The company used a traditional GRC system that was more robust than it needed. This meant it paid for functionality it didn't use.
The GRC system lacked flexibility, and the company wasn't able to customize the system to fit its processes.
The lack of customization forced users to make changes outside the GRC system in Excel® and Visio®.
With other employees already satisfied with using Wdesk for SEC reporting, the company liked the idea of having SEC reporting and the company’s SOX process on a single platform.
Why Wdesk is right for the insurance company:
- The ability to easily add or remove seats means the company only pays for what it uses each period.
- The company creates its COSO Framework in Wdesk and has the flexibility to modify it as needed.
- The ability to keep everything in one platform and connect data through linking eliminates the risk of inconsistencies.
- Contacting control owners and holding them accountable for responsibilities is simple and is done within Wdesk without creating extra steps in the approval process.
- Those who certify internal controls can do so at one time rather than individually certifying them all.
- The team creates and maintains flowcharts within Wdesk and attaches all of the source documents directly to the flowchart, eliminating the disconnect caused by using multiple platforms.
The company's results:
- Employees no longer have to manually sort through a stack of documents to make changes. Linking allows them to make a change once and trust that it is correct in all locations across multiple documents.
- Because external personnel can collaborate directly within Wdesk, internal audit no longer has to spend time looking up test results and documentation requested by the company’s external auditors
- With the time the internal audit team has saved, it has been able to re-evaluate business processes and identify areas where control improvements are needed.
- SOX compliance is less of a challenge for the insurance company now that all employees and even external auditors can work out of the same cloud-based platform.