Reason Number Ten: Business Continuity
Hurricane Sandy hit right around the time First Financial Bancorp was getting ready to file a non-financial Form 8-K. This Cincinnati, Ohio-based company was using a financial printer based in New York City. From a financial reporting perspective, that could have been catastrophic. But it wasn't.
Reporting is a collaborative effort, and teams often have to deal with external forces that complicate the report creation process. From severe weather to illness, these obstacles can be difficult to adjust to and are impossible to predict. And because they are random, they can't be taken into account when establishing regulatory guidelines and deadlines.
This leaves reporting teams in a difficult situation. Business professionals can find themselves pinned for quick decisions, as First Financial was, between restricting circumstances and hard deadlines.
It's during times like these that companies learn what kind of reporting solution they need. Quality isn't based on how well you can cope with a solution, but on how well it can help you handle the challenges you face.
With their financial printer offline, First Financial turned to Workiva for help. The bank had already been using Wdesk to develop and EDGARize its reports, but hadn’t consistently used it to file non-financial related 8-K disclosures.
Wdesk allows customers to be reactive to events and issues that can be seen as obstacles—everything from pandemics and forces of nature, to last minute changes and limited local access to information. The solution requires no additional infrastructure on the part of our customers to write, edit, and file their reports when faced with disaster. The interface is intuitive, and training can be completed quickly.
Because First Financial used Wdesk, a cloud-based platform, its reporting team was able to still meet their 8-K filing deadline.
Life is unpredictable, but the right reporting solution can help you maintain business continuity, even during a hurricane.
Want more benefits? View the full list of reasons why our customer choose Wdesk and the cloud.