Performing financial model reviews with confidence

Siemens Energy uses PerfectXL for financial model reviews and audits. The tools help them with efficiency and catch risks that would be missed with a manual review.

Before PerfectXL

The team at Siemens Energy that uses the tools is a team of highly qualified experts, they have a deep understanding of Excel and the models built in them. That being said, manual reviews have limitations. Thorough reviews of financial models in Excel are incredibly time consuming and it is impossible to check for, let alone catch, every single potential issue in a model. The team, cream of the crop, executed reviews as efficiently as possible, but were looking for ways to simplify and improve this process.

After PerfectXL

The PerfectXL tools are now being actively used for financial model audits and reviews. The users report making most use of the Risk Finder and Compare tools. Risk Finder is used to catch hard codes, perform math checks, and to report on and communicate about risks. The Compare tool is a huge time saver, used constantly in checking model iterations and reviewing changes made. Ultimately the review process is heavily supported by PerfectXL tools!

Conclusion

Not only does Siemens Energy now have the capacity to perform extensive model reviews much quicker now, they also have a higher level of confidence that all relevant issues are identified and reported on. This process is effective, efficient, and the reviews delivered are of the highest possible quality.