Regulatory: example use cases - ClusterSeven

Example use cases

Regulatory

  • Challenge

    Globally regulators are asking organizations to demonstrate they understand, and have appropriate controls over, any key IT processes supported by the business. You can’t afford the reputational and financial risk that could result from non-compliance with regulations, but tracking compliance of spreadsheets and other EUCs is challenging and expensive.

  • Solutions

    ClusterSeven enables you to create an inventory of critical spreadsheets and other EUCs. The built in workflow and task management enables periodic, audited, attestations ensuring the inventory’s continued accuracy in line with regulatory requirements.

  • Benefits

    – Increased assurance of regulatory compliance
    – Peace of mind through reduced risk
    – Compliance & Control
    – Reduced cost of regulatory compliance

Regulatory use cases

Solvency II

Challenge

Solvency II requires insurance companies to demonstrate they have appropriate controls and reporting in place to manage spreadsheets and spreadsheet data.

Solution

ClusterSeven provides the speed and accuracy you need to keep up with Solvency II demands, quickly mapping usage and data flows and performing automated risk assessments of your spreadsheet inventory.

Benefits

  • Transparency of data quality and lineage
  • Compliance with Solvency II requirements

Policy adherence

Challenge

To meet audit requirements, you must demonstrate that information in business-critical spreadsheets is accurate, verifiable, retrievable and well documented.

Solution

ClusterSeven exposes the sources for data inputs and outputs. It identifies any changes made to a spreadsheet and helps you spot any that don’t meet your organization’s control policy.

Benefits

  • Confidence in the accuracy and validity of spreadsheet data
  • Adherence to internal control policies

Inventory

Challenge

Relying on manual processes makes it difficult to comply with regulatory or audit requirements for maintaining an inventory of spreadsheets and other EUCs.

Solution

ClusterSeven provides comprehensive inventory management capabilities, including identification of complexity and materiality in your EUC estate, integration of stakeholder information from Active Directory, and application of appropriate controls.

Benefits

  • Less likelihood of failed audits and non-compliance
  • Avoidance of associated financial and other losses

COSO

Challenge

The lack of a change control framework for spreadsheets can make it challenging to comply with COSO requirements for a suitable control environment, risk assessment framework and control activities.

Solution

ClusterSeven provides an automated solution that supports COSO requirements around internal controls, and facilitates the risk assessment process.

Benefits

  • Improved control over spreadsheets
  • Simplified compliance with the COSO framework

COREP / FINREP

Challenge

Using spreadsheets as sources for, or to produce, COREP and FINREP reports can make data integrity checking a challenging task.

Solution

Use ClusterSeven to risk-check the spreadsheets, maintain them in an inventory for easier risk assessment, and apply version and data control for easier monitoring of changes.

Benefits

  • Increased assurance of data integrity
  • Enhanced ability to generate compliant COREP / FINREP reports

CCAR and DFAST

Challenge

If your organization manages spreadsheets manually, you may not have the transparency and control you need to meet regulatory requirements around stress testing.

Solution

Use ClusterSeven to identify all the components that support the stress-testing process by creating a comprehensive inventory of critical spreadsheets and other EUCs.

Benefits

  • Active management of critical spreadsheets
  • Enhanced ability to comply with CCAR and DFAST

BCBS239

Challenge

To comply with the data quality and integrity requirements of BCBS239, you need a clear understanding of — and control over — your data lineage and processes.

Solution

ClusterSeven enables you to maintain an inventory of your spreadsheet estate and identify high-risk files that are in scope of BCBS239.

Benefits

  • Ability to report on spreadsheets and the data they hold
  • Simplified compliance with BCBS239

Attestation

Challenge

Proving to regulators and audit committees that your organization has taken the required steps to comply with regulations can be a challenging and intrusive process.

Solution

ClusterSeven logs completed attestation questionnaires with the user’s login and date/time stamp as proof; and sends reminder emails next time an attestation is needed.

Benefits

  • Organizational peace of mind around attestations
  • Minimal interruption to users’ daily routines

Sarbanes-Oxley (SOX)

Challenge

Regulators and auditors expect you to ensure you have adequate controls over spreadsheets used in accounting and finance processes; but manual controls often fall short.

Solution

Using ClusterSeven to automate your internal control framework around critical spreadsheets helps you meet and evidence all the requirements of SOX more efficiently.

Benefits

  • Active management of high-risk files
  • Demonstrability of your internal control framework

SR11 7

Challenge

Banks must actively manage model risk to address the possible adverse consequences of decisions based on incorrect or misused models.

Solution

ClusterSeven can help identify the spreadsheets which are used to manipulate data upstream and downstream from a model, and are therefore part of the data lineage.

Benefits

  • Visibility of data lineage
  • 24/7 monitoring for correct spreadsheet operation

GRC

Challenge

Used in an uncontrolled way, spreadsheets can expose the business to risk. Without visibility of these potential risks, you could fail to meet your GRC commitments.

Solution

ClusterSeven automates spreadsheet management, streamlining reporting of potential failings to ensure data accuracy and risk mitigation across the GRC landscape.

Benefits

  • Understanding of spreadsheet risk and how to manage it
  • Ability to meet GRC commitments more easily
view Audit cases

Get in touch

Let's talk about how ClusterSeven can increase transparency and control around your spreadsheets and give you confidence in your business critical processes and the accuracy of your data empowering you to make informed business decisions.

Contact Us
  • Organizations need solutions like ClusterSeven for spreadsheet and EUC controls that are usable at all levels of the organization, in addition to supporting the needs of audit, risk, and compliance professionals.

    Michael Rasmussen, GRC Economist & Pundit, GRC 20/20 Research, LLC
  • In ClusterSeven, we have complete visibility of every single spreadsheet from creation through to remediation, with full version history and audit trail.  The solution is inherently robust, scalable and reliable.

    BlackRock

This website uses cookies. By continuing to browse this site you accept this policy.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close