Origination Technology

Using Too Many Spreadsheets?

By Anthony Garritano

NEW YORK - Especially with all the new regulatory issues mortgage originators have to deal with, it's hard to manage anything with a spreadsheet. And often when a technology provider introduces a new feature it's because that client does that in a spreadsheet and the vendor would prefer they do that in the core system. But spreadsheets will never go away, so why not at least use them right if you have to use them at all?

Believe it or not, there are companies out there that help spreadsheet users at least get the most out of this very arcane technology. For example, ClusterSeven (London and New York) provides strategic spreadsheet and data management software to financial institutions. The software's monitoring and tracking of spreadsheets down to the granular level helps users balance their governance, risk and regulatory compliance obligations in order to generate revenue and boost internal efficiency and productivity.

ClusterSeven's software functions as a compliance, risk management and anti-fraud system that monitors business-critical operational spreadsheets, identifies irregularities within spreadsheet data and sends real-time alerts to management. Auditors and senior executives are enabled to more easily understand and utilize their data in order to make more informed business decisions.

The company offers two core products. First, its Enterprise Spreadsheet Manager monitors business-critical operational spreadsheets to ensure accurate business decisions and reporting. The system also creates an auditable IT infrastructure.

Second, the company's Access Database Manager helps firms to balance governance, risk and regulatory compliance obligations. It records an organization's activity over time, sending alerts to management when irregularities are found.

Spreadsheets are sometimes a necessary evil, but that doesn't mean you have to use them in isolation.