Going tech-first into your controls journey
Making the leap to a new technology is scary—replacing your tried and true (albeit manual and time-consuming) processes with software like Workiva that automates your day-to-day takes buy-in, resources, and a period of adjustment. And as a Platinum implementation partner, one of the most common misconceptions we hear from organizations considering digital transformation is this: “We’re not ready.”
We get it. At first glance, it makes sense: you want to make sure your program is in good shape, with all your processes smooth and controls documented before you disrupt your workflow with a large-scale implementation. But we’re here to offer another perspective—a “technology-first” approach that gets you on your feet faster as you fine-tune collaboration tools, workflow, version history, and controls more effectively within the solution.
Here’s why we suggest going tech-first into SOx compliance:
1. You’ll create a more efficient control program.
Workiva SOx Controls Management drives visibility and reporting in a way that enables you to efficiently assess key elements of your program—things like duplicative controls, controls addressing multiple risks, and non-key controls. In effect, you’re gathering an inventory of what’s existing and can more easily streamline your rationalization process as a whole.
2. You’ll benefit from improved standardization.
Starting with SOx Controls Management encourages consistency across the organization. That means you’ve got a single solution for documenting, managing, and monitoring controls—so every department follows the same processes and adheres to the same standards.
3. You’ll increase visibility.
Gone are the days where your manual processes obstruct your view into the controls environment; instead, you’ll have real-time insights to rely on, making for better decision-making and enabling immediate action.
4. You’ll be able to show and not tell.
Allow your new technology to do the hard sell—quick efficiencies will demonstrate the value of the project to stakeholders. Early successes will build momentum and support for the larger transformation project. One such example? Using generated reports to show real time updates on the status of your SOx control program with the touch of a button.
5. You’ll scale more effectively.
As your organization grows, say hello to more seamless adjustments. Workiva SOx Controls Management accommodates the addition of new controls and modification of existing ones, making for a flexible and up-to-date control environment.
6. You’ll enhance your collaboration.
Using a centralized platform reduces the risk of miscommunication and ensures control owners and executives are aligned with objectives and expectations. Not to mention, you’ll train everyone on a single, standardized platform from the beginning, making for a simplified approach to change management.
Ultimately, a tech-first approach is a powerful way to accelerate optimization and transformation. From the very beginning, you leverage the full potential of your platform and lean on it as you grow.
Still not convinced this approach is right for you? Let’s chat about where you’re at and where you’re going—and how we can partner with you on a strategy that best drives success for your organization.