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Date Posted: 7/16/2010

Prodiance Launches New EUC On-Site Assessment Service OfferingNew Professional Service Offering Accelerates


EUC Risk & Control Initiatives through Leading Edge Technology, Domain Expertise and Best Practices
 
 
Pleasanton, Calif. and London – July 15, 2010 – Prodiance Corporation, a leading provider of Enterprise Risk Management (ERM) solutions, today announced the availability of a new professional service offering called the End-User Computing (EUC) On-site Assessment. The new service offering is designed to help organizations accelerate their Spreadsheet and EUC Risk & Control initiatives by providing immediate visibility into their current inventory and risk level for critical spreadsheets and Access databases used within key financial and operational business areas, and to quickly identify high risk EUCs.

Turn "What You Don’t Know" into "Now You Know"
Organizations using uncontrolled spreadsheets and EUCs (a.k.a. User-Developed Applications or UDAs) in key financial and decision making processes are exposed to a variety of risks and consequences, including material errors leading to financial restatements, non-compliance with regulatory mandates (e.g. SOX 404, Basel II, Solvency II, NAIC Model Audit Rule, and OMB Circular 123), and fraud. According to the latest guidance from the Institute of Internal Auditors (IIA.org) in the Global Technology Audit Guide (GTAG®) 14: Auditing User-developed Applications, the recommended UDA audit process "includes a series of steps including identifying critical UDAs, evaluating the level of risk associated with each UDA, and testing the controls to determine whether they are sufficient to reduce associated risks to an acceptable level based on the organization’s risk appetite and tolerance" [1].

Aligned with IIA Best Practices and ROI Objectives
The Prodiance EUC On-Site Assessment service offering is designed to address these IIA audit objectives by quickly providing insight into your organization’s current state through extensive inventory and risk statistics, and initial recommendations for establishing an effective Spreadsheet & EUC Risk Management program.
"The EUC On-Site Assessment service turns what ‘you don’t know’ about your organization’s spreadsheet and EUC risk into ‘now you know’ so that the consequences of uncontrolled spreadsheets don’t bring your business down," said Dr. Soheil Saadat, President and CEO at Prodiance Corporation. "It helps formalize and jumpstart Spreadsheet & EUC Risk Management programs through deployment of leading edge technology, domain expertise and best practices."

World Class Software Automates Discovery & Risk Assessment
The EUC On-Site Assessment incorporates the installation and application of industry-leading Prodiance Enterprise Risk Manager (ERM) software, including Prodiance eDiscovery, Prodiance Spreadsheet IQ, and Prodiance Spreadsheet Compare. Prodiance eDiscovery automates initial discovery, inventory, and risk assessment of spreadsheets and Access databases in your environment, providing a high level view of your EUC inventory and reports required to quickly satisfy auditor and regulatory mandates. Prodiance Spreadsheet IQ then provides a detailed view of the structure, formula development, and data usage within the critical spreadsheets. Data and reports are quickly generated by Prodiance Spreadsheet IQ to drive documentation, correction of errors and remediation efforts. Prodiance Spreadsheet Compare enables graphical comparison between spreadsheet versions to further validate structure and data integrity. Leveraging the outputs from these powerful diagnostic tools helps guide development or refinement of the EUC Policy, and enables project scoping to support development of the EUC remediation and control project plan. Completion of a current state questionnaire identifies gaps in critical project prerequisites to ensure development of a successful project plan.

Project Deliverables
The EUC On-Site Assessment service includes 3 days of professional services performed by Prodiance subject matter experts (SMEs), 2 weeks rental of Prodiance software (on a testing server or virtual environment), completion of a current state assessment questionnaire, comprehensive inventory statistics, an EUC risk assessment algorithm, EUC policy review, a high level project plan, and initial recommendations for a control environment. Complimentary licensed copies of Prodiance Spreadsheet IQ and Prodiance Spreadsheet Compare are included for continued use. Additional options include training on spreadsheet testing and analysis, and training on spreadsheet remediation and development best practices.

More Information
More information on the Prodiance EUC On-site Assessment, including an informational brochure, is available on the Prodiance web site at: www.prodiance.com/services/ or by calling +1-925-460-9191.
 
 


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