Macros in embedded Excel workbook are blocked from running
In an environment that has the Block macros from running in Office files from the Internet Group Policy setting enabled for Microsoft Excel 2016, macros in embedded Excel workbooks are blocked from running.
For example, when you create a new Excel workbook and embed a macro-enabled workbook in the new workbook, you receive the following security notice:
Microsoft Office has identified a potential security concern. Macros in this document have been disabled by your enterprise administrator for security reasons.
This issue occurs if the embedded Excel workbook isn’t from a trusted location, or the new workbook isn't saved to a trusted location.
To work around the issue, save the embedded or new workbook to a trusted location.
For more information about the Block macros from running in Office files from the Internet Group Policy setting, see New feature in Office 2016 can block macros and help prevent infection.