Saving two months with Wdesk for ERM
- Enterprise Risk Management
The company was looking to cut back on the four months its annual ERM report took to complete.
The contract compliance administrator managed an 80–90 page workbook alone and wanted to consolidate it into a shorter, more easily accessible format.
Each subsection of the workbook needed two or more pages to fit the summary of changes and raw data.
The company used Wdesk for management reporting and felt automating its ERM report would be easiest with a solution it already had.
Why Wdesk is the perfect fit for the private company
- Linking allows a change to be made once and flow into the workbook and ERM presentation, saving time previously used updating headlines, data, and color-coding throughout the report.
- The presentation consists of custom heat maps that enable management to quickly identify key risks.
- Once the presentation is distributed to executive vice presidents, they can easily assess each department through color-coded, one-page dashboards.
- A summary of changes section allows team members to see what changes have been made without having to search through the entire workbook.
The company's results
- The risk of human error has been eliminated because handwritten notes are no longer necessary. Everything is entered directly into Wdesk during risk assessment meetings.
- One person easily manages the entire ERM process and can always call the company’s assigned Customer Success Manager (CSM) if an issue arises.
- Because creating the report now only takes two months, the risk management team has time to meet twice, instead of once, a year to assess risks and make changes.
- The company’s ERM presentation is now less than half the size of what is was previously—only 35-40 pages.
- Except for some small narrative sections, the presentation is completely automated.