![]() While many compliance managers may feel more comfortable with the familiar-looking spreadsheets of Microsoft Excel or other corporate software packages, the use of spreadsheets creates greater risk for organizational compliance. Here's how spreadsheets create risk for entity and compliance management ![]() They can also lead to data leaks and inefficient processes, and complicate entity management, especially in large multinational legal structures. Not only does spreadsheet-based entity management take more time and more resources ' an average of 18 hours each month in modifying, consolidating, correcting and updating information, according to one piece of research ' but spreadsheets create risk by making it easy to introduce errors. However, spreadsheets create risk for organizational compliance. They have foregone the robust and secure entity management software options available, and decided to stick with something like Microsoft Excel and SharePoint because it's there, it's easy and it won't cost more money in license fees.
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March 2023
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