One Bank Manages Spreadsheet Risk: A Cathay Bank Case Study

One Bank Manages Spreadsheet Risk: A Cathay Bank Case Study

Want to learn how one bank manages spreadsheet risk with Incisive?

Banks and other Enterprise Risk Management teams are increasingly concerned about supporting data accuracy, integrity and transparency. Even though organizations have tried to eradicate spreadsheets, they continue to be used. Especially when employees need to aggregate data from multiple sources.

Cathay Bank understands the need to manage spreadsheet risk at every level in an organization. They are using Incisive’s suite of software to find spreadsheets on the network, scan them for potential risk, and monitor and manage critical spreadsheets on an ongoing basis, without impacting how employees work.

“The transparency into what our spreadsheet users are doing and our ability to quickly address spreadsheet risk with Incisive is even better than I thought it would be,” said Kevin Moylan, Vice President, Strategic Risk Management Officer at Cathay Bank.

What Cathay Bank gets right is their proactive approach. The goal of the Risk Team at Cathay Bank was to find and prepare a detailed inventory of critical spreadsheets, research ways to mitigate financial risk, address regulatory requirements, and at the end of the day, have confidence in the integrity of spreadsheet data being used to make strategic business decisions.

Continued Moylan, “We considered a number of discovery methods and arranged several meetings with our critical spreadsheet users to determine which spreadsheets should be reviewed regularly for risk, but by the time we met with roughly 65 people and reviewed the information, our ability to react quickly and offer value was close to impossible.”

Incisive allows Cathay Bank to:

-Find and quickly address areas of risk from hundreds of thousands of spreadsheets.

-Find all relevant connected spreadsheets.

-Easily understand financial models and facilitate stress testing.

-Be alerted when key spreadsheet metrics are changed.

With Incisive software solutions it’s easy to see how this bank manages spreadsheet risk.

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About Diane Robinette

Diane RobinetteDiane Robinette is President and CEO at Incisive Software, a company helping risk executives reduce exposure in critical business and financial processes. Prior to Incisive, Diane served in executive and senior level positions at companies including BroadVision, Contivo (acquired by Liaison Technologies), Covigna (acquired by ProQuest/Snap-on), Perfect Commerce and Proximex (acquired by Tyco). She also held management positions at KPMG and EY. Diane believes that by taking a modern and automated approach, risk teams can move towards a risk resilient posture that allows them to anticipate and reduce exposure, no matter what is thrown their way.

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