Workiva

Workiva Inc.
Public
Traded as NYSE: WK
Founded 2008
Headquarters Ames, Iowa, United States
Key people
 Matthew Rizai, CEO,
Website www.workiva.com

Workiva is a business software company based in Ames, Iowa, specializing in solutions for compliance, disclosure management, enterprise risk management (ERM), regulatory risk reporting, corporate financial planning and analysis, and audit management. Its core product is Wdesk, a cloud-based software-as-a-service platform that enables customers to link, report and analyze business data quickly, with control and accountability.[1][2]

In May 2016, Gartner described Workiva as a cloud platform with:

"capabilities to create and combine text documents, workbooks, presentations, dashboards and charts in one easy-to-use environment. Wdesk provides a central platform for users to store and synchronize data from ERP, consolidations, financial planning and analysis, and nonfinancial systems. It also allows reporting teams to transform that data into financial, management and performance reports, as well as regulatory disclosures. Wdesk connects and manages information with advanced linking capabilities, audit trails, permissioning and the power of administrative and end-user personalization"[2]

Profile

Deloitte's 2015 Technology Fast 500 survey of fastest growing technology companies in America ranked Workiva 129 overall and fiftieth among all software companies.[3]

Part of the so called Silicon Prairie of technology companies located in the Midwest, in 2016 Workiva won the Technology Association of Iowa’s 2016 Prometheus Award as Top Growth Company of the Year.[4] Company founder and CEO Matt Rizal has expressed appreciation for the company's location in the Midwest generally and in Iowa specifically.[5]

The company reports that thousands of organizations in the US, Canada and Europe, including over 65 percent of the Fortune 500, use Wdesk,[6] including Walmart, United Airlines and Ford.[7] Its clients include foreign companies operating in the US, as well as US corporations operating abroad.[8]

In a 2016 employee survey conducted by Great Place to Work, Workiva received a 97% overall approval rating by employees, and 96% of employees said it was a “great” place to work.[9] Workiva ranked #4 on Fortune magazine’s Top 10 Best Large Workplaces in Technology [10] and ranked #6 on Fortune magazine’s Top 50 Best Large Workplaces for Camaraderie.[11] In a 2016 survey released by Battery Ventures,[12] a global investment firm, and Glassdoor, Workiva was recognized as one of the 25 Highest-Rated Public Cloud Computing Companies To Work For.[13]

Company History

Workiva was founded in 2008 as Webfilings by a team of executives that included engineers who had previously founded Engineering Animation Inc. Engineering Animation went public in 1996 (EAII:NASDAQ), and was sold to EDS/UGS PLM division in 2000.[14] This team included Iowa State University and Michigan State University alumni. WebFilings changed its company name to Workiva in June 2014 to reflect its expanding line of software solutions.[15] The company went public on December 12, 2014, trading under the symbol WK on the New York Stock Exchange.[16] The company employs more than 1,200 people with offices in 16 cities in the United States, Canada and Europe.[17]

The Workiva SEC reporting software was created in 2010 to enable corporations to automate their SEC filings by using a proprietary system of document tags and linking.[2] The platform also enabled companies to file electronically directly with the SEC, using the business mark-up language XBRL (Extensible Business Reporting Language). The SEC requires corporations to file their documents in XBRL or Inline XBRL.[18] A Workiva customer was the first company to file Inline XBRL with the SEC.[19]

Market Overview

Workiva specializes in cloud-based enterprise software solutions in the areas of SEC Filings, compliance, disclosure management, enterprise risk management (ERM), regulatory risk reporting, financial planning and analysis, and audit management.[2] Such business software allows an enterprise to collect, link, analyze and report business data that relates to all of its business units, measure risk, run forecasts and analyze an institution’s ability to survive business downturns.[20] Since the late 1990s, demand for increasingly robust ERM tools has grown,[21] as have cloud based business applications.[22]

More recently, regulatory pressures and growing data volumes are driving demand for higher-quality data and better analytical processes.[23] Because of the constant change in the regulatory environment, it is considered essential for large enterprises to make use of the most up to date business intelligence and ERM software to maintain competitiveness and avoid regulatory penalties or delays.[24]

Risk management competency has become a critical success metric, from senior leadership to the front-line operational managers—all of whom can be held accountable for risk events and accounting issues[20][25] Workiva was founded in 2008 as WebFiling,[15][26] specializing in software as a service that would streamline the corporate SEC filing process. One impetus for this focus was that in the early 2000’s, the SEC began studying the benefits of using the XML-based, Extensible Business Reporting language (xBRL) for corporate business filings to the Commission.[27] In February 2009, the SEC announced that it would begin requiring that corporations file their documents in the XML-based business reporting language XBRL on a rolling basis beginning in 2010, to allow companies to make the transition to the new system.[28]

