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Fall Journal

Volume 27, Issue 4

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Financial Services Firms At Risk Due To Poor Management Of Business Critical Data

Research by ClusterSeven on C-level executives and senior managers working in financial services in the UK has revealed dangerously poor attitudes to business critical data managed in spreadsheets and similar databases.

Half (51%) of C-level executives say there are either no usage controls at all or poorly applied manual processes over the use of spreadsheets at the firms. Nine in ten (89%) admit they rely on manual oversight to maintain data integrity, with only one in 10 (11%) saying there is an automated control policy that allows them to fully understand changes between different versions of spreadsheets and see a clear audit trail for data.