsheet woes – ill equipped for an Agile Business Environment


Spreadsheet Fraud


Spreadsheet Woes – Limited features for easy adoption of a control framework


Spreadsheet woes – Burden in SOX Compliance and other Regulations


Spreadsheet Risk Issues


Server Application Solutions – Don’t let Spreadsheets hold your Business back


Why Spreadsheets can send the pillars of Solvency II crashing down

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Article 8 of the EU Energy Efficiency Directive ? Orientation

Following in-depth discussion of the UK?s ESOS response, we decided to backtrack to the source, especially since every EU member is facing similar challenges. The core purpose of the directive is to place a pair of obligations on member states. These are

  1. To promote the availability of energy audits among final customers in all sectors, and;
  2. To ensure that enterprises that are not SMEs carry out energy audits at least every four years.

Given the ability for business to look twice at every piece of legislation it considers unproductive, the Brussels legislators took care to define what constitutes an enterprise larger than an SME.

Definition of a Large Undertaking

A large undertaking meets one or both of the following conditions:

  1. It employs 250 or more people
  2. Its annual turnover is more than ?50 million and its balance sheet total exceeds ?43 million

Rules for Energy Audits

If accredited / qualified in-house specialists are unavailable then independent experts should supervise audits. The talent shortage seems common to many EU businesses. In hindsight, the Union could have ramped up slower, especially since the first compliance date of 5 December 2015 does not leave much swing room.

ecoVaro doubts there was a viable alternative, given the urgent imperative to beat back the scourge of carbon that is threatening the viability of our planet. The legislators must have been of a similar mind when laying down the guidelines. Witness for example the requirement that penalties be ?effective, proportionate and dissuasive?.

In order to be compliant, an energy audit must

  1. Be based on twelve months of verifiable data that is
    • over a continuous period beginning no more than 24 months before the beginning of the energy audit, and;
    • identifies energy saving opportunities including paths to their achievement
  2. Analyse the participant’s energy consumption and energy efficiency
  3. Have not been used as the basis for an energy audit in a previous compliance period

Measurement of current status and progress tracing are at the core of energy saving and good governance generally. EcoVaro has a powerhouse of software tools available on the cloud to help project teams save time and money.

Web Design and Development

The first few seconds of a first-time website visitor is very crucial. If they don’t like what they see or if they think it takes too long just to load what they’re supposed to see, chances are, that would be the last time you’d ever catch them on your site.

Therefore, striking a balance between your website’s appearance and its loading speed is important for first impressions. Once you’ve captured the visitor’s attention, the next objective is to keep them glued long enough for them to browse through your merchandise. It is at this point that the benefits of a well organised and highly intuitive graphical user interface come into play.

An excellent combination of stylish web design and sharp web development can play a major role in lowering bounce rates and increasing returning visitors. We see to it that our web designers and developers not only excel at what they do individually, but also understand the interplay between their individual creations and how it affects the overall appeal of the website.

This is what you can expect from our brand of web design and development:

  • Conversion-motivated web design. Since we understand that your primary motivation for entering into the eCommerce arena is to turn torrential web traffic into sales, we’ve put conversion as a primary consideration in our web designs.
  • SEO-friendly content. First-time visitors don’t reach your site because they entered your URL somewhere. Rather, they must have stumbled upon your links on search engine results or on other websites.
  • Engaging web content. Because excellent graphics alone can’t sell products but engaging web content can, we invest in excellent copywriters.
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  • Superior expertise in web development technologies. Our web developers are certified experts in web related technologies including Javascript, AJAX, SQL, PHP, CSS, Java, Silverlight, CMSes, and Magento, among others. Thus, we can offer extreme flexibility and scalability in our web development services.

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Successful Engineer Communication With FieldElite

Technological innovations have been on the rise in the recent past. Our news media are awash with new technologies that are being released in almost every industry. From smart buildings to sophisticated gadgets, every industry has a technological invention to flaunt. 

One area in which technology has blossomed is the field service. In the field service management, things have moved a notch higher. Right from communication, document management, monitoring and evaluation, to information storage, nothing remains where it was a couple of years ago. You no longer have to carry clipboards around to do your inspections or pile files in the office. You no longer have to wait for your field service employees to return to the office before you can receive reports. By using a field service management software like FieldElite, you have it all done at a click. 

