Insuranceciooutlook
Home» Insurance Risk Management »Workiva [NYSE:WK]

Insurance CIO Outlook

Workiva [NYSE:WK]
Fortifying Corporate Performance with Data Insights

Matthew Rizai, Chairman & CEO, Workiva [NYSE:WK]Matthew Rizai, Chairman & CEO
“Oftentimes insurance companies have to report on multiple entities to multiple regulators, using data that is spread across the enterprise that can be mired in old technology and conflicting formats,” avers Matthew Rizai, Chairman and CEO at Workiva. The insurance providers presently face intricate reporting requirements that include the document-centric regulations associated to ORSA, MAR, NAIC, and Solvency reporting. Workiva, a company hailing from Ames, IA created a cloud-based productivity platform Wdesk for enterprises to collect, link, report, and analyze business data with superior control and accountability—all in one environment. “Wdesk is optimized for the insurance industry, which faces many risks and increasing regulation,” points Rizai.

Wdesk enhances accuracy and control in audited financials and footnotes, statutory reporting, product contract filings, Model Audit Rule reports, Own Risk and Solvency Assessment (ORSA) summary reports and many more. “Our insurance customers start using Wdesk to improve a wide range of processes that relate to compliance and risk reporting—to help streamline and automate the entire process,” states Rizai. Wdesk saves time, effort and cost all the while offering the complete control over the documents from beginning to end.

Wdesk combines workbooks, documents, and presentations with well-situated dashboards. Wdesk’s proprietary spreadsheet, word processing, and presentation applications are integrated and built upon a data management engine that assembles, aggregates, and manages data. Rizai says, “Our customers use Wdesk to solve a wide range of business data challenges, but they have one important thing in common: They all need to trust their data. That is why data accuracy is a key component of our platform.”


Data accuracy is a key component of our Wdesk platform


Wdesk provides more visibility into the risk management process by analyzing the risks in the organization more frequently, to mitigate risks more efficaciously. To keep the customers’ data safe, Wdesk employs the Google Cloud Platform, which enables to scale the organizations compute and storage capacity on a daily basis and also augments the standard data security.

Furthermore, Wdesk provides a single location for all SOX documentation, including risk assessment information, that is linked together to allow for seamless updates of additional documents, like management reports and presentations. The company’s SOX Compliance creates a repeatable risk assessment process by aggregating risk assessment data, increasing transparency, offering up-to-date data to management, and improving decisions during the planning period.

As a corroboration of such expertise, Workiva assisted FBL Financial Group, with their solutions as they were facing issues concerned with their external reporting process, making it complicated for their employees to work extended hours to place all the data in one place. The company was in need of a tool that would pick up the pace of the report development, facilitate processing late changes and simplify the review process while improving the work/life balance of employees. Upon using Workiva, FBL was able to flexibly create a wide range of SEC reports and corporate financial documents with zero time delay and were able to improve the morale and a better work/life balance for their employees.

For the future, Workiva will focus on empowering Wdesk users with even more effective ways to capture, store and connect data, and to manage workflow and documents with improved collaboration, history and cross-sheet formula features. The roadmap also involves keeping pace with the emerging trends and technologies, which can allow organizations to nestle in the spectacle of improving productivity and giving the user’s ability to make decisions with real-time data.
Top 10 Risk Management Solution Companies - 2017

Company
Workiva [NYSE:WK]

Management
Matthew Rizai, Chairman & CEO

Description
Provides insurance software that helps firms work smart—from statutory reporting footnotes and product filings to Dodd-Frank compliance and Model Audit Rule compliance

Workiva [NYSE:WK] News

Workiva Inc. to Participate in Upcoming Investor Conferences

AMES, Iowa -Workiva Inc. (NYSE:WK), the company powering transparent reporting for a better world, announced today its planned participation at two investor conferences. Workiva's management team will present at the following:
• JMP Securities Technology Conference: President & COO Julie Iskow will present on March 6, 2023, at 9:30 a.m. PT
• Morgan Stanley Technology, Media and Telecom Conference: Fireside Chat with President & COO Julie Iskow and CFO Jill Klindt on March 9, 2023, at 1:05p.m. PT
The events will be webcast live and a recording will be available for a limited time under the “News and Events” section on Workiva's investor relations website (investor.workiva.com).

Workiva Strengthens its Platform Leadership with the Integration of Generative AI

