SPREADSHEETS WILL BE THE DEATH OF YOU!Rajesh Unadkat
An estimated billion people use Excel. Big score for Microsoft! So how can spreadsheets be dangerous? If you are using them to manage your Governance, Risk and Compliance (GRC) they are:
- Time consuming
- Difficult to manage
- Prone to errors
- Do not provide a chain of evidence
1. TIME CONSUMING
Face facts, your Risk and Compliance team members spend enormous amounts of hours constructing, posting, editing, and reporting via spreadsheets. It is critical work but:
- Is it efficient? Nope!
- Cost effective? Nope!
- Easy to build good reports? Nope!
- Do they scale well? Nope!
Spreadsheets burn through your payroll, consuming time and resources which could be leveraged to solve critical challenges. Face it: spreadsheets aren’t the most enjoyable and motivating aspect of a working day.
Searching a spreadsheet is easy. Searching many of them, not so much. With that in mind, are reams of spreadsheets an effective way to find information? No.
You may get the answers you require, but loading the info and then trawling through numerous spreadsheets, misinterpreting information along the way and becoming utterly bored in the process is not best practice. Not even close!
All you really need is Risk and Compliance data available when required in a visually easy to comprehend format. Spreadsheets are not good for this.
3. THEY’RE PRONE TO ERRORS
Spreadsheets are generally created by people, or are the result of an export from a system that someone has later modified. Research suggests that 88% of business spreadsheets contain errors.
Nine out of ten spreadsheets in your company have errors! How will that play with an auditor? Or with opposing counsel as they tear up your credibility?
4. THEY DO NOT PROVIDE A CHAIN OF EVIDENCE
Spreadsheets are created and updated by people. But how do you prove that the entries are true?
- Correct date?
- Or was it changed?
- Accurate entry?
- Or was it modified?
- Can you prove who made the entry?
HOW DO YOU MITIGATE THE SPREADSHEET THREAT?
Spreadsheets are great, but not for tracking risk or compliance. Aruvio eliminates the time, cost, errors, and tedious non-challenging work of generating, tracking and reporting your risk and compliance.
Aruvio allows you to prove your GRC results by automatically building and preserving a chain of evidence.
If your Risk and Compliance processes are reliant on spreadsheets it’s time to make a change.
Now is the time to consider using Aruvio’s GRC tool. Spreadsheets can be imported into Aruvio with limited or no user efforts. Contact Us for more information.