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.
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