# Shawbrook Bank Strengthens Risk Management Capabilities with Hosted Spreadsheet Management Solution Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-12-15 Category: BANKING Category URL: https://financedigest.com/category/banking Meta Title: ClusterSeven Manages Shawbrook Bank's Spreadsheets Meta Description: Discover how ClusterSeven provides central, automated oversight for Shawbrook Bank's critical spreadsheets, minimising operational and reputational risk. Tags: featured Tag URLs: featured (https://financedigest.com/tag/featured) URL: https://financedigest.com/shawbrook-bank-strengthens-risk-management-capabilities-with-hosted-spreadsheet-management-solutionhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd151217-1-1736843146559-compressed.jpg) _ClusterSeven non-intrusively manages Bank’s most business-critical spreadsheets to minimize operational and reputational risk_ [**Shawbrook Bank**](https://www.shawbrook.co.uk/), a specialist UK savings and lending Bank, has deployed a central platform for the management of business-critical spreadsheets, from [ClusterSeven](http://www.clusterseven.com/), the leading global supplier of strategic spreadsheet and end-user computing (EUC) management software. A hosted solution, the Bank’s adoption of ClusterSeven is a key element of Shawbrook Bank’s strategy to build and strengthen its model risk management capabilities. Shawbrook Bank was founded in 2011 to serve the needs of SMES and individuals in the UK. At 31 December 2016, the [Bank’s](https://www.financedigest.com/sse-and-equinor-to-proceed-with-4-billion-dogger-bank-c-offshore-wind-farm.html "SSE and Equinor to proceed with billion Dogger Bank C offshore wind farm") total lending reached more than £4.1 billion and has raised over £3.9 billion in deposits since its launch. With spreadsheets extensively used by Shawbrook to develop business-critical processes and applications, ClusterSeven is providing the [Operational Risk](https://www.financedigest.com/mitigating-operational-risk-through-centralising-reconciliation.html "MITIGATING OPERATIONAL RISK THROUGH CENTRALISING RECONCILIATION") team with central, automated oversight of all the Bank’s major spreadsheets and EUC models. The solution non-intrusively manages all Shawbrook’s business-critical spreadsheets, providing [automated audit trails that highlight when and what changes](https://www.financedigest.com/the-automation-control-system-market-to-see-through-the-probable-sea-change-through-digitization.html "The Automation Control System Market to see through the probable sea change through digitization") have been made by individuals in the Bank’s high-risk applications.  The [level of detail provided to spreadsheet owners](https://www.financedigest.com/zara-owner-inditex-sales-rebound-to-top-pre-pandemic-levels.html "Zara owner Inditex sales rebound to top pre-pandemic levels"), reviewers and senior managers is exceptional – it is right down to a specific cell or formula in the file. Head of Operational [Risk at Shawbrook Bank Limited, Donna Bradley, explained the importance of such capability for risk management](https://www.financedigest.com/strategies-banks-use-to-manage-liquidity-risk.html "Strategies Banks Use to Manage Liquidity Risk"), “Many of our business-critical models are user-developed applications in Excel, which fall outside of the scope of IT and other enterprise systems. Excel offers tremendous benefits for collating, reconciling, manipulating and summarizing [key data](https://www.financedigest.com/cbd-gummies-market-current-scenario-and-industry-growth-forecast-with-major-key-players-data-2030.html "CBD Gummies Market| Current Scenario and Industry Growth Forecast with Major Key Players data 2030"), but due to a lack of controls (like in Word), there is a risk of critical structural changes to macros and links going undetected and passed into production. “Manually monitoring changes in these complex models is impossible, and spreadsheet errors can potentially be extremely costly to our organization, both financially and reputation wise,” Bradley elaborated. “With the pressure of [regulation and demands for auditable](https://www.financedigest.com/german-regulator-hands-ey-2-year-audit-ban-over-wirecard-scandal-handelsblatt.html "German regulator hands EY 2-year audit ban over Wirecard scandal – Handelsblatt") model governance, automating spreadsheet management is the only conceivable way that we can comply and mitigate spreadsheet risk.” The burden of model [validation on the Operational Risk team](https://www.financedigest.com/frameplay-announces-new-attention-metric-in-video-game-environments-validated-in-partnership-with-dentsus-attention-economy-team-by-first-to-market-studies.html "Frameplay Announces New Attention Metric in Video Game Environments, Validated in Partnership with dentsu’s Attention Economy Team by First-to-Market Studies") has reduced. Due to the availability of the history of changes to [models in ClusterSeven, the team is undertaking less frequent validation of the models to demonstrate compliance to regulators](https://www.financedigest.com/the-future-of-payments-flexibility-regulation-and-bespoke-models.html "The Future of Payments: Flexibility, Regulation, and Bespoke Models"). ClusterSeven has enabled strict enforcement of spreadsheet and EUC build policy among users. Every time a new spreadsheet is built, it is [risk checked against a default](https://www.financedigest.com/concern-over-us-default-risk-grips-global-markets-as-talks-resume.html "Concern over US default risk grips global markets as talks resume") set of rules configured in the solution to ensure that no rules have been broken. This capability is ensuring consistency, accuracy and integrity of all spreadsheet-based models in the Bank. “Shawbrook Bank is realistic about the fact that user-built spreadsheet [applications will always be a key](https://www.financedigest.com/catharanthine-market-2022-research-on-user-demand-size-applications-key-players.html "Catharanthine Market 2022 Research on User Demand, Size, Applications, Key Players:") tool in business operation,” Henry Umney, CEO of ClusterSeven commented. “Rather than trying to limit its use in favor of other enterprise systems – an exercise that often fails – the [Bank has taken a strategic approach to its management](https://www.financedigest.com/how-effective-talent-management-could-disrupt-the-retail-banking-sector.html "HOW EFFECTIVE TALENT MANAGEMENT COULD DISRUPT THE RETAIL BANKING SECTOR") for the benefit of users who need the flexible functionality of Excel to perform their day-to-day activities. In doing so, the organization is [delivering against the needs of its users without putting the Bank](https://www.financedigest.com/will-central-bank-digital-currencies-deliver-a-more-democratic-payment-industry.html "Will Central Bank Digital Currencies deliver a more democratic payment industry?") at operational, regulatory, financial or reputational risk. In fact, most of the regulations (e.g. SOX, MIFID II, BCBS 239, Solvency II) today are [demanding](https://www.financedigest.com/metal-cans-and-glass-jars-market-demand-from-food-industry-to-grant-sustainable-business-prospects.html "Metal Cans and Glass Jars Market – Demand from Food Industry to Grant Sustainable Business Prospects ") that financial institutions adopt demonstrable spreadsheet management in recognition of how widely Excel is used in business.” --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---