Risk managers why Spreadsheets are failing you by Steven Minsky

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Risk Managers: Why Spreadsheets are Failing You by Steven Minsky

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Risk Managers: Why Spreadsheets are Failing You by Steven Minsky

Spreadsheets are still an excellent tool for data manipulation and one dimensional analysis, they fall significantly short of delivering the capabilities a risk manager really needs to analyze trends and see the relationships the job entails.

The limitations of spreadsheets verses ERM software are systemic and largely stem from the way they manage data.

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Impractical Risk management is an iterative process that requires collecting a great deal of information to glean the necessary insights.

impede the process of combining data into a coherent big picture, it also means any changes to data structure becomes a great undertaking.

Dependent on spreadsheets, risk managers will spend countless hours validating data, double checking formulas, and updating values instead of spending that time on much needed evaluation and mitigation.

Risk Managers: Why Spreadsheets are Failing You by Steven Minsky

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Relationships

Risk analysis is not a static process; it's dynamic and highly strategic.

Assessment structure, information, and the people involved evolve over time as management's requirements and priorities change.

Spreadsheets, however, are ridged. With each change to a spreadsheet, links between information are lost making it very difficult to analyze relationships over time.

Risk Managers: Why Spreadsheets are Failing You by Steven Minsky

WEBSITE: http://globalriskcommunity.com/EMAIL: [email protected]

Spreadsheets can actually limit the depth of risk analysis.

Analyze the relationships your risk tools can uncover.

Spreadsheets offer limited access to past and current data.

Spreadsheets prevent an understanding of the dependencies and consequences between departments, processes, and strategic goals.

Risk Managers: Why Spreadsheets are Failing You by Steven Minsky

WEBSITE: http://globalriskcommunity.com/EMAIL: [email protected]

Inaccessible

Risk Managers: Why Spreadsheets are Failing You by Steven Minsky

Risk management isn't something that can be done in isolation.

The information risk managers collect and analyze needs to be accessible to the rest of the organization.

Risk management function without support from management and an organization with an abundance of duplicate tests, controls, and information.

Risk managers need to be able to aggregate and access.

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The Solution Risk management requires

dynamic tools:

that can organize and link data automatically,

analyze dependencies and consequences enterprise-wide, and

be accessed by decision makers and other silos.

Risk Managers: Why Spreadsheets are Failing You by Steven Minsky

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