AI GRC Workiva was unveiled at the Great Audit Minds conference in Las Vegas on March 9th, where Workiva launched a new AI-powered GRC suite to reduce manual work and strengthen decision-making.
At the Great Audit Minds conference in Las Vegas on March 9, Workiva an updated GRC suite that will reduce manual work and provide management and the board with better decision-making information in an increasingly complex risk environment.
The solution brings together internal audit, risk management and control work in Workiva's common platform. With the help of AI support organizations should be able to detect deviations earlier, streamline testing and improve the follow-up of risks and controls.
Many organizations still operate in silos and manual processes when it comes to audit, risk and controls. This can delay the discovery of risks while increasing administrative costs associated with documentation, reconciliation and reporting.
In Workiva's Executive Benchmark Survey, 79 percent of business leaders say they are prioritizing increased automation and more data-driven ways of working by 2026. The updated GRC suite is designed to support the transition to more automated and continuous monitoring while providing decision-makers with better insights based on shared data.
According to Junko Swain, SVP and Chief Accounting Officer at Workiva, the development is about giving organizations better control over complex information flows.
When finance, risk and internal audit work in the same structure and on the same data basis, manual steps can be reduced while the quality of the decision-making basis is improved.
Three key areas in Workiva's new GRC suite
The updated solution covers three main areas of governance, risk and compliance.
Controls Management
The new control environment introduces dashboards that provide a continuous picture of the status of controls. The system highlights deviations and trends in near real time and is intended to contribute to a stronger control environment without increasing the administrative burden.
Audit Management
For internal audit, Workiva introduces AI-powered workflows and ready-made frameworks for planning, testing, and documentation. This will make it easier for even smaller audit teams to standardize work and free up time for analysis and advice.
Risk Management
Risk management is brought together in a single view that visualizes the connections between risks, controls and actions. The goal is for organizations to be able to more quickly identify systemic and emerging risks while improving reporting to management and the board.
The new generation of Workiva's GRC platform aims to provide organizations with a more integrated and data-driven management of governance, risk and compliance at a time when regulatory requirements and cyber risks continue to increase.
About Workiva
Workiva Inc.. (NYSE: WK) is a leading provider of solutions for transparency, accountability and trust in organizations. The platform is used by finance, accounting, sustainability, risk and audit teams in more than 6,600 organizations worldwide, including many Fortune 1000 companies.
Workiva's platform is built for secure collaboration and connects data, processes, and reporting in an audit-ready and AI-driven environment.
Swedish
Danish
Norwegian
Finnish
English
German
Dutch