Hundreds of hours saved with Wdesk for SOX
Six hundred spreadsheets. Hundreds of people. Countless hours of work. And immeasurable frustration. That’s a summary of the process one multinational energy company was using to meet its Sarbanes-Oxley (SOX) documentation requirements.
It took the internal controls team nearly a full workday to test a single control. In fact, 78 percent of that time was spent actually testing—meaning nearly a quarter of the team’s time was lost.
I would recommend this solution based on the flexibility, ease of access, and linking—those are just some of the benefits!
— Internal Controls Manager, Multinational Energy Company
The remaining time was spent on non-value added activities like requesting supporting evidence from control owners and following up via phone or email.
Replicated across nearly 600 controls, a total of 875 hours of extra time was added to the testing process.
Dashboards were on the wish list for management, but the team could not deliver—the process was too manual and difficult to update, and it took hours to execute.
But there was a light at the end of the tunnel. The company’s SEC reporting team was already using Wdesk and suggested that the internal controls team check out Wdesk for SOX.
Within a week of the demo, the internal controls team switched to Wdesk. The decision was validated even as the team made the change.
Efficiencies were gained in:
- Testing – Wdesk reduced the hours spent updating and maintaining SOX design documentation. With live-linked data, the team no longer has to copy and paste from the risk control matrix or prior year documents.
- Reporting – Real-time dashboards in Wdesk link directly to testing documents. The company is able to quickly allocate resources when bottlenecks are identified in the testing process.
- Certification – Wdesk Certification creates digital versions of documents for review, emails them directly to certifiers, and even sends reminders. The reporting manager can track the progress with the dashboards in Wdesk.
Not only has the company’s SOX documentation and certification processes become much less frustrating, Wdesk is saving the company time and money.