End-user computing risk management solution of the year – Incisive Software Corporation
Like them or loathe them, insurers continue to rely on spreadsheets, and the data embedded in them, when making critical decisions.
Incisive Software Corporation is the winner of the end-user computing risk management solution of the year category because its automated approach to spreadsheet management helps minimise risk.
Our judges liked the way Incisive provides insight into potential errors that may be hiding in spreadsheets. The system automatically tests for more than just accuracy in formulas and calculated values, but also for hard-to-find items like inconsistencies and references.
Results are then highlighted to draw the users' attention to potential issues and discrepancies. Users can also drill down into cells to see why formulas are not working as expected.
Another feature recently added is the ability to manage spreadsheets that live outside of a controlled environment – such as on shared drives.
Overall, the judging panel liked Incisive's solution because it addresses one of the most common problems insurers face in end-user computing. They also noted that efficient ways to reduce model, computing and Excel process risks are needed and underappreciated.
Diane Robinette, president and chief executive of Incisive Software, tells InsuranceERM while there was a trend at one point to eliminate spreadsheets, they are being used more frequently than ever before and will continue to remain a key business tool.
She says: "Our customers are challenged with a number of things, such as visibility and control of their spreadsheets. They need deeper trust in their data, whether this is driven by regulators or for internal reasons."
She adds that because spreadsheets are typically a manually driven process, customers are realising if they do not have control of their spreadsheet, "they cannot track the data running their business".
Robinette says this year's business plan is to expand the capability of Incisive's products, as well as broadening the company's reach within its target audience.
"We are going to spend some time on usability, and we will continue to work on building capability that is 100% configurable," comments Robinette.