With FieldElite, you’ve got everything under control right from the comfort of your office. Provided you’re doing what you need to do and posting updates using the app, the rest will fall into place. Your employees will receive updates from you and vice versa. If there is a client who needs attention, they can easily issue a request through the app and the next available field service officer who?s within proximity will pick it up and attend to the customer?s needs. 

Everything is just a click away. Sounds great, right?

FieldElite is a robust field service management software that’s packed with a wide array of tools meant to simplify communication between the office and the field service employees. With FieldElite, you can reach all your engineers at one go. 

Below are a few of the communication features that make FieldElite the software of choice when it comes to field service management.

Simplified Communication

It’s very important to stay in touch with your engineers in the field to monitor the ongoing activities. For this reason, you need to choose a platform that doesn’t complicate the process. You don’t want important information to reach your team late. That would drag your activities.

Fast and effective communication is, therefore, very key in field service. FieldElite has consequently been made to simplify communication in the field service. Its simplicity can be compared to the usual consumer messaging apps. On the back-end, however, there are very many complex procedures executed through refined algorithms meant to process information and generate instant reports for engineers, supervisors, and the rest of the company team members.  

With the FieldElite app, communication is as easy as dropping a message in the team members? inbox. Again, the app?s communication system is centralised and, thus, every communication trail is easily retrievable. You don’t need different apps for messaging, audio and video calling, and document sharing. You have it all in FieldElite. Simply put, FieldElite is an all-in-one field service management tool that ropes in all essential digital modes of communication. 

But what’s the benefit of having all work-related communication in one place? 

With an all-in-one communication platform like FieldElite, you’ll cut down on wasted time and field tech frustration. Again, any urgent information will reach your engineers on time, and none of them will be left out. What’s more? With effective communication, expect the performance of your team to shoot up. 

Consistent Communication

Field technicians, in this case engineers, need to be kept on toes to get the job done. You can only achieve this by communicating with them more often. Therefore, you need a field service management platform that can offer you that. Most field service management software facilitates constant communication with team members in the field. Even so, not all are as good as you expect. So, you’ve got to be a bit more critical when choosing a field service management software for your business. 

A good field service management software is one that enables you to regularly check in with field techs to make sure that they have everything they need. With FieldElite, you can achieve more than this. FieldElite app allows you to communicate with your engineers from time to time through messages, calls, or shared documents. Again, the team gets information at the same time. 

So, how important is regular communication with your business? 

Keeping in touch with your team members in the field helps you build strong relationships with them. Additionally, you can easily spot areas that need improvement that otherwise could have been hidden from your viewpoint. What’s more? Employees feel valued when you check on them from time to time. As a result, this will boost their overall productivity, which contributes positively to the well-being of your business.

So, take your business to another level by making use of FieldElite communication tools to reach out to your engineers at any time.

Two-Way Communication

Communication in field service can only be successful if you can get feedback from your field techs. As such, the field management software should make it easier for your engineers to notify you of anything that needs urgent attention. With the FieldElite app?s communication features, your engineers can give you real-time updates from any device. The app is compatible with any android device, and, therefore, the field techs can use their smart handsets to communicate important information. 

The messaging and calling features are easy to manipulate, and with a little training, anyone can use them easily. Again, FieldElite allows you to make group calls or send many messages at the same time. Therefore, in case you?d like to talk to the entire team, you can choose to make a group call or send out bulk messages. 

Real-Time Updates

With FieldElite, you don’t need to wait until you meet your team to communicate any changes. You can notify your team on any work-related changes anytime, and as many times as is necessary. The good thing about FieldElite is that the information reaches all your engineers instantly and at the same time. Provided there?s strong network coverage, you’ll not have to deal with delayed communication. Again, your field techs can always get back to you in case they need clarifications on some matters.

Timely updates are very necessary for field service management. Field techs that get real-time updates tend to be more productive than those who get information late. At least they can make necessary changes on time to avoid wasting time on tasks that aren’t urgent. Therefore, make use of FieldElite communication features to keep your engineers updated.

Would you like to take your business to another level? Well, it’s time to improve communication with your field techs. Get the FieldElite android app for successful communication with your engineers.

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