AMES, Iowa, July 14, 2016 /PRNewswire/ -- Workiva (NYSE: WK), creator of the Wdesk cloud-based productivity platform for enterprises, today announced that several banks, including First Merit Corporation, Umpqua Holdings and Zions Bancorporation, use Wdesk to streamline and automate risk processes and reports to the Federal Reserve Board and the Federal Deposit Insurance Corporation.
"Wdesk has changed the way we create documents and share data with other people," said Miriam Shumway, Financial Writer at Zions. "We are much more efficient in creating and editing documents today."
The banks use Wdesk to improve processes, control and collaboration in a variety of risk-related mandates, including Comprehensive Capital Analysis and Reviews (CCAR) and associated Capital Plan Rule reports, Dodd-Frank Annual Stress Testing (DFAST), Recovery and Resolution Plans (RRP), internal enterprise-wide risk assessments and annual proxy statements.
CCAR and DFAST are annual capital assessments of U.S. bank holding companies by the Federal Reserve. RRP, or living will, is a complicated plan that outlines how a company will systematically manage its executive and ground-level functioning during and after a period of economic distress. CCAR, DFAST and RRP are intricate processes that often involve dozens of collaborators and tens of thousands of pages.
"Risk data is complex, variable and distributed throughout an organization," said James Lam, President of James Lam and Associates and Chair of the Risk Oversight Committee of the Board of Directors of E*TRADE Financial Corporation. "To report effectively, financial institutions must invest in technology that can efficiently collect and manage this data."
"We use Wdesk to gather, aggregate and share our data efficiently across many different departments," said Shumway. Zions' process narratives, model documentation, model validation and control data are linked in Wdesk, which automatically updates changes throughout all related numbers and narrative. "Wdesk has eliminated the issue of version control, which has reduced the risk of omitted updates and therefore improved the quality of the regulatory submission."
"Our team responsibilities have changed because we now spend much less time dealing with logistics and more time creating better content for management and regulators," said Shumway.
"I want to use a stronger word than 'happy' when describing how I feel about Wdesk," added Shumway. "It really has changed our lives."
Workiva (NYSE: WK) created Wdesk, a cloud-based productivity platform for enterprises to collect, link, report and analyze business data with control and accountability. Thousands of organizations, including over 65 percent of the Fortune 500®, use Wdesk. The platform's proprietary word processing, spreadsheet and presentation applications are integrated and built upon a data management engine, offering synchronized data, controlled collaboration, granular permissions and a full audit trail. Wdesk helps mitigate enterprise risk, improve productivity and give users confidence to make decisions with real-time data. Workiva employs more than 1,200 people with offices in 16 cities. The company is headquartered in Ames, Iowa. For more information, visit workiva.com.
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SOURCE Workiva Inc.