Assured Integrated Reporting Transformation Elevates Corporate Value Creation
70% of financial, sustainability, and governance leaders see assured integrated reporting platforms as pivotal to increasing collaboration, providing assurance, and effectively communicating value, according to a new Forrester Consulting study, Accelerate Value Creation With Assured Integrated Reporting
New York, NY, Dec. 17, 2024 – Companies worldwide are increasingly adopting assured integrated reporting and artificial intelligence due to the business advantages they offer according to a new Forrester Consulting Study. Traditional reporting practices are no longer enough. Companies that lack transparent reporting risk losing stakeholder trust, market share, and the ability to prove their value in today's volatile economic and geopolitical landscape.
Key Findings:
- Business leaders say combining financial and non-financial data with assurance is crucial for organizations to meet their reporting, audit, and risk management goals (75%) and also view communicating sustainability value as critical for investor relations (76%)
- Top sustainability reporting challenges:
- Embedding sustainability data in annual reports
- Struggling to gather reliable ESG data that leaders trust
- Two-thirds of decision-makers indicate that significant improvements are needed in people, strategy, and processes to achieve assured integrated reporting, but technology needs the greatest improvement
- Eight in 10 leaders believe AI will meaningfully improve reporting and audit processes in the next two years
CFO Perspectives: Communicating Sustainability Value is Critical to Investor Relations & Liquidity
“Financial reporting, ESG disclosure, and audit and risk are critical for transparent investor relations, and integrating these seamlessly is essential for communicating our mission-aligned business model—where financial success and social impact go hand in hand,” shared Jason Darby, Chief Financial Officer of Amalgamated Bank.
“Traditional reporting practices are no longer enough for the office of the CFO. Companies worldwide are expected to provide greater transparency and accountability across financial performance and all aspects ESG to enhance trust with their stakeholders, while transforming their organization into one that can create long-term sustainable value and build resilience in their businesses in the face of a volatile macroeconomic and geopolitical environment,” said Erik Saito, