The Spreadsheet Risk Reduction

1. Understanding Spreadsheet Risks

The use of spreadsheets to support decision making and managing key processes have become so prolific that spreadsheets often take the place of advanced IT systems.

While the end-user computing results such as spreadsheets’ are a significant contribution to improving analysis and capacity, these tools generally lack the traditional system controls to protect.

When spreadsheets are relied on to perform essential processes, including financial calculations, the basic controls need to mitigate operational risk. If you are looking for excel Xls consulting, spreadsheet help and excel expert in the UK then you are in the right place.

Image Source: Google

2. How Documentation Spreadsheet Risk Reduce

Spreadsheets are often developed as ad hoc solutions for specific business needs. Once the spreadsheet has proven useful, additional features are added as needed.

Because of the ease with which they can be constructed and modified, spreadsheets often have different authors or frequent updates. A result is a complicated tool that the work has, after several iterations, become a bit of a mystery.

3. What Spreadsheet Documentation Should Include

To be useful, the documentation must contain sufficient detail to address the main needs of several types of stakeholders: business management, which requires a high-level understanding of how the data they receive is created; spreadsheet users, who need to understand how to use a spreadsheet; and spreadsheet manager, who need to understand the functions of a spreadsheet at a very detailed level.

4. Summary

A spreadsheet is a useful tool for businesses. They facilitate the rapid development of the business viable solution that can be easily shared and updated. But this ease of use can lead to complex and uncontrolled spreadsheets with little transparency or control.