Boards should know exactly what breaks first if shadow spreadsheets keep quietly replacing the reinsurance system of record.
When shadow spreadsheets start replacing the system of record, reinsurers lose control of their own data without ever making that decision on purpose.
Missing treaty terms don't just cause confusion, they create real exposure at claim time and audit time. Here's where the risk actually comes from.
Technical debt doesn't announce itself with an outage, it shows up as staff quietly working around old systems every single renewal season.
When every broker and cedant sends its own copy of a wording, version control chaos becomes a coordination problem long before it becomes a signing problem.
Boards should ask specific questions about the visibility gap between underwriting decisions and capital position before it shows up in a restated number.