Software firm issues Solvency II warning
Data management software company Cluster Seven has urged insurers to ensure they are accounting for spreadsheet risk in their implementation plans for Solvency II.
The firm has issued a guide for insurers highlighting how to manage spreadsheet risk and what to look out for when implementing the European directive.
Ralph Baxter, chief of Cluster Seven, said: "Spreadsheets are a business critical tool and will always be in demand with end-users. Building on our experience of working with organisations in the insurance sector to manage spreadsheet risk, we have developed a short guide that lists the warning signs to look out for as well as the practical steps organisations should take as they prepare for Solvency II."
Mr Baxter added: "Organisations that we talk to are typically very surprised not just by how many spreadsheets are operating across the business but also how they are connected to each other and key internal systems."
According to a research by Deloitte, 70% of companies rely on spreadsheets to support their business-critical financial reporting.
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