In today’s technology realm, despite large amounts of money being spent on both corporate financial reporting systems and banking MIS systems, the majority of both environments are still heavily populated with spreadsheets, macros, CSVs. There has been a rapid growth in organizations seeking to establish control over business-critical spreadsheets, Excel Macros and MS Access databases – collectively called End User Computing (EUC) or User Developed Applications (UDA) or End User Developed Applications (EUDAs). Why? Simply because there is a sharp increase of high profile instances of data mismanagement and fraud. These EUDAs are seen as an incubator for compounding issues leading to an avalanche of misinformation. There is an intense focus on data management by banks and insurers, particularly in light of Basel III, Solvency II and other regulatory norms.
In this global scenario the Reserve Bank of India has formulated IT Vision 2011-2017. This IT Vision of RBI demands the BFSI Sector in India to put more emphasis in areas like Data Governance. The implementors of this IT vision (the auditors and regulators), on an operational mode, really want to ensure that the end users have:
• A better understanding of what these spreadsheets and macros do for their routine operations
• A better operational mode
• An awareness of pitfalls
• A clear audit trail
• Version control
• Segregation of duties
• Code checking
• Testing and maintainability
Having this in mind, KGfSL has invested its best of resources to come out with a Controlled - User Developed Application – Automation Framework (CUDAAF). CUDAAF is a simple, fit-for-purpose automation framework that is capable of facilitating software development by allowing designers and programmers to devote their time to meeting the user’s real requirements rather than dealing with the more standard low-level details of providing a working system, thereby reducing overall development time. In simple terms CUDAAF is an application by itself.
In addition to providing robust, performing, and maintainable applications, CUDAAF proves to be more cost effective by reducing the development-testing-implementation time by nearly 50%. CUDAAF can addresses requirements ranging from audit and control, through to rich data analysis, reconciliation and validation. This ensures control way beyond a specific spreadsheet or other types of user developed application, bringing integrity and efficiency across complete, end-to-end business processes.