The convergence of factors such as the SEC and PCAOB guideline changes over internal controls for financial reporting, a renewed corporate focus on internal audit, and the never-ending battle to keep up with compliance regulations, has forced organizations to seek more efficient methods to address integrated governance, risk, and compliance business processes.
As with all business process automation initiatives, technology plays an important role in streamlining redundant tasks, providing transparency to information, and driving cost out of the process.
For many organizations, the de facto technology solution is to try to automate using standard office productivity tools such as word processing programs and spreadsheets. While it is easy to create some light-weight solutions using these personal productivity tools, many leading organizations have found that, in the long run, spreadsheet-based solutions become part of the problem rather than part of the solution. This whitepaper provides an in-depth look at the pros, cons and hidden dangers of using spreadsheets for integrated GRC processes.