ClusterSeven (London and New York), an international provider of strategic solutions for compliance and risk and data management to the banking, securities, insurance, accounting and asset management industries, announced the release of a new anti-fraud module for the ClusterSeven Spreadsheet Manager, a spreadsheet management enterprise system that enables senior-level auditors and managers to more effectively manage a company's data and make more informed strategic decisions.
ClusterSeven's automated anti-fraud module preserves the integrity of a company's data by proactively identifying false account entries and other manipulations of users' spreadsheets, such as concealing information through hidden rows on spreadsheets or using a white font against a similar colored background. It also enables users to identify who perpetrated the irregularity and when the incident occurred.
Through Spreadsheet Manager, the anti-fraud module offers a comprehensive capability to identify sophisticated fraud without having an impact on the performance of the users' computers. Fraud policies are set and run through a central command feature, which cannot be turned off or manipulated by users. This alleviates the error-prone spreadsheet add-ons that are easily ignored or switched off because they run on the desktop.
"ClusterSeven Spreadsheet Manager's anti-fraud module is designed to simplify users' fraud detection processes and yet provide an enhanced level of protection for spreadsheet data," said Ralph Baxter, CEO of ClusterSeven. "During times of financial stress fraud is perpetrated by a growing number of companies and unscrupulous individuals. This makes it essential that CFOs and auditors have practical, thorough tools for protecting spreadsheet data and providing a greater degree of transparency."