Date Posted: 2/26/2008
Prodiance Bolsters Spreadsheet Management Solution with New Risk Assessment Capabilities
San Ramon, Calif. – February 25, 2008 – Prodiance Corporation, the leading provider of enterprise spreadsheet management solutions, today announced that it has added a new spreadsheet risk assessment module to the Prodiance Enterprise Spreadsheet Manager system. Mission critical spreadsheets are often very complex, contain high dollar amounts, and affect key decisions and financial accounts. Left uncontrolled, such critical spreadsheets can pose significant operational and non-compliance risks to an organization. The new risk assessment module is designed to help proactively report on this risk across an entire spreadsheet inventory.
“According to guidance from leading tax and audit firms, determining spreadsheet risk is a key component to controlling critical spreadsheets,” said Dr. Soheil Saadat, president and CEO of Prodiance Corporation. “By working closely with several leading auditors to develop and optimize the new risk assessment module, we’re delivering the best possible solution to help organizations take a proactive approach to identifying and mitigating spreadsheet risk, while improving compliance.”
In the past, auditors have evaluated spreadsheet risk via time-intensive and manual methods. The new risk assessment module automates spreadsheet risk assessment by first analyzing the spreadsheet against an extensive set of risk criteria encompassing complexity, materiality and use. Each risk criterion can be configured with a weighting factor along with risk thresholds to determine high, medium and low risk levels.
Some examples of risk criteria include:
· The presence of pivot tables, queries, external links, invisible or hidden cells/rows/columns or macros.
· The number of formulas, specific cell values, file size, or the number of worksheets.
· Whether a spreadsheet contains sensitive or confidential information such as social security numbers or credit card numbers.
Availability
The new risk assessment module is planned for general release in March 2008.
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