The bank selected ClusterSeven to address critical regulatory and compliance needs within its trading operations. The rapid product deployment and alignment enabled the bank to quickly address compliance and operational risk issues related to spreadsheet usage within global banking today. As a result of the strategic benefits gained in 2005, the bank decided to continue its rollout of ClusterSevenâs technology in the corporate finance department.
ClusterSeven delivers a practical solution to managing millions of daily cell changes, removing the need for manual, time-consuming checks. The technology monitors every nominated spreadsheet in the enterprise, delivering a full audit trail on every cell and thereby reducing operational risk. By tracking every amendment, ClusterSeven enables banks to meet the most stringent interpretations of regulatory initiatives on spreadsheet compliance (such as SOX) efficiently and without stalling business flexibility. Validated spreadsheet data can then be utilised by other central systems without the need for further manual processes.
Steve Semenzato, founder and CEO ClusterSeven, says: "Investment banking has a reputation for being the first to seize technology that will accelerate business opportunity in a controlled manner. We are delighted that another global bank has recognised that our unique offering, combining spreadsheet compliance and data centralisation provides a platform for supporting dynamic growth in critical environments.â
ClusterSeven was founded in 2003 and provides solutions to financial institutions where business-critical operations are dependant on spreadsheets.