Workiva: Fortifying Corporate Performance with Data Insights

Matthew Rizai, Chairman & CEO, WorkivaMatthew Rizai, Chairman & CEO
“Oftentimes insurance companies have to report on multiple entities to multiple regulators, using data that is spread across the enterprise that can be mired in old technology and conflicting formats,” avers Matthew Rizai, Chairman and CEO at Workiva. The insurance providers presently face intricate reporting requirements that include the document-centric regulations associated to ORSA, MAR, NAIC, and Solvency reporting. Workiva, a company hailing from Ames, IA created a cloud-based productivity platform Wdesk for enterprises to collect, link, report, and analyze business data with superior control and accountability—all in one environment. “Wdesk is optimized for the insurance industry, which faces many risks and increasing regulation,” points Rizai.

Wdesk enhances accuracy and control in audited financials and footnotes, statutory reporting, product contract filings, Model Audit Rule reports, Own Risk and Solvency Assessment (ORSA) summary reports and many more. “Our insurance customers start using Wdesk to improve a wide range of processes that relate to compliance and risk reporting—to help streamline and automate the entire process,” states Rizai. Wdesk saves time, effort and cost all the while offering the complete control over the documents from beginning to end.

Wdesk combines workbooks, documents, and presentations with well-situated dashboards. Wdesk’s proprietary spreadsheet, word processing, and presentation applications are integrated and built upon a data management engine that assembles, aggregates, and manages data. Rizai says, “Our customers use Wdesk to solve a wide range of business data challenges, but they have one important thing in common: They all need to trust their data. That is why data accuracy is a key component of our platform.”

Data accuracy is a key component of our Wdesk platform

Wdesk provides more visibility into the risk management process by analyzing the risks in the organization more frequently, to mitigate risks more efficaciously. To keep the customers’ data safe, Wdesk employs the Google Cloud Platform, which enables to scale the organizations compute and storage capacity on a daily basis and also augments the standard data security.

Furthermore, Wdesk provides a single location for all SOX documentation, including risk assessment information, that is linked together to allow for seamless updates of additional documents, like management reports and presentations. The company’s SOX Compliance creates a repeatable risk assessment process by aggregating risk assessment data, increasing transparency, offering up-to-date data to management, and improving decisions during the planning period.

As a corroboration of such expertise, Workiva assisted FBL Financial Group, with their solutions as they were facing issues concerned with their external reporting process, making it complicated for their employees to work extended hours to place all the data in one place. The company was in need of a tool that would pick up the pace of the report development, facilitate processing late changes and simplify the review process while improving the work/life balance of employees. Upon using Workiva, FBL was able to flexibly create a wide range of SEC reports and corporate financial documents with zero time delay and were able to improve the morale and a better work/life balance for their employees.

For the future, Workiva will focus on empowering Wdesk users with even more effective ways to capture, store and connect data, and to manage workflow and documents with improved collaboration, history and cross-sheet formula features. The roadmap also involves keeping pace with the emerging trends and technologies, which can allow organizations to nestle in the spectacle of improving productivity and giving the user’s ability to make decisions with real-time data.