ClusterSeven, an international provider of spreadsheet management solutions that enhance risk management, compliance and profitability for financial institutions and Fortune 500 financial reporting divisions, announced additional adoption of its Enterprise Spreadsheet management solution across the financial services community due to the industry's need for stricter operational controls and more adequate risk management capabilities.
In efforts to respond to the market's constant calls for tighter financial and operational controls as a result of market volatility, spreadsheet management is one area where transparency, accountability, integrity and efficiency can all be delivered within a single solution. As a result, ClusterSeven has reached a banner year in today's challenging market.
Within the past several weeks alone, ClusterSeven has gained new contract wins at two global insurers, one of the largest asset managers in the world and a leading UK building society. In addition, license extensions within existing clients have expanded their spreadsheet risk management from the UK into Europe and Japan.
Other milestones achieved in 2008 include:
- Delivering its new anti-fraud module for its Spreadsheet Management System that enables senior-level auditors and supervisors to more effectively manage a company's data by proactively identifying false account entries and other manipulations of users' spreadsheets;
- Launching a new version of its flagship spreadsheet manager software called Spreadsheet Integrity, tailored specifically for end users and professional services firms that want to confirm the integrity or analyze the content of complex spreadsheets;
- Adopting a solution for London-based finance departments concerned that the United Kingdom's new value added tax (VAT) of 17.5 percent might complicate a smooth reporting of spreadsheet data. ClusterSeven's solution uses one dimension of its logic-checking product whereby user-specific searches of spreadsheet content can be performed at speed from central servers.
ClusterSeven also held its annual N.A. Users Conference in New York City on Nov. 12, serving financial controllers across major banks, insurers and asset managers interested in networking and reviewing the ClusterSeven enhancements; discussing their control and reporting concerns; and sharing best practices on their approaches to managing data integrity and business efficiency.
"Demands for increased scrutiny by consumers and Congress and an expectation of more regulation are creating a proactive atmosphere amongst innovative financial institutions. Knowing that ClusterSeven can assist with what will ultimately be generated by programs such as the Troubled Asset Relief Program (TARP), the opportunity to build trust along with transparency will provide an excellent return on investment," said Ralph Baxter, CEO of ClusterSeven. "ClusterSeven's success has been highlighted by the current climate demanding strict oversight of financial operations. Under such volatile conditions, it is vital to implement agile control technology that can ensure strict monitoring and reporting processes while demands are changing on a daily basis."