ClusterSeven, an international provider of strategic spreadsheet and data management software for financial institutions and Fortune 500 financial reporting divisions, announced that financial institutions in 11 countries on five continents now use its Enterprise Spreadsheet management solution. Demand continues to grow due to the industry’s need for stricter operational controls and more comprehensive risk management requirements, the company says.
ClusterSeven now has licensed users in the following countries: Argentina, Brazil, Canada, Chile, Mexico, Netherlands, Russia, Singapore, South Africa, the United Kingdom and the United States. More are expected to follow before the end of the year.
With consumer confidence in financial services severely undermined by multiple control failures, there is extreme pressure for financial institutions to demonstrate best practices in governance and risk management to their auditors, thereby ensuring full operational transparency. In the past, end user applications, most commonly spreadsheets and Microsoft Access Databases, were a hidden area of activity. This lack of visibility helped bring upon today’s economic crisis, and is no longer tolerated by most financial institutions, ClusterSeven says.
“ClusterSeven’s sales in 11 countries demonstrates that spreadsheet management is now a global requirement,” said Ralph Baxter, CEO of ClusterSeven. “Spreadsheet risk has been revealed as a common threat to financial institutions throughout the world. Our expansion in a down economy illustrates that many organizations are aggressively rectifying any issues they have regarding the integrity of important financial data.”
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