The company released its first SEC reporting solution in March 2010. Three years later, in March 2013, the company launched Wdesk, a platform that addressed additional solutions, including helping clients comply with Sarbanes-Oxley Act (SOX) (passed July 30, 2002) and the Dodd–Frank Wall Street Reform and Consumer Protection Act (July 2010). The Dodd-Frank requirements include recovery and resolution plans[29] and annual stress tests known as Comprehensive Capital Analysis and Review (CCAR)[30] for large banks and Dodd-Frank Act Stress Testing (DFAST) for smaller banks.[31]

SOX reporting requires public company CEOs and CFOs to individually certify that their annual and quarterly financial reports are accurate and complete and to assess the effectiveness of their internal controls over financial reporting.[32] Increased scrutiny from the Public Company Accounting Oversight Board (PCAOB) on audits of management’s assessment of internal controls – and the transition in the framework used for assessing internal controls – is driving public companies to find more efficient and accurate solutions for SOX compliance.[33] Workiva’s client base expanded further to include the auditing and accounting industry, whose professional organization, COSO (Committee of Sponsoring Organizations) adopted guidelines[34] for internal financial reporting and risk control in 2012 (implemented in 2015).[34][35] The insurance industry adopted its own set of risk assessment and management tools.[36] Known as Own Risk and Solvency Assessment Model Act (ORSA), it requires insurance firms above a certain size to report annually on their risk management and solvency.[37] Workiva was able to include insurance industry-specific templates to meet these complex filing needs as well.[38]

However necessary, these documentation and filing requirements have been seen by some as complex and time-consuming.[39] Given the greater scrutiny and the greater complexity of information, one of the biggest challenges in managing risk is that the data exists in structured (spreadsheets, e.g.) and unstructured (emails, presentation documents,, e.g.) form, which in turn requires sophisticated tools to gather and assess. In Strategic Finance (July 2016) Lawson writes, "Controllers need to rearticulate their information requirements to produce the most relevant data. This means increasingly drawing on both external and internal data sources, working with financial and broader business information, and analyzing both structured and unstructured data. It's critical for controllers to understand the significant role that technology can play in both better financial reporting and growing the business.”[20]

Products

As Van Decker and Iervolino reported in their May 2016 Gartner Magic Quadrant Report, Workiva provides solutions “across a wide variety of industries. Wdesk has also been proven to address industry-specific use cases in financial reporting, management reporting and disclosure management. Workiva has dedicated industry solutions for banking and investments, insurance, state and local government, utilities and manufacturing."[2]

Workiva’s product, Wdesk, is able to combine word processing documents, spreadsheets, presentation applications, emails and other disparate content formats into an integrated data management engine to generate a wide variety reports.[2] These can be generated in printed form or viewed through a client-facing dashboard or via the web.

SEC and SEDAR Reporting – WebFilings came on the market just as the SEC mandated XBRL reporting was introduced. Workiva, a founding member of the XBRL Consortium and still active in the organization, works with Consortium members to formulate and maintain the open source standards of XBRL and iXBRL. Mike Starr, Workiva’s Vice President, Governmental and Regulatory Affairs is the current chair of the Consortium's Data Quality Committee,[40] the group responsible for “developing guidance and validation rules that can prevent or detect inconsistencies or errors in XBRL data.”

WebFilings integrates word processing and spreadsheet functionality, EDGAR HTML conversion and xBRL mapping and tagging into a single solution that helps SEC reporting teams within corporations meet reporting requirements for a range of regulatory filings, including IPO and S-1 filing, 10Ks, 10-Qs, 20-Fs and scores of others. Reporting structured financial statement data in Inline XBRL format is also supported.[41]

WebFilings document links allow risk managers to verify data at the source documents. Any changes or updates in individual documents are automatically reflected across entire the risk analysis process.[1] Executive management and board members can view the risk status in real-time through a risk reporting dashboard.[2] This document linking capability also means that a single data source can be easily used in multiple forms, reported one investment relations specialist: “Consider a value – for example, total invested assets – that appears in the 10-K (MD&A and notes), news release, financial supplements and call script a total of 25 times. With WebFilings, each of those 25 instances is updated when a primary data table is changed.”[42]

WDesk is also adapted to assist Canadian corporations file SEDAR reports to Canadian regulators.[43]

