Regulatory compliance is a top priority for organizations worldwide.
The financial sector, in particular, has faced significant criticism and scrutiny due to scandals arising from poor risk management. As a result, regulatory efforts are increasing to enhance risk management and improve reporting transparency and accuracy.
Even though scandals and risk management have gained significant attention, Excel is still widely used for internal audit and compliance management in most organizations around the globe.
While Excel is still certainly one of the most powerful business software applications, there are many questions about its accuracy and suitability for compliance risk management, especially in the heavily regulated financial sector.
Furthermore, there are multiple cases that prove that Excel is not the right solution to meet the compliance and regulatory management requirements in the financial sector because:
● Excel does not Keep an audit trail Excel does not provide a built-in audit trail, making it challenging to track changes and maintain a proper record of compliance activities.
● Inadequate Reporting Creating readable and uneditable reports can be a struggle with Excel, potentially impacting compliance and regulatory requirements.
● Time-Consuming Excel often requires a significant amount of time and manual work, which can be inefficient for compliance teams already burdened with material liabilities.
● Manual processes Using Excel for compliance risk management involves a lot of manual work, increasing the chances of errors and inefficiencies.
● Does not generate a report Excel lacks the capability to generate comprehensive reports.
● Lack of Risk Indicators and Formulas Excel may not have the necessary features to incorporate risk indicators and formulas crucial for effective risk management.
First and foremost, it is not meant for the compliance teams who hold a material liability. Most of the compliance teams agree that Excel does not meet their expectations for managing risks.
We would like to help these compliance officers by offering an automated one-stop solution for compliance risk management.
A Solution for Compliance Risk Management
To address these limitations and support compliance officers, we are developing an automated one-stop solution for compliance risk management. Our mission is to provide compliance teams with peace of mind in their risk management process.
If you're a compliance professional currently relying on Excell, we’d love to show you what we’re building and discuss how we can help your team.
Working as a compliance officer? Get early access.