| The increasing focus on continuous process | | | | tackle the risk involved in the utilization of |
| improvement, risk management and compliance within | | | | Spreasheets in critical financial reporting processes. |
| financial control functions as a result of the | | | | Some have extended the reach of control to include |
| introduction of Sarbanes Oxley and other legislation | | | | Access Databases too. |
| has identified a potentially critical weakness for many | | | | What we have seen is a range of solutions, some |
| corporates. | | | | basic - some very elaborate, that feature a range of |
| The reliance on Spreadsheets for critical financial | | | | activities including federated search, inventory, risk |
| reporting processes, consolidation, reconciliations, | | | | assessment, remediation, secure storage, access |
| commission calculations, revenue recognition and | | | | control, version control, change management, link |
| other finance processes leading up to the release of | | | | migration management, cell by cell auditing and |
| financial statements is a major risk for many major | | | | dashboard reporting features. |
| corporates. | | | | The leading provider right now is Prodiance Inc. a |
| The lack of risk management processes around | | | | partner of Trintech Inc. a leading provider of |
| these Spreadsheets is another major audit and | | | | reconciliation, compliance and risk management |
| compliance risk. | | | | technologies. Competition comes from Cluster Seven, |
| Recently, a clutch of software companies have | | | | Finsbury and a clutch of others that have tried and |
| launched technological solutions to help organizations | | | | failed to match Prodiance's lead in the market place. |