How SPX Flow Improved SOX Process Amidst Global Crisis
Too much time was spent every quarter reporting on compliance issues, gaps or concerns.
SPX Flow increased control and enabled insight across the business by adopting Workiva for SOX compliance.
- Complete visibility into the status of its compliance testing
- No disruption to the SOX program during the COVID-19 outbreak
- Efficiency gains allowed the team to rebuild the compliance framework
- Over 20-hours saved per quarter in their SOX process
Why They Chose Workiva
- The company had already seen the benefits of Workiva since they were using the platform for its SEC reporting
- All testing can be done within the platform
- Cloud-based solution connects and centralises processes and documentation
Internal Controls Management
SPX Flow is a leading global supplier of highly engineered flow components, process equipment and turnkey systems, generating approximately $2 billion in annual revenue. The company was already using Workiva for their SEC reporting when they set out to optimise and centralise their SOX process.
'A key focus for our company is to be more efficient and be smart with our time', said Kevin Price, Global SOX Manager, SPX Flow. 'So, sometimes we need to take a step back and ask “Do we have a problem here"? If the answer is yes, then let’s do something about it'.
Kevin works out of SPX Flow’s shared service centre in Manchester, England. He is responsible for the company’s SOX compliance process and leads a team of 140 people located in more than 40 sites around the world.
'We were spending an exorbitant amount of time at the end of each quarter reporting on our compliance issues, gaps or concerns. So, a key driver for us was to find a solution that would help us reduce this time', said Kevin.
Since their process was not centralised in one location and documentation was stored offline, the company needed more transparency into the status of their reports and testing.
Now with the Workiva platform, the company is able to connect its SOX compliance program in a single cloud platform to increase control and enable insight across the business.
Centralised and visible
Since moving their SOX process to Workiva, SPX Flow has centralised all of the company’s key control documentation on the platform. They do not keep any documentation offline anymore. This allows Kevin and his team to easily see process flows or look up how a site in Korea compares to one in Mexico, for example.
Plus, SPX Flow does all of its control testing within the Workiva platform.
'Now it's completely visible. I can get a level of comfort any day, any time of the year about how our compliance testing is going'. said Kevin. 'I can see if there's going to be a bottleneck or a challenge to our quarterly report processes, and escalate accordingly. That's something I couldn't do previously, and it was a massive frustration when we would be getting to the deadline and realise that 50 per cent of the reporting itself wasn’t done'.
Seamlessly adapted to remote working
With the shift toward remote working during the COVID-19 outbreak, the Workiva platform helped SPX Flow transition to the new normal.
'I haven’t really noticed a difference in our SOX process', said Kevin. 'We couldn't have done it without the systems we have in place now, so a lot of the credit needs to go to those systems, like Workiva'.
Working with a cloud-based platform was not only been especially helpful during the COVID-19 outbreak, but also when working with colleagues around the globe.
'The fact is that we're working from home using cloud-based technology, and that has resulted in little or no disruption compared to what we were doing before COVID-19', he said.
More time for work that makes a difference
The move to Workiva has also saved administrative time and allowed Kevin to spend more time on things that add value.
'I used to spend more time than I would have liked receiving emails from Korea, Spain, Thailand or any other site, and downloading and uploading the documentation', said Kevin.
With Workiva, this process can be eliminated since team members at each site directly work on the platform.
Kevin estimates that Workiva saves him 20 hours per quarter, which has enabled him to step back and rebuild the compliance framework.
'With Workiva, we've been able to bring more SOX testing into the shared service centre', he said. 'We are only able to do this because of Workiva. Before, we didn't have the bandwidth because we were spending so much time creating slide decks and reports'.