Workiva [NYSE:WK]: A Tangible Route to Risk Management

Matt Rizai, Chairman & CEO, WorkivaMatt Rizai, Chairman & CEO
For insurance carriers, time and technology have always had a preponderant effect on the way things are done. To stay ahead, insurance providers often face marginal risks of compliance that can have a profound effect on the business and its reputation. Risk management has always been the nucleus of the insurance industry. Today, providers are required to file reports detailing their financial standings and risk data—assets, liabilities, income, and investments—on a quarterly, monthly, and annual basis. However, the risk data is sprawled across multiple locations and comes in disparate formats, often rendering obsolete data.

Workiva [NYSE:WK] addresses these concerns with its cloud-based platform, Wdesk, which helps insurance firms mitigate enterprise risk. “With Wdesk, collecting data and preparing risk and compliance reports can be streamlined and automated,” says Matt Rizai, Chairman and CEO, Workiva.

Wdesk is a proprietary data management engine hosted on the cloud, which comes with the full package of productivity applications— word processor, spreadsheet, and presentation decks. Wdesk gives users the ability to link data in text or numbers so that any change, anywhere is automatically updated throughout all instances of that data. With features like audit trail and permissions, Wdesk users can collaborate with control in real time, in data-linked documents.

“Wdesk enables users to see document progress, assign tasks, and maintain communication with directed comments,” explains Rizai. This ensures transparency for effective risk management through a single working environment.

Moreover, Workiva understands the need for security when managing and reporting risk data. “Many large corporations entrust us with their most sensitive data, and we take that responsibility very seriously,” says Rizai.

Many large corporations entrust us with their most sensitive data and we take that responsibility very seriously

The software provides complete control over data and content with a detailed permission set—on a single document section, a full document, or groups of documents. “Insurance companies benefit by being able to increase control and accountability of their data while improving reporting processes, thereby becoming more efficient,” he adds.

For uninterrupted workflows, Workiva provides continuous process optimization support through linked KRI (Key Risk Indicator) and KPI (Key Performance Indicator) dashboards that allow management teams and boards to clearly see if risk levels are within acceptable tolerances.

Wdesk helps organizations to alleviate enterprise risk, improve productivity and give users confidence to make decisions with real-time data. Extolling the manifold proficiency of Workiva’s client base, Rizai notes that Wdesk is currently being used by more than 65 percent of Fortune 500 companies for a wide variety of risk management and compliance processes. On one instance, a major airline carrier was using multiple office productivity products and a service provider to aggregate and create financial reports, which proved to be cumbersome. They approached Workiva to make their business operations more efficient by mitigating risks. By implementing Wdesk, the airliner experienced a 187 percent return of investment, which over the course of three years, cumulated to more than $400,000 in cost savings.

Staying relevant to enterprise risk management ecosystems, Workiva’s focus is on helping their customers become more productive and efficient. “We are at the forefront of providing compliance and risk management software to help insurers control risks,” says Rizai.