Integrate OAK Summarize within your Quality Assurance Process 8 Oct 2020
Our Operis Analysis Kit (OAK) software helps to reduce the risk of errors in Excel spreadsheets. OAK can produce a summary report which can trigger an alert before errors become problems.
From the total number of rows with data to the number of errors along with formulae complexity and risk scores, all on a per worksheet basis, OAK offers a complete set of reports that can (and should be) integrated into any quality assurance (QA) process.
The UK government’s McPherson Report of 2013, which stressed the importance of quality assurance in model building and audit, made practical recommendations to make sure models are robust and trustworthy.
The report’s first recommendation says:
“All business-critical models in government should have appropriate quality assurance of their inputs, methodology and outputs in the context of the risks their use represents.”
Public Health England’s Excel spreadsheet failure that caused 16,000 coronavirus cases to go unreported shows how costly it can be when critical inconsistencies are not discovered and where a lack of a proper QA method can have a critical impact in society.
OAK started life as an in-house application. Our modelling team developed and used it to help construct and review complex financial models.
As a company, we believe it is crucial to support spreadsheet builders, reviewers and users and so we shared our in-house application with our clients.
Soon, large accounting practices and major financial institutions around the world were clamouring for access to our OAK Excel Add-in’s spreadsheet modelling and auditing functionality.
Today we’ve transformed our in-house OAK Excel Add-in into an award-winning application recognised as the industry standard in Excel modelling and auditing apps.