Global Testing, Inspection and Certification business:
Workiva Multi-Entity Statutory Reporting

Full Workiva Case study can be read here.

The Issue

When failure is not an issue, safety is paramount and performance critical, you need to ensure your internal processes and tools are up to scratch.

With complex operations, across multiple jurisdictions, each with unique regulatory frameworks, compliance was cumbersome to say the least. So many entity types hindered the reporting team and that was when our advisory services came to the fore.

Disparate ERP systems, non-standardized data sources, file sharing, and last minute updates, hindered timely reporting resulting in hefty fines.

The Solution

Workiva was selected as the solution to implement for the Statutory Financial Reporting process.  Our role as consultants was to empower the in-house team, to educate and share our knowledge of how automation and digital tools were going to help them transform their roles, delivery accurate, timely reporting that met all the regulatory requirements.

The Approach

Process redesign was undertaken and embedded into the workflows. The creation of templates for standardization, extensive internal training for end users, managers and controllers, as well as external Auditors, ensures adoption of the tool. A phased approach and complete deployment was completed on time and to budget.

Using the collaboration and entity management capabilities of Workiva, we streamlined data consolidation eliminating the previous manual work in this area. Using a graph database component allowed enhanced data integrity and connectivity.

Using API connectors, between source ERP and Workiva (using Workiva Chains) the way was paved for autonomous data sourcing.

Internal and external users, at all levels, were trained for their role in the process. Step by step guides and screenshots were created helping the use and adoption of the solution.