KPMG partners with Workiva to tackle regulatory and compliance process
Iowa-based compliance and regulatory software-as-a-service (SaaS) firm Workiva has entered a strategic alliance with KPMG. The Big Four consultancy will use its risk, compliance, and technology consulting expertise across industries to help clients digitally transform and automate the regulatory process through Workiva’s Wdesk cloud platform.
Workiva is a leading enterprise software firm whose main product – Wdesk – allows firms to more effectively manage and file regulatory and compliance paperwork required by federal and state agencies. Wdesk integrates info from various content forms into a single cloud-based report, allowing for a smoother compliance process – from Sarbanes-Oxley reporting to SEC Filings to sustainability reporting. The platform has capabilities for automation, synchronized data, and real-time monitoring.
Since its founding in 2008, the firm has grown to an employee base of 1,200 across sixteen offices in North America and Europe. Workiva posted $207.9 million in revenues last year. The Software as a Service (SaaS) company boast over 3,000 customers, with 75% of Fortune 500 companies among their client roster.
Workiva will be joining KPMG in a strategic alliance to provide clients with an end-to-end offering which helps clients digital transform and integrate their risk management, regulatory, and compliance reporting through the Wdesk platform.
KPMG will bring their deep risk and compliance consulting experience from all industries, as well as their proven track record of helping firms achieve their risk management goals through optimal technology platform strategy and implementation. Workiva will, meanwhile, provide the software ‘heart’ of the business offering.
“Pairing our Wdesk platform with KPMG’s technology-risk specialists creates a unified, multidisciplinary solution and team to help customers streamline and automate a wide variety of complex risk, compliance and reporting processes,” remarked Marty Vanderploeg, CEO of Workiva. “By working together, we will help organizations gain insights, make data-driven decisions, and ultimately drive better business outcomes.”
The offering is a response to a US business environment that is facing greater and more complex regulatory challenges. “Increased scrutiny from regulatory authorities is stretching organizational resources and the bottom line,” commented Greg Bell, Global Cyber Security practice Co-leader at KPMG.
At the same time, the alliance’s offering also fills a growing desire for automated compliance solutions. According to a recent KPMG report, 90% of US chief information officers and chief compliance officers plan to increase compliance automation spending in the coming years.
Added Bell, “Companies are looking to technology solutions for performance improvements and automation to increase efficiencies in their risk and compliance programs.”
KPMG has also been working with tech partner Google to roll out client solutions on the Google Cloud Platform, with offerings related to cybersecurity, compliance, and business process improvement. One already built product is KPMG’s GDPR Assessment and Compliance solution, which helps organizations tackle the compliance challenges related to the European data management and privacy legislation.
