KeyBank Manages Accounting Policies and Procedures with Workiva

 

Transcript

So my role at KeyBank: I am the director of accounting policy. I manage a team of about seven, and we have responsibility for developing and maintaining our corporate accounting policies.

Before we started using Wdesk for policies and procedures, (the process) was clunky. It was a very manual process, lots of e-mails.

The process with Wdesk

So, obviously, I've used Wdesk for a long time and in many different other areas and in different employers, and so I knew the capabilities of it. So, it was something that just was intuitive to me to say, "Hey, I know the functionality of Wdesk. I know the collaboration, the workflow with the audit trail." These were all of our issues that we struggled with from a policy perspective. So, we decided to try that out and see how Wdesk would be able to make that process more efficient.

Benefits from Workiva

Audit trail is huge. Being able to very quickly see the versions that were updated, what changes were made. Having the evidence of review, having the comments in there, again to go back and say, "Well, why did we make this change a year ago, three months ago?" We can see all of the comments and history in there to be able to have that for support.

There's a lot more accountability using this process, specifically from the stakeholders, because they feel like they have a vested interest in the policy and the creation of the policy and understand the policy better. The policy committee is much more aware of the changes that are going through, and it allows those team members to work on more value-add projects. It just gives them more time to do other things. I think a lot of our policies needed a little bit more attention, a little bit more definition in the actual content. So, it's given them that ability to say let's re-look at our policies and make sure that they're all user-friendly, that our stakeholders can use them in their day-to-day basis to be useful. It's improved that process immensely.

The process with Wdesk

So, obviously, I've used Wdesk for a long time and in many different other areas and in different employers, and so I knew the capabilities of it. So, it was something that just was intuitive to me to say, "Hey, I know the functionality of Wdesk. I know the collaboration, the workflow with the audit trail." These were all of our issues that we struggled with from a policy perspective. So, we decided to try that out and see how Wdesk would be able to make that process more efficient.

Benefits from Workiva

Audit trail is huge. Being able to very quickly see the versions that were updated, what changes were made. Having the evidence of review, having the comments in there, again to go back and say, "Well, why did we make this change a year ago, three months ago?" We can see all of the comments and history in there to be able to have that for support.

There's a lot more accountability using this process, specifically from the stakeholders, because they feel like they have a vested interest in the policy and the creation of the policy and understand the policy better. The policy committee is much more aware of the changes that are going through, and it allows those team members to work on more value-add projects. It just gives them more time to do other things. I think a lot of our policies needed a little bit more attention, a little bit more definition in the actual content. So, it's given them that ability to say let's re-look at our policies and make sure that they're all user-friendly, that our stakeholders can use them in their day-to-day basis to be useful. It's improved that process immensely.

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