16 March 2010
Published in: Software
Brit chooses Prodiance’s spreadsheet risk solution
(Updated from 15 March 2010)
Brit Insurance has selected the Prodiance Enterprise Risk Manager system to help automate its internal controls over the spreadsheets used to capture and report financial information.
According to Paul Steynberg, applications manager at Brit Insurance, Prodiance was selected because of its non-invasive approach to monitoring key spreadsheets - meaning the spreadsheets don't have to be moved from their current location and stored centrally - as well its "ease of deployment, intuitiveness and rich feature set."
"While the solution was selected primarily to deal with a specific issue," added Steynberg, "we can see much wider applications which will assist with the Solvency II data requirements, as the software addresses a whole host of issues surrounding model integrity, data integrity, auditability, change control, versioning, rollback, etc.".
Overall, says Steynberg, the solution will help to reduce the cost of compliance, improve the integrity and quality of financial information and make the routine review and approval processes more efficient.