Flowserve Ditches Manual Processes to Drive Efficiency Across SOX and Internal Audit Globally
- Complex infrastructure and manual processes
- Ineffective collaboration across hundreds of global process owners
- Multiple, disparate systems and tools to manage SOX controls and audits
- Centralized location enables seamless collaboration globally across 500+ users
- Single platform supports the full scope of the internal audit team’s work—SOX, operational audits, special projects, and more
- Automation of PBC requests, testing workflows, certifications, and more gives the team more time to focus on value-added work
Why They Chose Workiva
- Internal Controls Management
Complex infrastructure, complex processes
Flowserve is a multinational corporation and one of the largest suppliers of industrial and environmental machinery and services to the power, oil, gas, and chemical industries. As a publicly traded company spanning 50 countries and an annual revenue of $3.54 billion, there’s a lot that Lindsey’s internal audit team is responsible for.
- 30+ internal audit team members
- 300+ locations across 50 countries
- 500+ collaborators in the Workiva platform
With such a complex infrastructure, Lindsey Rael, VP of Internal Audit at Flowserve, said it was difficult for her team to find the right tool to accommodate such a large team, including being able to collaborate with process owners and external auditors while remaining cost-effective.
The team was previously using an audit software, but were unable to work efficiently or cost effectively in it. They went back to managing their SOX and audit processes across spreadsheets, shared drives, and email before they found the Workiva platform.
Audit and SOX: Automated, simplified, and cost effective
While some audit teams are only responsible for internal controls, operational audits, or risk management, Lindsey’s team covers it all and needed a flexible platform that could handle all of their work—and scale with them as they grow in size and projects.
“We chose the Workiva platform because we wanted something that could really bring all of those elements together,” Lindsey said. From automated PBC requests and testing workflows to certifications, the Workiva platform provides what they need to work efficiently. They now have:
- A single source of truth for all of their controls and data, creating consistency and reliability across the organization
- One location for all collaborators, including process owners and external auditors, to work from simultaneously
- Automated data updates in presentations and reports with data linking throughout the platform
The future is bright and efficient
Lindsey’s team is looking for ways they can maximize their use of the Workiva platform, and have their eyes set on linking to their audit risk assessments. Lindsey said having their risk portfolio within the same platform where you can link data and integrate processes would enhance their efficiency.
Lindsey’s team also loves hearing about upcoming product updates and how Workiva listens to their needs.
“We want to work with a company that’s always improving and taking our feedback about what’s important to us as auditors. Workiva really does listen to what we say, which really feeds into the fact that Workiva is committed to continuous improvement,” Lindsey said.
See how the Workiva platform can simplify your audit, risk, and compliance processes. Request a demo today.