RWE Trading, one of the leading energy trading companies in Europe, has deployed ClusterSeven's enterprise spreadsheet management software to enable audit of its business-critical spreadsheets.
ClusterSeven's software will monitor and capture changes in RWE Trading's spreadsheets with no interference to business processes. Combined with best practice procedures this will reduce operational risk associated with spreadsheets and ensure the highest level of compliance. Initially around 350 employees across RWE Trading's Swindon and London offices will have access to the ClusterSeven spreadsheet audit tool.
ClusterSeven software monitors and records spreadsheet changes passively rather than controlling them so that flexibility is retained and integrity maintained. Email or instant messaging alerts are triggered when specified changes are made to the business logic or formula within a spreadsheet. The software compresses and stores important data in one place so that key information from disparate spreadsheets can be collated for analysis. The system can also be used to automate reporting procedures.
"RWE Trading is committed to the mitigation of process risk within the business and ClusterSeven is the only company that we found which offered a practical solution to spreadsheet management within our organisation", said Martin Cook, Head of IS & Decision Support for RWE Trading.
Steve Semenzato, chief executive officer of ClusterSeven said, "The pace of evolution in the energy trading market, in terms of products and competition, means that spreadsheets are essential. However, compliance with regulations such as Basel II, IAS 39 and Sarbanes Oxley requires enterprise auditability and robust controls which demand additional management software to ensure integrity of data.
"Our software performs like a CCTV camera. All of RWE Trading's critical spreadsheets can be stored in a central database where they can be interrogated quickly and easily, and used for pricing analysis or future trade-making opportunities. The result is an all-round benefit to the business; traders can make better informed decisions and make better use of historical information while staying compliant and minimising operational risk."
ClusterSeven is a Certified Microsoft Partner and has enjoyed the close support of the Microsoft UK utilities team in winning this engagement. Jon Arnold, Utilities Industry Manager at Microsoft commented, "Microsoft is proud to bring innovative solutions to its leading clients, such as RWE Trading. We're really pleased to be associated with ClusterSeven giving our clients the flexibility to manage their spreadsheets, whilst retaining the competitive advantages that Excel delivers."