Since the organization has statutory reporting requirements for more than 50 entities worldwide with a variety of local language requirements, they needed to develop a strategy that would streamline the process while still providing accurate results and providing a more efficient mechanism for local teams to complete their statutory reporting requirements in-house. They also required robust training and a change management program for the new process to local teams.
They utilize Workiva for private company financials, but they have also historically utilized a variety of third parties to prepare their statutory financial statements due to capacity issues with local reporting and controllership teams.
The Solution and Results
Eliassen Group implemented the global statutory reporting (“GSR”) solution within Workiva. This required creation of over 50 distinct sets of financial statements across the globe. We also conducted multiple training sessions and provided support services to local controllership teams globally.
Next, we created an automated data integration between OneStream and Workiva to provide data inputs for statutory filings, and the company now has a cost-effective and efficient process to fulfill its statutory financial statement requirements using OneStream and Workiva.