# Increasing GRC Demands and Efficiency Imperatives Will Make End User Computing Risk Management an Important Consideration in 2017 Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2016-12-14 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: CFOs Driving Transformation in Banking Technology Trends 2017 Meta Description: Henry Umney, Director at ClusterSeven, shares insights on how CFOs are driving transformation to align EUC models and enterprise systems in the financial URL: https://financedigest.com/increasing-grc-demands-and-efficiency-imperatives-will-make-end-user-computing-risk-management-an-important-consideration-in-2017html ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/810-7023-439-1736844326808-compressed.jpg) **Henry Umney**, Director, ClusterSeven, highlights his views on the technology trends in the banking and financial services sector in 2017: - **CFOs will drive transformation to align EUC models and enterprise systems** With ever-growing [financial](https://www.financedigest.com/financial-literacy-what-is-financial-literacy-and-why-is-it-important.html) regulation, CFOs are under increasing pressure to demonstrate with certainty that they have full knowledge of data sources used for reported statements, to rule out errors and misreporting. However, due to the ubiquitous, uncontrolled and unmonitored use of spreadsheets and [end user](https://www.financedigest.com/industrial-catalytic-converters-market-competitive-growth-strategies-based-on-type-applications-end-user-and-region.html "Industrial Catalytic Converters Market Competitive Growth Strategies Based on Type, Applications, End User and Region") computing (EUC) applications, many CFOs are struggling to offer such cast-iron guarantees. In 2017, CFOs will drive transformation initiatives to align and integrate EUC models with enterprise systems to achieve end-to-end transparency of business-critical processes – right from the creation of an EUC [application by a user](https://www.financedigest.com/metal-bellows-market-competitive-growth-strategies-based-on-type-applications-end-user-and-region28925.html "Metal Bellows Market Competitive Growth Strategies Based on Type, Applications, End User and Region"), visibility of data lineage between EUCs through to its retirement in the corporate system. - **Tangible efficiency-led cost savings will [drive automation](https://www.financedigest.com/industrial-automation-incentives-by-governments-in-emerging-economies-drive-industrial-robots-market-fmi-study.html "Industrial Automation Incentives by Governments in Emerging Economies Drive Industrial Robots Market: FMI Study") of business critical financial and compliance processes** With a vast number of day-to-day, but critical operational business processes, being undertaken in often poorly undocumented spreadsheets, the benefits accrued to users is reaching a [tipping point](https://www.financedigest.com/are-we-at-a-digitise-or-die-tipping-point-in-the-telco-space.html "Are we at a ‘digitise or die’ tipping point in the telco space?") whereby the very reasons for using such EUC applications – i.e. flexibility, agility, efficiency and productivity – are negating as they are becoming a drain on the time and resources of users. The latest ClusterSeven survey [report](http://clusterseven.com/resource/the-spreadsheet-is-here-to-stay/) entitled, ‘The Spreadsheet is Here to Stay’, finds that internal audit, finance, compliance and risk management professionals spend, on average, 43% of their time monitoring and validating information on spreadsheets. Those in management, spend closer to 47% of their time on this activity. With the use of spreadsheets for business-critical [processes](https://www.financedigest.com/powering-purchasing-with-process-mining.html) slated to grow over the next two years, financial institutions will look to streamline and automate the [management of the financial and compliance processes in the EUC environment to optimise the efficiency and productivity gains such applications](https://www.financedigest.com/service-lifecycle-management-applications-market-to-grow-at-a-cagr-of-6-9.html "Service Lifecycle Management Applications Market to grow at a CAGR of 6.9%") genuinely offer; and thereby make tangible financial savings as a result of reduced manual effort. - **EUC [risk management will be a key component of broader GRC strategies](https://www.financedigest.com/strategies-banks-use-to-manage-liquidity-risk.html "Strategies Banks Use to Manage Liquidity Risk") of financial institutions** To deliver against stringent governance, [risk management](https://www.financedigest.com/improving-risk-management-in-the-insurance-industry.html "Improving risk management in the insurance industry") and compliance (GRC) reporting and management goals, financial institutions regularly deploy GRC solutions to understand the organisation’s overall operational risk posture. With many [regulators demanding](https://www.financedigest.com/strict-regulations-regarding-hygiene-at-industrial-workplaces-to-create-high-demand-for-industrial-dispensers-persistence-market-research.html "Strict Regulations Regarding Hygiene at Industrial Workplaces to Create High Demand for Industrial Dispensers: Persistence Market Research") transparency around the ecosystem of EUC tools (e.g. BCBS239, CCAR, DFASR) that feed models, in 2017, financial institutions will look to make EUC [risk management a key](https://www.financedigest.com/early-detection-of-mismatched-trades-is-key-to-managing-risk-and-maximizing-profits-on-the-pl-desk.html "EARLY DETECTION OF MISMATCHED TRADES IS KEY TO MANAGING RISK AND MAXIMIZING PROFITS ON THE P&L DESK") component of their broader GRC strategy. Presently, through enterprise GRC solutions alone, organisations are hampered in their ability to monitor the EUC landscape with the granularity that regulators are expecting. - **Momentum will build to move core financial and compliance processes to the** [secure cloud](https://www.financedigest.com/dont-let-the-promises-of-virtual-desktop-security-cloud-your-judgement.html "Don’t let the promises of virtual desktop security cloud your judgement") [Research shows that with the adoption of Microsoft Office](https://www.financedigest.com/research-from-epos-reveals-a-huge-disparity-about-the-return-to-the-office.html "Research from EPOS reveals a huge disparity about the return to the office") 365 in business, a large amount of sensitive data is already (and perhaps inadvertently) stored in the cloud. With employees now collaborating on critical spreadsheets via the cloud, the proliferation of uncontrolled EUCs will likely increase.  To meet workforce demands of 24×7 anytime, anywhere and from any [device access to business](https://www.financedigest.com/thoracic-drainage-devices-market-rising-new-business-opportunities-for-investors.html "Thoracic Drainage Devices Market Rising New Business Opportunities for Investors") information, financial institutions will be compelled to devise and execute on a broader cloud strategy, in order to formally move [business](https://www.financedigest.com/how-to-start-a-business-in-louisiana.html) critical spreadsheet and EUC-related operational processes to the secure cloud. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---