In a move to bolster its position to meet regulatory compliance mandates, Nationwide Building Society, one of Britain's largest retail financial services firms has deployed a product from ClusterSeven, an international provider of strategic spreadsheet risk and data management software for financial institutions and Fortune 500 financial reporting divisions.
After consulting its strategic technology partner Infosys Technologies, Nationwide selected the ClusterSeven Enterprise Spreadsheet Management (ESM) product for its spreadsheet management and control and risk management capabilities. Committed to best practices in corporate governance, Nationwide now has a product that will help ensure compliance with Basel II, Sarbanes-Oxley and the Markets in Financial Instruments Directive.
"Nationwide is committed to the reduction of process risk, and we expect Infosys to help keep us ahead of the competition," said Pete Coleman, Head of IT Development at Nationwide. "Adopting ClusterSeven gives us central visibility of activity in our business critical spreadsheets and helps protect against operational loss."
In addition, Nationwide will now realise simplified and swifter reviews of business-critical spreadsheets that are part of financial management processes.
"Financial firms face the triple challenge of implementing rapid business changes and improved control with a limited budget and this is accelerating the demand for spreadsheet management," said Ralph Baxter, CEO of ClusterSeven. "The endorsement of two leading organisations, Nationwide and Infosys, is a great testament to the business value of our solution."
"Spreadsheets are prolific, ubiquitous and highly useful to operations but pose critical risks to many financial processes," said Jamuna Ravi, Head of Europe for the Banking and Capital Markets Practice for Infosys Technologies. "In our role as strategic technology partner to Nationwide, we must help it choose the right solution to manage this risk. ClusterSeven Enterprise Spreadsheet Management offers the best capabilities and technology to ensure long-term business value."