• Corpus ID: 31790381

Spreadsheets and the Financial Collapse

@article{Croll2009SpreadsheetsAT,
  title={Spreadsheets and the Financial Collapse},
  author={G. J. Croll},
  journal={ArXiv},
  year={2009},
  volume={abs/0908.4420}
}
We briefly review the well-known risks, weaknesses and limitations of spreadsheets and then introduce some more. We review and slightly extend our previous work on the importance and criticality of spreadsheets in the City of London, introducing the notions of ubiquity, centrality, legality and contagion. We identify the sector of the financial market that we believed in 2005 to be highly dependant on the use of spreadsheets and relate this to its recent catastrophic financial performance. We… 
The Future of Spreadsheets in the Big Data Era
TLDR
The views of the participants on the reasons for the success of the spreadsheet, the trends driving change and the likely directions of change for the spreadsheet are records and key directions for further research in the evolution and use of spreadsheets are set.
Governance of Spreadsheets through Spreadsheet Change Reviews1
We present a pragmatic method for management of risks that arise due to spreadsheet use in large organizations. We combine peer-review, tool-assisted evaluation and other pre-existing approaches into
Requirements for Automated Assessment of Spreadsheet Maintainability
TLDR
This position paper argues for the need to create a model to estimate the maintainability of a spreadsheet based on (automated) measurement and proposes the creation of a curated, community-contributed repository of spreadsheets.
Evaluating Financial Model Performance: An Empirical Analysis of Some North Sea Investments
TLDR
Several interesting and statistically significant relationships were found which reveal useful information about financial modelling performance, the premia paid to acquire North Sea assets, the contribution oil and gas price uncertainty has on estimates of future financial returns and the median financial return of these North Sea Investments.
A Comparison of Low-Code and Spreadsheet based Calculation Tools within Accountancy
Low-Code Development Platforms (LDCPs, sometimes also called PaaS for Platforms as a Service) are cloud services or products that are used for application development. They avoid programming and
An Insight into Spreadsheet User Behaviour through an Analysis of EuSpRIG Website Statistics
The European Spreadsheet Risks Interest Group (EuSpRIG) has maintained a website almost since its inception in 2000. We present here longitudinal and cross-sectional statistics from the website log
A Platform for Spreadsheet Composition
TLDR
The proposed platform seamlessly integrates the distributed spreadsheet elaboration, supports the commonly known spreadsheet tools for data processing and helps organizations to adopt a more controlled and secure environment for data fusion.
SpreadComp platform: A new paradigm for distributed spreadsheet collaboration and composition
TLDR
SpreadComp is proposed, a spreadsheet composition platform based on three new collaboration patterns which span users and data interaction from the simplest flat scenario to more structured and hierarchical ones.
The complementary use of IS technologies to support flexibility and integration needs in budgeting
In business controllers’ work on budgeting, considered as a classic decision-making process in organisations, it is consistently indicated that enterprise resource planning (ERP) systems, business
Excel-lence in Data Visualization?: The Use of Microsoft Excel for Data Visualization and the Analysis of Big Data
TLDR
This chapter plots the historical development of spreadsheets in general, and Excel in particular, highlighting how new features have allowed for new forms of data analysis in the spreadsheet environment.
...
...

References

SHOWING 1-10 OF 51 REFERENCES
A critical review of the literature on spreadsheet errors
Impact of errors in operational spreadsheets
Archiving: The Overlooked Spreadsheet Risk
TLDR
To mitigate operational risks and achieve compliance with the records-related provisions of Sarbanes-Oxley, the author argues that organisations should introduce records management programmes that provide control over the archiving of spreadsheets.
Automating Spreadsheet Discovery & Risk Assessment
TLDR
This paper proposes an automated approach to the initial stages of the spreadsheet management lifecycle - discovery, inventory and risk assessment - and shows how by leveraging technology, these phases become a sustainable business process.
Protecting Spreadsheets Against Fraud
TLDR
This paper surveys the available means for fraud protection by contrasting approaches suitable for spreadsheets with those known from fraud protection for conventional software.
Spreadsheet Errors and Decision Making: Evidence from Field Interviews
TLDR
Interviewing executives and senior managers/analysts in the private, public, and non-profit sectors about their experiences with spreadsheet errors and quality control procedures found that opinions differ as to whether the consequences of spreadsheet errors are severe.
Documenting Spreadsheets
TLDR
This paper discusses spreadsheets documentation and new means to achieve this end by using Excel’s built-in “Comment” function, which will greatly facilitate spreadsheet change control, risk management and auditing.
Reducing Overconfidence in Spreadsheet Development
TLDR
Two experiments in overconfidence in spreadsheet development are described, including a pilot study to determine the existence of overconfidence, and a manipulation to reduce overconfidence and errors.
Spreadsheets in Clinical Medicine - A Public Health Warning
TLDR
The use of poorly constructed and/or untested spreadsheets in clinical medicine cannot be tolerated and this article supports this warning by reporting on potentially serious weaknesses found while testing a limited number of publicly available clinical spreadsheets.
Spreadsheet Errors: What We Know. What We Think We Can Do
TLDR
To date, only one technique, cell-by-cell code inspection, has been demonstrated to be effective, and the degree to which other techniques can reduce spreadsheet errors needs to be determined.
...
...