Workiva: A Tangible Route to Risk Management
For insurance carriers, time and technology have always had a preponderant effect on the way things are done. To stay ahead, insurance providers often face marginal risks of compliance that can have a profound effect on the business and its reputation. Risk management has always been the nucleus of the insurance industry. Today, providers are required to file reports detailing their financial standings and risk data - assets, liabilities, income and investments - on a quarterly, monthly and annual basis. However, the risk data is sprawled across multiple locations and comes in disparate formats, often rendering obsolete data.
Workiva [NYSE:WK] addresses these concerns with its cloud-based platform, Wdesk, which helps insurance firms mitigate enterprise risk. "With Wdesk, collecting data and preparing risk and compliance reports can be streamlined and automated," says Matt Rizai, Chairman and CEO, Workiva.
Wdesk is a proprietary data management engine hosted on the cloud, which comes with the full package of productivity applications - word processor, spreadsheet, and presentation decks. Wdesk gives users the ability to link data in text or numbers so that any change, anywhere is automatically updated throughout all instances of that data. With features like audit trail and permissions, Wdesk users can collaborate with control in real time, in data-linked documents.
The software provides complete control over data and content with a detailed permission set - on a single document section, a full document, or groups of documents. "Insurance companies benefit by being able to increase control and accountability of their data while improving processes, thereby becoming more efficient," said Rizai.
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