Finsbury Solutions Voted As One of Top Two Spreadsheet Control Vendors

London,  July 6, 2009 - Finsbury Solutions has been voted one of the top two providers of spreadsheet control solutions in the annual compliance software survey sent to more than 6,000 readers of OpRisk & Compliance, one of the industry’s most respected publications.

Conducted among leading financial institutions across North America, Europe and Asia, respondents were asked to rank their top five companies across eight compliance categories including GRC, Compliance Monitoring and Spreadsheet Control.

Jeremy Wood, Director of Finsbury Solutions, comments, “It’s a testament to our market leading products and commitment to customer service that we have achieved such a high ranking in this years’ survey.

“The challenging times that the financial services sector has faced over the last 12 months in managing operational risk, combined with the demands of tighter regulation has led to a significant increase in the demand for our spreadsheet control solutions. The results of the OpRisk & Compliance annual compliance software rankings clearly illustrate that our solutions are some of the most trusted in the market”.

Finsbury’s market leading solutions allow organizations to address the issues of operational risk and compliance that are inherent in the use of business critical spreadsheet applications. Spreadsheets are commonly used in financial reporting applications which are subject to regulations requiring an effective system of internal control. Examples of such legislation include the Sarbanes Oxley Act in the USA and similar regulations in France, Japan and other countries. Financial industry regulation such as Basel II and the credit rating agencies consider the level of operational risk in a business. Companies have the potential to reduce their cost of capital and improve their credit rating by improving control over spreadsheet applications.

The OpRisk & Compliance Software Survey 2009 rankings were compiled from a survey conducted over four weeks in April 2009. The survey was sent to more than 6,000 readers of OpRisk & Compliance from around the world and was also promoted through the OR&C ‘linked in’ group online. Respondents were asked to rank their top five companies across eight categories. The results were compiled by Incisive Research, a subsidiary of Incisive Media.