Regulators are focusing on controls around critical reporting and data processes. The types of controls they expect around spreadsheet based processes are no different to those of enterprise systems; including a risk classified EUC register, access controls, audit trails, version history and BAU process controls such as review and approval.
Solvency II requires the highest standards of data quality and data management. By implementing effective spreadsheet management, insurance companies can both meet the Solvency II data requirements and reduce the cost of the Solvency II projects. Finsbury can assist with all stages of the project including spreadsheet control design, documenting spreadsheet processes including data directory, data lineage, the SII spreadsheet inventory, spreadsheet validation, BAU controls and process efficiency.
Effective spreadsheet control is soon to become a requirement for all banks. In its recent document “Principles for effective risk data aggregation and risk reporting” the Basel Committee on Banking Supervision outlined that banks should have effective end-user computing policies and procedures in place, for risk reporting. Finsbury Solutions can help you implement a robust EUC control framework that meets the control standards of Basel III whilst reducing the overall cost of effective Basel III reporting.
If you are looking to deliver SOX control or local equivalents (JSOX, Loi sur la Sécurité Financière etc) over critical financial reporting spreadsheets then your focus will be the implementation of improved security and access control, version history, audit and approvals, workflow, largely in line with the accepted COBIT standards. Finsbury Solutions software is used by many organizations for SOX reporting and best practice finance and audit control.
Pharmaceutical and Life Sciences companies regularly use Excel spreadsheets for data manipulation, data storage, and data reporting. The flexibility and familiarity of Excel is unsurpassed in the pharmaceutical marketplace as an analytical tool. However despite its popularity and ease of use, the software presents a large number of security, traceability and validation concerns for companies using Excel in an FDA regulated environments. FDA 21 CFR Part 11 requires tight audit and security control across GxP critical spreadsheets. These requirements are best met through the use of spreadsheet access control, audit, versioning and approval functionality provided in Finsbury’s DaCS software.