Workiva: Cloud-Based Platform for Better Risk Management
Businesses today are fraught with many risks and uncertainties that could cost them a fortune. “Understanding risks and weighing them against the expected benefits provides management with critical information to help drive the ongoing strategies and objectives of an organization,” says Matt Rizai.
The firm’s cloud-based productivity platform, Wdesk, helps thousands of enterprises to collect, monitor, and understand business data with control and accountability.
By streamlining and standardizing the assessment, collection and reporting process, Wdesk gives risk managers more time to analyze data, conduct in-depth risk reviews, and collaborate across the organization to better understand ongoing risk management issues. The platform helps companies keep pace with the demands for speed and accuracy in business data and financial information.
Furthermore, Wdesk’s permission controls allow administrators to determine who can see what information and where contributors can input their data. This makes Wdesk a secured workspace where teams can collaborate together to build documents and reports. “To have a robust risk management framework, it is equally important that your audit and control functions complement your risk function,” says Rizai.
Another area that is very closely related to risk management is audit and controls, which includes Wdesk solutions for SOX and internal controls management and the broader area of audit management.
Today, more than 2,500 companies use Wdesk for a wide variety of business data reports and processes in accounting, finance, risk management and audit management. For instance, the company has recently worked with a publicly listed company, Bel Fuse Inc., which was facing a challenge in managing their business data due to recent mergers and acquisitions.
Workiva assisted the company with its secure, flexible and cost-efficient Wdesk platform, which allowed its team to better collaborate across the globe to share and report consistent information. Bel Fuse saved over $500,000 by using Wdesk in 2015 by not adding additional headcount, reducing the number of external consultants, and lowering travel costs.
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