Financial institution takes the wheel on CCAR

A new company, unknown team members, unfamiliar processes—it was a lot to take in for the recently hired program manager for regulatory risk documentation at one of the nation’s leading financial institutions. She’s in charge of Comprehensive Capital Analysis and Review (CCAR) documentation, and her team supports the company’s recovery and resolution group.

Fortunately, early in her tenure she met a colleague who had been using an application to streamline his own financial reporting processes. That colleague suggested using Wdesk for CCAR documentation.

“I’ve managed many documentation teams, and I’ve used many different solutions,” she says. “But I’ve never seen anything like Wdesk before. I was blown away by the functionality of Wdesk. It’s just spectacular!”

As a company, we were able to spend more time analyzing scenario results and less time on non-value activities like consolidating information and formatting.

— Program Manager—Regulatory Risk Documentation

Gaining speed

The program manager implemented Wdesk as quickly as she could. Her team members now use the cloud-based application to create, format, and manage CCAR reports. They support the company’s resolution plan team by formatting and editing its documents in Wdesk, too. “We’ve become the Wdesk experts,” she says.

Recently, she added Certification to help manage the schedule for CCAR documentation. In the past, team members would use email to contact people in different business units and collect their input. They would remind others about what information they need to provide, share the project schedule, and keep them on task. Now Certification automates every step of the process, even sending reminders to people who haven’t provided their input. “It really helps to hold people accountable,” says the program manager.

The improvement in our CCAR process was obvious using Wdesk.

— Program Manager—Regulatory Risk Documentation

Instead of going through the document edits to see who has reviewed the file, the team can check the Certification dashboard for a quick update. “It’s so much easier because I can see who has finished the template,” explains the program manager.

Taking off

The team’s use of Wdesk continues to expand. The next set of improvements is an overhaul of the full CCAR documentation process. Previously, the team had managed this using word processing and flowchart software, but it wasn't fully satisfied with the results.

”At first, I didn’t realize that Wdesk could link process flows and narratives. Any updates ensure changes flow through the document,” says the program manager.

She plans to have her Workiva Customer Success Manager convert the documents to Wdesk. “It will be hosted in the same place as our CCAR documentation. Our auditors will be very pleased.”

She’s happy, too. “The thing I love most about Wdesk is that there is one source of truth,” says the program manager. “Just having everything located in the same place—having everyone view the same document and be able to work on it—makes me feel more comfortable.”

Our CCAR team became much more efficient at collaborating across the entire company with Wdesk.

— Program Manager, Regulatory Risk Documentation

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