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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Tags: Banking, Case Study, Enterprise Risk Management, Excel, Financial Institutions, Risk Management, spreadsheet risk management
