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New York Life (New York) is expanding its use of Workiva (Ames, Iowa) Wdesk to modernize business data processes within its financial reporting and risk management teams and other finance functions. The mutual insuer has been using Wdesk across the enterprise to gain efficiencies and optimize workflow, according to the vendor.
“We are evolving the function of our financial reporting team to be better business partners, and to do that, we must spend less time on compiling data and more time analyzing,” comments Ed Millay, VP, Assistant Controller, New York Life.
New York began using Wdesk for Own Risk and Solvency Assessment (ORSA) reporting, and early success drove Wdesk adoption for other business data processes, Workiva reports. New York Life also uses Wdesk to improve accuracy and control in financial reporting for its insurance entities and its registered separate accounts products.
Fostering Collaboration Across the Enterprise
“Wdesk has helped us improve our financial reporting processes by giving us the ability to integrate and consolidate data from multiple sources, embed comments on disclosures with dozens of contributors, and ensure consistency across many different documents that require similar disclosures,” Millay adds. “Wdesk is helping foster collaboration across the enterprise as the benefits can be leveraged in many different areas.”
New York Life is currently considering Wdesk for further processes and reports, as it has demonstrated its ability to help the company streamline its reporting processes so that they are more efficient and effective, according to Workiva.