Due to their versatility and ubiquity, spreadsheets tend to become the default solutions for a variety of enterprise functions. However, the use of spreadsheets to support compliance and risk management process results in slow, manual processes, opportunities for inaccuracy and error, impediments to business performance, increased risk exposures, and difficulty in responding to auditors and regulators. While governance, risk and compliance (GRC) solutions offer the capabilities that eliminate the limitations of spreadsheet-based processes, the challenge for many organizations lies in determining whether GRC can provide a sufficient improvement to justify the investment expense.
Analyst insight “The Hidden Costs of Spreadsheets in Compliance and Risk Management
” Published by Blue Hill Research
which draws on research interviews with several organizations to identify how spreadsheets add to the cost of their compliance and risk management activities and explores how they have approached investments in GRC as a means to minimize costs.