Company’s Continuous Innovation Roadmap Helps Customers Work Better, Smarter, and Faster
Workiva Inc., the world’s leading cloud platform for assured, integrated reporting, announced today that the power of Generative AI is now available on its cloud platform. This technology has the potential to revolutionize the business reporting market by further boosting productivity and efficiency, enabling insights that lead to better and faster data-driven decisions.
Generative AI is deeply integrated across the Workiva platform, providing a rich user experience and enabling customers to leverage the new capabilities anywhere in their workflow. This includes the ability to author, edit, and rewrite content across the company’s entire suite of solutions, ultimately shifting users from being content producers to content editors, helping to streamline workflows, and freeing up time to focus on greater value-add tasks. Additionally, users will have access to a digital thought partner and a productivity enhancer that can answer free-form questions anytime during their workflow.
“Adding Generative AI to our platform’s capabilities is the latest advancement in our innovation story,” said David Haila, EVP and Chief Technology Officer for Workiva. “Given the increasing stakeholder scrutiny of private and public entities, our platform and technology have never been more relevant. Off-the-shelf foundational Generative AI models become increasingly more important and can produce targeted responses when extended with Workiva’s domain knowledge and proprietary data. This is our point of differentiation. We believe we are leading a new wave of innovation in which transformative business value will be achieved through a combination of human expertise, contextual data, and the responsible use of Generative AI technology.”
Marketing Technology News: MarTech Interview with Jennifer Griffin Smith, Chief Market Officer at Acquia
Workiva’s commitment to the responsible use of AI ensures human judgment, ethical considerations, data privacy, and transparency always guide the adoption of AI-generated content. The company’s open ecosystem approach will let customers decide which industry-leading large language model, including those from Google Cloud and Microsoft Azure, best fit their needs. Additionally, Workiva users will never have to move their data from the Workiva platform to leverage AI. And, neither Workiva nor its technology partners will store or use customer data to train models.
Workiva remains the only assured, integrated reporting platform that brings Financial Reporting; ESG; and Governance, Risk, and Compliance together in one controlled, secure, audit-ready environment. Rooted in over 15 years of financial reporting leadership, the company has been at the forefront of accelerating automation to solve its customers’ most fundamental business reporting challenges. Adding Generative AI to the Workiva platform builds on our continued commitment to developing technology that empowers customers to be more effective and efficient while guaranteeing data privacy and security.

Workiva Inc. Sets Date for Third Quarter 2023 Financial Release and Conference Call

NEW YORK - Workiva Inc. (NYSE:WK), announced today that it plans to release its third quarter financial results on Monday, Oct. 30, 2023, after the market closes, and will host an investor conference call and webcast at 5:00 p.m. ET. Julie Iskow, chief executive officer, and Jill Klindt, chief financial officer, will host the call to discuss the company's results and answer questions.
The event will be webcast live and is accessible by visiting https://investor.workiva.com (click on the link under "Events & Presentations"). The webcast will be archived and available for replay shortly after the call.
The conference call can also be accessed by dialing 888-330-2469 (U.S. domestic) or 240-789-2740 (international). The conference ID is 8736384. Following the conference call, a replay will be available through Nov. 7, 2023, at 800-770-2030 (U.S. domestic) or 647-362-9199 (international).

Introducing Workiva Carbon

Workiva expands its industry-leading platform for ESG, Financial Reporting, and GRC with the addition of Carbon Accounting, Carbon Management, and Decarbonization
NEW YORK - Workiva Inc. (NYSE: WK), announced the launch of Workiva Carbon. The new offering advances its ESG and Sustainability Platform for organizations to support the requirements of global climate regulations, including the Corporate Sustainability Reporting Directive (CSRD), SEC’s climate disclosure rules, and California’s Climate Corporate Data Accountability Act (SB 253) and Climate-Related Financial Risk Act (SB 261). Workiva Carbon simplifies the management of net zero targets that thousands of organizations have established voluntarily to meet international guidelines, respond to stakeholder demands for transparency, and better compete in the global economy.
With Workiva Carbon, companies can:
• Measure: Collect real-time data from their ERP platforms, accounting systems, and utility providers, and track greenhouse gas (GHG) emissions across facilities and locations using thousands of externally validated emissions factors that cover 240+ countries and territories. This data enables companies to automatically calculate carbon emissions across scope 1, 2, and 3.
• Manage: Create supplier engagement surveys with easy-to-fill forms that capture and connect critical data to reports and dashboards, enabling them to set science-based targets and reduction pathways, assess ESG risk, and take steps to decarbonize the supply chain.
• Collaborate: Gather, share, and link the same set of trusted data to deliverables across business functions–including sustainability, accounting, finance, audit, risk, legal, and more–without the risks associated with manual edits, multiple versions, downloads of disparate spreadsheets, or last-minute changes.
• Report: Automatically align emissions data to voluntary and mandated frameworks created within the Workiva platform and deliver consistent disclosures for regulators, investors, and other audit-ready stakeholders, thanks to full data lineage and history, attached evidence, and granular permissions.
“The launch of Workiva Carbon enhances Workiva’s established and leading ESG platform, positioning us to help businesses advance their sustainability efforts,” said Julie Iskow, president and chief executive officer of Workiva. “Now our customers can streamline Greenhouse Gas (GHG) emissions tracking, set science-based targets, and meet stakeholder demands amidst the changing investor and regulatory landscape. Bringing these carbon capabilities into our platform highlights our unwavering commitment to providing our customers a comprehensive solution for Financial reporting, ESG, and GRC.”
Workiva Carbon combines technology and expertise from our recent Sustain.Life acquisition with the power of the Workiva platform. Sustain.Life has been helping companies with their carbon accounting and emissions reporting across industries worldwide since its inception. We are delighted to welcome the Sustain.Life team of experts with their industry-leading technology to Workiva. Together, we can make an even greater impact and accelerate our mission to power transparent reporting for a better world. Click here to learn more.