Articles - Comment from ClusterSeven on resignation of Mouchel's CEO

 In light of the news that Richard Cuthbert, CEO of outsourcing specialist Mouchel, has stepped down after a spreadsheet-based accounting error reduced Mouchel's full-year profits by more than £8.5m to below £6m and prompted a profits warning, Ralph Baxter, CEO of data management and spreadsheet specialist ClusterSeven, said:
 "The announcement from Mouchel regarding an unfortunate accountancy error is the latest in a line of similar spreadsheet-based data mistakes that have become public knowledge resulting in loss of money and reputation. The truth is that hundreds, if not thousands, of such errors happen on a regular basis as the pressures on firms and the people they employ to manage their unstructured financial data grows to a profound level. Only many hours of employee diligence prevents these errors from propagating into company reports and decisions. Indeed, much of the time people have to keep their fingers crossed and hope that they will be OK.
 "Recent surveys from the likes of Deloitte, Protiviti and ClusterSeven have shown just how unprotected and mismanaged data processes can be across all business sectors. With financial regulators demanding total end-to-end information clarity under the likes of Solvency II, firms need to very seriously consider how they track and verify unstructured financial data – otherwise they will only find out how exposed they are when it is too late.”

Back to Index

Similar News to this Story

Data Scientists taming Artificial Intelligence
Outside of tech and data driven companies the concept of Artificial Intelligence (AI) divides people. On the one hand you have companies like AvatarMi
The Pension Transfer Gold Standard
The Personal Finance Society (PFS) has seen more than 600 advice firms sign up to its Pension Transfer Gold Standard (PTGS) since it was announced in
Your insight into cost transparency
The benefits of widespread cost transparency implementation by pension schemes has been made clear in the Netherlands, where KAS BANK has been collect

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.