Published: February 25, 2022, 1:47 PM Updated: March 10, 2022, 10:30 p.m.Producing all the data that new regulations require and the financial market expects is becoming increasingly tough – especially when sustainability reporting is to be integrated into other reporting. Now there is help available in the cloud.Want to know more about Workiva? Register for our webinar on March 23. Read more here. The collection, sharing and verification of data required to comply with stricter reporting requirements in finance and sustainability is a recurring and increasingly time-consuming task. A large number of qualified employees at different levels in the organization spend a lot of time on manual figure management during the intensive reporting period. Director at Workiva.Workiva is a cloud-based platform that facilitates data collection and collaboration for reports and frees up time that can be spent on qualified analysis and strategic decisions. – During the reporting season, many highly educated people spend too many nights double-checking numbers and emailing excel sheets back and forth. It is a time-consuming and cumbersome process where it has previously been difficult to ensure the quality of figures, he says and continues: – Workiva is most useful in the intensive final phase of work with annual and quarterly reports, as the pressure is often greatest. This is a lot of information from different parts of the organization that must be collected and double-checked. Some people find that it takes an unreasonable amount of time.
The trend is also towards a complete integration of sustainability reporting with financial reporting. This will further increase the workload of data collection and verification, and involve even more employees. In the end, the CFO will be behind a report that integrates sustainability and financial key figures. – Today, the CFO must also take the final responsibility for the ESG figures. They must meet the players in the financial market and they will not want to invest in or recommend companies that do not meet new requirements for transparency in sustainability.Carl Rosenberg, Area Sales Director at Workiva.EU’s forthcoming disclosure regulation regulates how pension companies and financial advisers must inform their customers about ESG aspects in their own holdings and in their investment councils. The new EU taxonomy will also entail in-depth requirements for uniform and transparent reporting of a business’s consequences for the environment. – Companies that do not deliver a transparent sustainability report with key figures that can be compared with other companies in the same industry will in future have difficulty finance itself, believes Carl Rosenberg. Today, the companies’ sustainability reports are a thicket of apples, pears and in some cases pure beauty painting. In the US, nine out of ten financial assessors are also dissatisfied with companies’ sustainability reporting and do not think it can be trusted. It shows one survey from Workiva. Employees who deal with sustainability-related issues often have a different background than those who work with finance. Workiva facilitates collaboration by everyone “speaking the same language”, says Carl Rosenberg. – Workiva’s platform results in data that can be trusted and that meets existing and future requirements in various regulations and recommendations for financial and sustainability-related information. The fact that the platform is provided as Software as a Service means that it is always up to date and up to date.
Granular access control
An important advantage of Workiva being in the cloud is that all changes to report data are immediately visible to everyone affected. – A granular access control gives employees who need to see and review a certain number access to that part of the platform and have the opportunity to adjust and comment on data. Nothing falls between the chairs and the double check is secured. Another change that entails higher demands on companies is that regulatory authorities and auditors in more and more countries want data that is electronically tagged (XBRL-coded) to ensure uniformity and facilitate reading. – In the US, the SEC requires it already today and 80 percent of Fortune 500 companies use Workiva for XBRL coding. Cooperation with external partners such as auditing firms and the communications agencies that produce the annual report will also be easier. – Auditors have the opportunity to go into Workiva and review data during the work, which also saves time, states Carl Rosenberg. Read how Novo Nordisk uses Workiva’s platform for annual and quarterly reports.
This is Workiva
Workiva is a cloud-based platform used by 4,100 companies worldwide – including 80 percent of Fortune 500 companies in the United States. Workiva simplifies and quality assures the collection and sharing of data used in financial and sustainability-related reporting.