Fiserv Expands Financial Control with Launch of Spreadsheet Workbench
Enterprise spreadsheet control solution protects critical data and combats risk, error and fraud
Brookfield, Wis., September 14, 2009 - Sibos Booth #3C03 - Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced the launch of Spreadsheet Workbench1 , a comprehensive spreadsheet control solution, to complement its Financial Control Solutions (FCS) suite. In a recent survey by Fiserv, nearly 90 percent of organizations believe that current practices in using spreadsheets do represent a material risk, yet the majority of respondents said they had only the most rudimentary of spreadsheet controls in place.
In partnership with Finsbury Solutions Limited, a leading supplier of spreadsheet management and compliance software, Fiserv now offers its customers the ability to incorporate enterprise-wide spreadsheet controls. Typically, material spreadsheets within an organization are unidentified and lack adequate risk controls to satisfy internal or external audit requirements. In an economic environment where companies must maximize tools already in place, spreadsheets and other end-user computing (EUC) applications represent a significant risk.
This is where Spreadsheet Workbench from Fiserv delivers value. It is designed to mitigate risk by identifying material EUC applications and enforcing appropriate control measures across the enterprise. It also assist the licensee in generating significant time and cost savings by automating processes that are labor intensive and prone to error, such as version control and spreadsheet comparison.
"Firms realize that spreadsheets pose significant risks but the problem is often perceived as too costly or difficult to resolve. As reports of crippling abuse, fraud and critical errors continue to hit the headlines and bottom lines of organizations across the globe, ubiquity and complexity associated with spreadsheets can no longer sideline efforts to gain control and transparency of this critical data," said Elizabeth Elkins, General Manager, Financial Control Solutions, Fiserv.
She continues, "With Spreadsheet Workbench, we offer customers unparalleled control over material EUC content within an easy to implement software based solution. There is no doubt that spreadsheets are pervasively called upon when making critical financial decisions and creating bottom-line reporting. The inability to prevent or even detect errors or fraud can have devastating effects on organizations, and can expose a significant weakness in their financial control framework. Add to this the economic drive for faster period-end reporting and increased audit scrutiny regarding appropriate spreadsheet controls, and it is clear that many organizations urgently need access to a comprehensive EUC control solution. We have been working to address these needs with a solution that is cost effective and easy to implement across the enterprise."
Spreadsheet Workbench provides the following functionality:
- identification of material spreadsheets within an organization
- an enterprise wide multi-user repository with full version management of spreadsheets
- access control and security
- audit trail and exception reporting
- analytics for spreadsheet comparisons
- a spreadsheet development framework that enables users to develop robust and scalable spreadsheet applications
Financial Control Solutions reinforces the Fiserv core competency in risk and compliance and is focused on the delivery of software solutions that enhance operational efficiency while mitigating financial and compliance risk. The solution suite delivers market leading capabilities across transaction matching, account reconciliation, exception and case management, account certification, balance sheet attestation, reporting, performance management and spreadsheet control.
About Finsbury Solutions Limited
With a customer base of over 200 organizations Finsbury Solutions is a leading provider of enterprise spreadsheet management and compliance solutions. With a background of the past 25 years in accountancy, financial services and IT Finsbury has extensive first hand experience of the day to day use and importance of business critical spreadsheets and has leveraged this knowledge to develop market leading products that are easy to use, business focused and fast to implement. Formed in 2006, the company has operations in London and New York.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrates its 25th year in 2009. For more information, visit www.fiserv.com.
1 Spreadsheet Workbench is a trademark of Finsbury Solutions Limited.
For more information contact:
Media Relations:
Gillian Clare
Director of Marketing
Financial Control Solutions
Fiserv, Inc.
+44 (0) 845 013 1036
gillian.clare@fiserv.com
Additional Fiserv Contact:
Judy Wicks
Vice President Communications
Fiserv, Inc.
Office +1 678-523-0316
Mobile +1 (404) 915-7465
judy.wicks@fiserv.com
Additional Fiserv Contact:
Sally Yates
Account Director
Metia
Cell: +44 (0) 7775 707477
sally.yates@metia.com
Sibos Booth #3C03