Have you ever found yourself swamped trying to reconcile and report on thousands of spreadsheets, only to find the reports filled with errors from manual reconciliation? You’re not alone. Spreadsheets are the most prevalent GRC tool used by organizations. However, their use, particularly in reporting, leads to the inevitability of failure. In this article, we will discuss the reasons why spreadsheets fail and why your team should switch to a configured solution.
Lack of Audit Trail
One of the reasons why spreadsheets are prone to failure is because they lack an audit trail. A single mistake can derail an entire report, leaving risk managers scratching their heads in confusion. A configured solution, on the other hand, contains an audit trail that tracks who made changes and when they were made. This not only eliminates the risk of errors but also increases accountability and transparency.
Too Easy to Manipulate
Spreadsheets are easy to manipulate, which unfortunately leaves room for errors and misinterpretation. It’s easy to mistakenly input a wrong number or accidentally delete a column. Moreover, spreadsheets don’t provide any easy way to validate data assumptions. With a configured solution, data is controlled and validated centrally, removing the risk of error due to manual entry.
No Structured Workflow
Spreadsheets lack a structure for required workflow and task management. Poorly designed templates can result in uncontrolled data being inputted manually, leading to inaccuracy in key risk and compliance indicators. Configured solutions, on the other hand, utilize a task management system to automate data collection and input. This reduces the risk of manual errors, streamlines compliance processes, and eases management of workflows.
Spreadsheets lack consistency when it comes to formatting and data interpretation. Different users can interpret data differently, leading to inconsistencies in reporting across the organization. Configured solutions, on the other hand, provide an established workflow with consistent formatting, avoiding ambiguity in interpretation.
Spreadsheets can create compilation nightmares, causing data integrity errors and discrepancies. Gathering data from different sources can cause errors in calculation and input, which can result in reports full of inaccuracies. Configured solutions, on the other hand, enable data-collection from a variety of sources, including other systems and databases, even allowing for real-time data feeds. This centralized data collection deploys to risk managers an automated, efficient, and error-free reporting and monitoring process.
In conclusion, spreadsheets are unreliable and prone to errors. As a risk manager, it’s essential to ensure that your reporting is accurate and compliant. A configured solution provides an automated, streamlined, and efficient solution that eradicates the manual errors, validates the data, provides consistency in formatting, and ensures compliance across the organization. It’s time to switch from spreadsheets to a configured solution and enjoy peace of mind knowing that all your data is accurate and compliant.
Are you looking to upgrade from spreadsheets to a configured solution? Check out Connected Risk for more info!