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Regulatory Update

Regulatory Update. Dean Buckner UK Financial Services Authority July 2007. Summary. As is now customary I shall review progress in the areas of compliance and spreadsheet risk management, over 2006-7. The issues …. Change of mindset (industry, senior mgt, IT) User training

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Regulatory Update

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  1. Regulatory Update Dean Buckner UK Financial Services Authority July 2007

  2. Summary • As is now customary I shall review progress in the areas of compliance and spreadsheet risk management, over 2006-7

  3. The issues … • Change of mindset (industry, senior mgt, IT) • User training • No “good practice” • Accreditation • Audit awareness • Data standards • Spreadsheet support

  4. Management mindset • Spreadsheets are increasingly accepted as strategic solutions • A major change from five years • Many firms have given up on the ‘big solution’ • Risk magazine takes note • The house journal of quantitative finance • June 2007 issue

  5. User training • Most problems are still the result of poor use of EUC solutions • Good training the obvious solution • But little budget! • Some changes from last year • But I am still seeing ‘dumb solutions’ that training would have easily prevented • A mitigating factor is the increasing use of spreadsheet control systems

  6. Other mitigants • More firms using spreadsheets in a way that makes sense • E.g. using the strong pivot functionality in Excel with back-end relational databases • Commerzbank switching data aggregation from spreadsheets to computing grid • More technical solutions that take the compliance burden away from the user

  7. Good practice • Little change from last year • Policy tends to be very high level • No industry view on good practice

  8. Accreditation • No change • Accreditation seen as burdensome and risky • And difficult (implies generally accepted view on good practice, for a start)

  9. Audit • Continues to improve • Increasing mention of spreadsheets in audit reports • General progress over 2003-6 • And EUC part of audit plans

  10. Data • Data processing – spreadsheets now standard across the industry • Increasing use of compliance tools • Limitation on spreadsheet size was only constraint (but not any more!)

  11. Microsoft • Biggest development of 2007 • Dialogue between firms, Microsoft and FSA • Attempts to address: • Code fragmentation problem • Lack of audit trail • Version control • However, now 1m rows, 16k columns!

  12. Eusprig • Getting away from early obsession with ‘errors in spreadsheets’ • Needs to understand control environment in firms

  13. Questions & Comments

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