Complex spreadsheets are the bane of many businesses around the world. In fact, some firms have banned the use for certain functions. The embedded risks of relying on spreadsheets include human error, the loss of an expert user or original creator, or that the complexity of a spreadsheet macro that relies on multiple inputs could become unexplainable to internal or external supervisors. When considering regulatory oversight, a reliance on spreadsheet for mission-critical tasks is no longer an effective business strategy.
Increased regulatory oversight means teams are generating more reports, in greater detail, with fewer people, and in less time. Gathering data manually from multiple spreadsheets can be a daunting task. Questions arise including:
- Are you using the latest version?
- How do you deal with conflicting data with a deadline approaching?
- How long will it take to find and correct any errors?
- Will you sign the document guaranteeing its accuracy?
Businesses need a solution to the spreadsheet problem to demonstrate to regulators that data calculations are observable, consistent and repeatable. There can be no room for questions about the validity of data during a regulatory audit or in the course of day-to-day business.
SS&C Advent’s Syncova solution suite can help your organization put a system in place to finally replace spreadsheets and the risks they bring. For the last 15 years, we have delivered best-in-class, rules-based engines for managing all of your calculations. Our models are transparent, explainable and reliable for even the most complex spreadsheet replacement requirements.
To learn more about how Syncova can help reduce your regulatory risk, read the product brief or request a demo.