Breaking out of the cells: banks’ long goodbye to spreadsheets
Dealers are cutting back on their use of Excel amid tighter regulation and risk concerns.
In February 2023, an employee of Norway’s sovereign wealth fund accidently keyed in “December 1” instead of “November 1” while working on an Excel file. This triggered a miscalculation of the composition of the index against which the fund was being measured. The mistake would end up costing the Norwegian state Nkr980 million ($92 million).
When the European Spreadsheet Risk Interest Group (Eusprig) meets in London in July for its 20th annual conference, errors like these will be top of mind. The
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