Workiva Helps Brown-Forman Centralize Enterprise Risk Management Data
Wine and Spirits Company Saves Time, Improves Accuracy with Wdesk
AMES, Iowa – April 18, 2017 – Workiva (NYSE:WK), a leading provider of solutions for enterprise productivity, announces that Brown-Forman Corporation (NYSE:BF.B) uses Wdesk to centralize its Enterprise Risk Management (ERM) data and process, thereby saving time and improving accuracy.
Andy Kim, Vice President and Director of Risk Management for Brown-Forman, assesses company-wide risks that include brand and reputation risks, potential recalls, and catastrophic, foreign exchange and taxation issues. He uses Wdesk to streamline the company’s ERM process and link all of the company’s risk-assessment information in a single platform.
“My old process was manual, so there was a lot of room for error,” said Kim. “Before we used Wdesk, we’d make a change close to the end of our annual reporting period, and I’d have to change it on three separate documents. Now with Wdesk linking, every time I make a change in the risk registry, it automatically updates in the heat map and the whitepaper.”
“The aspects of Wdesk I value most are the time savings, improved accuracy and archiving,” Kim said. “Wdesk saves me about eight hours per report and leaves me more time to focus on risk mitigation planning and analysis.”
Kim worked closely with his Workiva customer success manager during the initial phase of implementation. “He took the time to help me understand the best way to use Wdesk, and he was instrumental in streamlining our process,” Kim said.
“Wdesk is flexible so I can customize my process going forward,” he said. “It also helps me be more organized, and I know that I have the latest version at the end of the day.”
“Wdesk improves accountability, which is critical to our risk management programs,” said Kim. “We are not required to have an ERM program, but we perform one as a best practice. We often include risk-and-reward analysis in our decision-making, and our board appreciates the focus provided by our ERM program.”
Workiva (NYSE:WK) delivers Wdesk, an intuitive cloud platform that modernizes how people work within thousands of organizations, including over 70 percent of the FORTUNE 500®. Wdesk is built upon a data management engine, offering controlled collaboration, data integration, granular permissions and a full audit trail. Wdesk helps mitigate risk, improves productivity and gives users confidence in their data-driven decisions. Workiva employs more than 1,200 people with offices in 16 cities. The company is headquartered in Ames, Iowa.
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For more than 145 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s & Cola, Jack Daniel’s Tennessee Honey, Gentleman Jack, Jack Daniel’s Single Barrel, Finlandia, Korbel, el Jimador, Woodford Reserve, Canadian Mist, Herradura, New Mix, Sonoma-Cutrer, Early Times, and Chambord. Brown-Forman’s brands are supported by nearly 4,600 employees and sold in approximately 160 countries worldwide. For more information about the company, please visit https://www.brown-forman.com/.
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