Spreadsheets are flexible, inexpensive and easy to use. They are especially handy when it comes to beating report submission deadlines or making impromptu data computations. Unfortunately, organisations heavy reliance on spreadsheets have made these User Developed Applications (UDA) into high-risk office tools. Simple spreadsheet errors like leaving out a negative sign or a cut-and-paste mistake […]
To prevent another round of million dollar scandals due to fraudulent manipulations on spreadsheets, regulatory bodies have launched major offensives against these well-loved User Developed Applications (UDAs). Naturally, internal auditors are front and center in carrying out these offensives. While regulations like the Sarbanes-Oxley Act, Dodd-Frank Act, and Solvency II can only be effective if […]
Most of the regulatory compliance issues we talked about concerning spreadsheets have been related to financial data. But there are other kinds of data that are stored in spreadsheets which may also cause regulatory problems in the future. In the US, a legislation known as HIPAA or Health Insurance Portability and Accountability Act is changing […]
No other industry perhaps handles such large volumes of critical financial data more than the banking industry. For decades now, spreadsheets have become permanent fixtures in the front-line reporting tool sets of banks, providing organised information when and where needed. But as banks enter into a period of heightened credit risks, elevated levels of fraud, […]
When it’s time to consolidate Excel data, I won’t be surprised if you wished there was an easy way.
Applying Benford’s Law on large collections of data is an effective way of detecting fraud. In this article, we?ll introduce you to Benford’s Law, talk about how auditors are employing it in fraud detection, and introduce you to a more effective way of integrating it into an IT solution. Benford’s Law in a nutshell Benford’s […]
It doesn’t take a genius to understand why spreadsheet reporting still pervades the enterprise despite the rise of a complex but highly effective IT solution known to big shot CIOs as Business Intelligence or BI. If you’re still in the dark as to what BI is, don’t worry because we?ll enlighten you shortly. Business decisions […]
Solvency II is now fast approaching and while it may provide added protection to policy holders, its impact on the insurance industry is not all a bed of roses. Expect insurance companies to restructure, increase manpower, and raise spending on actuarial operations and risk management initiatives. Those that cannot, will have to go. But what […]
The problems and limitations of spreadsheet-based systems are well documented. That’s why we at Denizon have come up with ways to give you freedom from these UDAs (User Developed Applications).