It is no secret that current tools for managing risk leave a lot to be desired. Most companies still rely on locally stored spreadsheets that must be emailed back and forth between contributors, leading to confusion about which version is the most up-to-date and where they reside. These data silos contribute to a lack of collaboration, increased inefficiency, and decreased transparency between stakeholders.
Recent studies have shown that 60% of teams are spending significant time on non-value add activities and 75% of users believe current tools are ineffective.
Luckily for those users, there is a solution. In 2021, all companies should start planning a transition onto a fully connected, cloud-based platform for managing risk and compliance if they are not already doing so.
At Clearview Group, our preferred platform for Sarbanes-Oxley, enterprise risk management, and internal audit processes is Workiva. The Workiva platform is collaborative and intuitive and delivers a flexible, scalable, and secure cloud environment.
Wdesk is the platform’s cloud-based compliance reporting and management solution for midsize and large companies, offering project management, data management, collaboration and data-integration functionalities within a suite.
The 5 benefits of Wdesk we find most impactful for our clients:
- PBC and Testing Workflows – Simplify testing in a single connected environment. Automated workflows manage everything from requesting documentation and random sampling to the review process. Track and manage the entire testing lifecycle from one system.
- Improved data consistency and integrity.
- Accurate, live reporting – Deliver detailed and real-time data to stakeholders across the organization through dynamic dashboards. Drill down into personalized and ad hoc reports for added details.
- Create custom, repeatable processes – Create a repeatable process with built-in templates and reminders. Personalize individual views to validate controls. Signers and approvers can attach supporting documents and certify on desktop and mobile.
- Connected Data/Planning & Scoping – Collect, aggregate, and report all risks in a single platform. Quickly decide scope with integrated comments and workflow. Leverage a common framework. Add or update controls without disrupting your process.
For more information, contact Clearview’s Workiva Implementation Services team at: firstname.lastname@example.org.