Spreadsheet Control white paper
InteDelta had issued a white paper that explores the way in which institutions are addressing spreadsheet risk. This white paper is based on a survey that InteDelta conducted amongst financial institutions in addition to our experience of consulting to institutions and a review of the literature relating to spreadsheet risk.
This paper covers:
- Academic studies of spreadsheets and survey responses from vendors specialising in spreadsheet control confirm that a large proportion of spreadsheets contain errors that could give rise to significant losses
- Control failures attributable to spreadsheets continue to hit the headlines (such as the JP Morgan “Whale” losses”)
- Most institutions recognise spreadsheet risk and have multiple lines of defence to attempt to control it. The effectiveness of these controls, however, may be lacking
- Institutions are increasingly turning to automated solutions to manage their spreadsheet risk