  Heavy use of spreadsheets by organisations bears many potential risks such as
errors, ambiguity, data loss, duplication, and fraud. In this paper these risks
are briefly outlined along with their available mitigation methods such as:
documentation, centralisation, auditing and user training. However, because of
the large quantities of spreadsheets used in organisations, applying these
methods on all spreadsheets is impossible. This fact is considered as a
deficiency in these methods, a gap which is addressed in this paper.
  In this paper a new software tool for managing spreadsheets and identifying
the risk levels they include is proposed, developed and tested. As an add-in
for Microsoft Excel application, "Risk Calculator" can automatically collect
and record spreadsheet properties in an inventory database and assign risk
scores based on their importance, use and complexity. Consequently, auditing
processes can be targeted to high risk spreadsheets. Such a method saves time,
effort, and money.
