End User Computing Risk Widely Recognised, Yet UK Organisations Lacking Controls to Mitigate Threats, New Survey Reveals

Use of Excel spreadsheets for business critical processes to increase over next two years

ID: 1473978
recent pressrelease next pressrelease

(businesspress24) - Use of Excel spreadsheets for business critical processes to increase over next two years

London, U.K., 06 December 2016 – Findings of a new survey by ClusterSeven, the leading provider of strategic software for End User Computing (EUC), reveals that EUC risk is widely recognised by organisations in the UK and yet there’s only a small minority of businesses that are even imposing manual control policies to mitigate the emanating threats. The report entitled ‘The Spreadsheet is Here to Stay’, suggests that this is indeed surprising as EUCs are one of the key contributors of financial, regulatory, operational and reputational risk.

An overwhelming 88% of respondents acknowledge the risks posed by spreadsheets and other EUCs, but only 24% are enforcing manual controls and even a smaller minority are instituting automated checks to curtail the risks. Particularly in the financial services industry, nearly 57% of respondents rate ‘spreadsheet’ risk as a serious or very serious.

More than 60% of organisations are relying on spreadsheets for business critical data processes, which represents a significant amount of work taking place in an unmonitored and uncontrolled business environment. Furthermore, auditors (nearly 60%), regulators (40%) and risk and compliance professionals (nearly 45%) believe that this use of spreadsheets for business critical processes will increase over the next two years. Clearly, EUC applications are the preferred option for numerical manipulation and problem solving. This is despite the fact that financial and reputational loss due to EUC error is almost an expected outcome by organisations with early 50% of respondents expecting such an event to occur in the next two years.

Interestingly, 76% of organisations want to replace spreadsheets with a different type of business information management system, but 25% acknowledge that it is an unrealistic aspiration.

“The title of this report is very apt, spreadsheets are indeed here to stay,” commented Chris Gomersall, CEO of ClusterSeven. “Imperfect as spreadsheets and other EUCs might be, they offer users the flexibility and agility to speedily undertake complex calculations, produce reports and develop models to meet changing business needs. Rather than negligently risk loss, organisations are better off automating and adopting management processes so that EUCs and corporate systems can safely and securely co-exist to meet the needs of the users and business alike. The alternative – i.e. using EUCs uncontrolled – isn’t a business risk work taking as potentially the penalties could be crippling.”

This study was commissioned by ClusterSeven in 2016, surveying nearly 160 internal audit, finance, compliance and risk management professionals working in organisations across the UK. To download the full report, visit: http://clusterseven.com/report/.

More information:

Keywords (optional):

clusterseven, computing, risk-management, online-threats, security, it-security, software, euc,

Company information / Profile:

PressRelease by


PressContact / Agency:

published by: RealWire
print pressrelease  send to a friend  

Date: 12/06/2016 - 08:00
Language: English
News-ID 1473978
Character count: 3045
Firma: RealWire
Ansprechpartner: Leah Wood Feedback to businesspress24.com about Pressrelease-id:
Stadt: Lincoln
Telefon: 01522883640

Meldungsart: bitte
Versandart: Veröffentlichung
Freigabedatum: 06/12/2016

Number of hits: 398


Direct Link to this PressRelease:

We would appreciate a link in your News-, Press- or Partner-Site.

Comments on this PressRelease

All members: 9 438
Register today: 0
Register yesterday: 0
Members online: 0
Guests online: 63

Don't have an account yet? You can create one. As registered user you have some advantages like theme manager, comments configuration and post comments with your name.