Excel versus BowTieXP – Which one is better?

^{Figure 1 – Classic risk register spreadsheet (click here to see an enlargement of the image)}

For instance, what does the above image tell you? You can tell that there are 9 control measures in place covering 3 threats and 3 consequences. This should be enough or at least “medium safe”. Therefore, the risk rating is set to medium based on this Excel register analysis. A logical assumption could be that the control measures are equally divided overall threats and consequences. However, this is not guaranteed for it is not visualized clearly by the spreadsheet.

3. Excel does not easily transfer and/or communicate information

Risk Management is not a one-man job. A risk manager often needs input from key individuals across the business. Excel is not really equipped to collaborate though. You cannot access and work in the same file. Of course, you can circumvent this by using tools such as SharePoint but watch out for errors or ‘double truths’. Furthermore, you would like to inform your ‘non-risk-related’ colleagues about the risks involved in their job right? It can be hard for them to see the bigger picture from those hundreds of rows of data.

4. Excel is sensitive to input errors or typo’s

As any of us know, it is very easy to make a mistake in Excel. Due to the huge number of cells, it is easy to make a small typo or error without realizing it.

5. Excel is time-consuming

Excel lacks scalability, has limitations in the amount of data and a lot of actions must be done manually. This makes the whole process time-consuming.

6. Excel can’t combine data sources

Excel misses the opportunity to link your risk assessment or risk register to other data sources like audits, incidents, etc. It is precisely this link that makes your data valuable.

Stay focused!

Keep these pitfalls in mind when conducting your next risk assessment in Excel and make sure that these disadvantages do not get in the way of making your risks fully understandable.

Do you want to learn more about keeping overview of risk scenarios and how they can be managed? Learn more here.

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