Fiserv has launched Spreadsheet Workbench, a comprehensive spreadsheet control solution, to complement its Financial Control Solutions (FCS) suite. In a recent survey by Fiserv, nearly 90% of organisations believe that current practices in using spreadsheets do represent a material risk, yet the majority of respondents said they had only the most rudimentary of spreadsheet controls in place.
In partnership with Finsbury Solutions Limited, a supplier of spreadsheet management and compliance software, Fiserv now offers its customers the ability to incorporate enterprise-wide spreadsheet controls. Typically, material spreadsheets within an organisation are unidentified and lack adequate risk controls to satisfy internal or external audit requirements. In an economic environment where companies must maximise tools already in place, spreadsheets and other end user computing (EUC) applications represent a significant risk.
This is where Spreadsheet Workbench from Fiserv delivers value. It is designed to mitigate risk by identifying material EUC applications and enforcing appropriate control measures across the enterprise. It also assist the licensee in generating significant time and cost savings by automating processes that are labour intensive and prone to error, such as version control and spreadsheet comparison.
“Firms realise that spreadsheets pose significant risks but the problem is often perceived as too costly or difficult to resolve. As reports of crippling abuse, fraud and critical errors continue to hit the headlines and bottom lines of organisations across the globe, ubiquity and complexity associated with spreadsheets can no longer sideline efforts to gain control and transparency of this critical data,” says Elizabeth Elkins, general manager, Financial Control Solutions, Fiserv.
“With Spreadsheet Workbench, we offer customers unparalleled control over material EUC content within an easy to implement software-based solution. There is no doubt that spreadsheets are pervasively called upon when making critical financial decisions and creating bottom line reporting. The inability to prevent or even detect errors or fraud can have devastating effects on organisations, and can expose a significant weakness in their financial control framework. Add to this the economic drive for faster period end reporting and increased audit scrutiny regarding appropriate spreadsheet controls, and it is clear that many organisations urgently need access to a comprehensive EUC control solution. We have been working to address these needs with a solution that is cost effective and easy to implement across the enterprise,” she continues.
Spreadsheet Workbench provides the following functionality: identification of material spreadsheets within an organisation; an enterprise wide multi-user repository with full version management of spreadsheets; access control and security; audit trail and exception reporting; analytics for spreadsheet comparisons; and a spreadsheet development framework that enables users to develop robust and scalable spreadsheet applications.
Financial Control Solutions reinforces the Fiserv core competency in risk and compliance and is focused on the delivery of software solutions that enhance operational efficiency while mitigating financial and compliance risk. The solution suite delivers market leading capabilities across transaction matching, account reconciliation, exception and case management, account certification, balance sheet attestation, reporting, performance management and spreadsheet control.