The Hidden Costs of Spreadsheets in Compliance and Risk Management

Due to their versatility and ubiquity, spreadsheets tend to become the default solutions for a variety of enterprise functions. Within compliance and risk functions alone, they frequently occupy roles supporting process management, controls management, risk analysis, audit, and reporting. However, despite their familiarity and ease of deployment, spreadsheets often tie organizations to manual processes and limit collaboration because they cannot scale with expansions in stakeholders, regulatory complexity, or changing business needs. As a result, the use of spreadsheets to support compliance and risk management imposes its own costs. While governance, risk and compliance (GRC) solutions offer the centralized information management and automation capabilities that eliminate the limitations of spreadsheet-based processes, organizations can struggle to build clear business cases justifying the expense of removing an essentially “free” solution.

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About David Houlihan, Esq.

David Houlihan researches enterprise risk management, compliance and policy management, and legal technology. He is an experienced advisor in legal and technology fields with a unique understanding of complex information environments and business legal needs.
Posted on by David Houlihan, Esq.