Spread sheets are a fantastic tool that has unfortunately exposed organisations to risk. Spread sheet risk is the third highest contribution to compliance breaches under SOX. A signicant number of bad business decisions can be tracked back to management and boards being mislead by spreadsheet errors. As a result Banking regulators are raising spread sheet risk high in their audits.
One of the roles of Dacono's enterprise system Dac4cast is to replace spread sheet risk in organisations.
Issues of Risk that Dac4cast mitigates
Manual Data Entry Errors and Formula Errors.
Key staff risk, in who understands the spreadsheet.
Potential to cover up fraud due to limited controls and audit trails.
Lack of documentation.
Complexity and transparency
Professor Planko of Honolulu University research into spread sheet risk identifies the average proportion of spread sheets with errors in an organisation to be as high as 90%. White papers on spread sheet risk.
The European Special Interest Group on Spread Sheet Risk identifies numerous disaster caused by spreadsheet risk. EuSpRiG