Sabanes-Oxley reporting –The Sabanes-Oxley Act comprises two main provisions: that senior managers certify the accuracy of the financial statements, and that “management and auditors establish internal controls and reporting methods on the adequacy of those controls.[32]” The amount of documentation for SOX reporting is considerable.[32] Workiva’s WDesk integrates all documentation—financial statements, risk assessment and forecasts—into a single view, enabling audit teams to generate the SOX-required reports for the SEC.[44]

Investor Relations – IR has become increasingly complex as more risk and compliance factors need to be accounted for.[45] In addition to SEC filings, IR documentation includes earnings releases, fact sheets, web updates, and more. In addition to generating hardcopy and digital documents, the WDesk dashboard provides real-time status reports to IR officers, CFOs and other corporate officers. Because the data is “live-linked,” any changes to tables, charts, or text are reflected through the entire reporting system – earnings release, call script, presentations, etc.

Mutual Fund Reporting – The SEC requires regulated investment companies, which include mutual funds, to file quarterly, semi-annual and annual reports of their holdings, expenses and other information.[46] WDesk’s capabilities allow filers to generate all required filing documents. The complexity of the filings has increased since Sarbanes-Oxley became law, not only because of the requirements themselves, but because they require the coordination of different constituencies in the corporation itself.[47] WDesk capabilities include the ability to streamline coordination between legal, risk and compliance departments.

Section 16 – Workiva’s WebFilings Section 16 includes a “mass grants feature”—instead of creating a separate form for each shareholder required to file, Section 16 preparers enter the relevant information once, and WDesk creates a form with the respective information for each person. This streamlines the process for granting stock options to multiple officers, directors, and principal stockholders annually, biannually, or several times a year.[48]

Risk Assessment and Reporting

Enterprise Risk Management – ERM can be defined as the “process for identifying and prioritizing critical risks facing an organization, quantifying their impact on financial and strategic objectives, and implementing financial and organizational solutions to address them.” [49] In addition to helping companies manage risks and avoid losses,[24] ERM has been shown to enhance corporate value.[50][51][52] The regulatory agencies of the banking, insurance, accounting, auditing and securities industries are paying increasing attention to a corporation’s ability to control risk [53]

Managing risk in a large enterprise is a multi-step process involving risk appetite assessment, aggregation of risks, weighting/prioritization; scenario running and reporting.[54]

Prioritizing risks can be complex, as what may be deemed “high risk” in HR may represent less corporate-wide risk than a “medium risk” event in finance.[55][56] ERM software systems simplify and streamline this apples-to-apples process. Workiva’s WDesk accomplishes this with a proprietary linking and taxonomy ranking system.[2]

Own Risk Solvency Act Reporting – ORSA - The National Association of Insurance Commissioners, the professional association setting standards for the insurance industry[57] adopted guidelines for its members to follow to better assess and mitigate current and future risk “through an internal risk self-assessment process [that] will allow regulators to form an enhanced view of an insurer’s ability to withstand financial stress.”[58] Major public and private insurance companies use Workiva’s Wdesk to consolidate, analyze and manage risk in a reliable, consistent manner.[59]

Model Audit Rule - Workiva Wdesk allows for the collection, management and analysis of all documentation required for internal and external auditing.[2] Auditors can submit documentation from the field and access all analysis tools via the cloud. Wdesk has specific capabilities to comply with The Model Audit Rule requirements. As these rules vary state by state,[60] WDesk automatically takes account of these differences, making Model Audit Rule information gathering, analysis and reporting seamless.

Recovery and Resolution Plans (RRP) - Sarbanes-Oxley requires major banks doing business in the U.S. to submit a "blueprint for saving, separating or safely winding down activities" in the event of a market downturn requiring recovery, or bank failure.”[61] RRP filing requirements are complex, and since first issuing them in 2011, the Federal Reserve has periodically modified them,[62] making compliance potentially extremely challenging. Because Wdesk is updated on an ongoing basis, it is always current with the evolving requirements of RRP’s. Its document linking to all current data sources enables filers to complete RRPs quickly and reliably.

Sustainability and Corporate Social Responsibility - Though Sustainability (also called Sustainability accounting or Sustainability measurement) and CSR have been recognized concepts of social value for nearly a century,[63] it is in recent decades that they have gained wider attention as metrics that a corporation should track and account for to shareholders and the public.[64] Workiva’s Wdesk Factbook feature serves as a central repository for all sustainability data that is live-linked to all relevant reports. Sustainability and CSR report managers distribute custom templates to department managers to collect unstructured qualitative and quantitative data. The templated information is added to the report and, through linking of the template [correct?], any updates to any documents are reflected in all occurrences. WDesk supports most global reporting frameworks that track Sustainability and CSR, including Global Responsibility Index, the Carbon Disclosure Project and the Dow Jones Sustainability Indices.

