An Ernst & Young report from the 2007 Actuarial Transformation Roundtable highlights the risks and lack of proper controls for spreadsheets used in actuarial processes and concludes that participants wanted to reduce spreadsheet use by 90%. Two years later, we’re in the worst economic environment ever and this lofty goal now seems at odds with the lack of IT budgets and resources available to replace spreadsheets.
Instead, why not leverage the power and flexibility spreadsheets and Access databases provide, but harden the environment with the proper controls (i.e. access control, change control and version control) and allow the business to leverage their existing technology investments?
You can read the full E&Y report here.
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Eric Perry
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