Management Reporting - Corporate performance management (CPM), also known business performance management, refers to “the methodologies, metrics, processes and systems used to monitor and manage the business performance of an enterprise.[65]”

The software tools and platforms used for CPM have grown in sophistication[66][67] and now include not just financial analysis but strategic planning. To be effective, “CPM must be supported by a suite of analytical applications that provide the functionality to support these processes, methodologies and metrics.[65]”

In 2016, Gartner evaluated 10 different software vendors of financial corporate performance management platforms on 15 criteria. It positioned Workiva as a Leader in its Magic Quandrant classification for its completeness of vision.[2]

Board Reporting and Private Reporting requirements have also grown more complex as the streams of data being tracked have grown and greater accountability of corporate officers is expected. Wdesk’s Board Reporting Solution and Private Company Financial Reporting extends Wdesk’s data gathering and analysis capabilities to include the final steps required to prepare financial and other information for board reporting or to prepare investor presentations, audit committee reports or other presentations to a private board.[68] Documents are gathered into a central location on the cloud, so all collaborators can work on the report at the same time. Wdesk’s document linking system, allows any changes made on a source document to be reflected wherever the data was used.[42] The permissions system specifies which documents or which sections of a document each team member has access to.

State, Local and Educational Applications

CAFR and State and Local Reporting - Workiva’s industry solutions include the specialized areas of Comprehensive Annual Financial Review (CAFR) and State and Local government reporting. Wdesk has capabilities specifically designed to assist state, municipal or other governmental entities comply with their special reporting requirements.[2] These constituencies must meet unique financial reporting requirements and work with data in an array of formats. Using the Wdesk platform, audit teams can pull data from the city or state's financial system and import it into Wdesk, removing the need for manual entry and allowing the audit team to work from a single workbook. Institutions that need to file Single Audit reports with the Federal Audit Clearinghouse also benefit from the streamlined data collection and analysis tools of Wdesk.

Municipal securities issuers or agents preparing the documentation for Continuing Disclosures to the Municipal Securities Rulemaking Board also benefit from Wdesk’s ability to collect all required documentation into a single place where it can be linked and clearly tracked.

Education departments, school districts and state university systems and institutions have specialized and highly regulated reporting needs, as they are accountable to state and and/or federal oversight bodies. The filing needs to be meticulous and timely, as students and families base important educational decisions on the information the school systems provide. In one example of how Wdesk makes data collection and reporting easier, the State University System of Florida (SUSF) — a system of 12 Florida public universities serving more than 300,000 students[69]—announced in October 2016 that it was able to announce its fee schedule for all of its universities weeks ahead of schedule. “This year, with Wdesk, we published the data in the first week of July, more than a month sooner than before," said Chris Kinsley, director of finance and facilities for SUSF.[70]

Notable Events

Corporate Offices

The company is headquartered in Ames, Iowa and has domestic offices in Denver and Boulder, CO; Missoula and Bozeman, MT; Chicago, IL; Columbus, GA; Dallas, TX; Miami, FL; New York, NY; Scottsdale, AZ; Seattle, WA; and international offices in Saskatoon, Saskatchewan, Sault Ste. Marie, Ontario, London, U.K., and Amsterdam, NL.

Governance

Executive management team:

Local Impact

Workiva participates in blood drives in several offices, including Dallas, Ames, Scottsdale, and Sault Ste. Marie. In Ames in 2015, Workiva registered 63 blood donors and 7 double red cell donations, which helped save the lives of 142 hospital patients. The Boulder office supports the Harvest of Hope food pantry. Employees on our sales team donated 66 pairs of shoes to children living in poverty in Los Cabos, Mexico and 114 days of child care at Los Niños del Capitan for low-income families.

References

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  2. 1 2 3 4 5 6 7 8 9 10 11 Van Decker, John E.; Iervolino, Christopher (May 2016). "Magic Quadrant for Financial Corporate Performance Management Solutions". Gartner. Gartner. Retrieved 28 September 2016.
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  5. ↑ "Why I Based My Tech Company In The Middle Of Iowa". Fast Company. February 1, 2016. It's at the center of a growing startup scene that's distinct from Silicon Valley's.
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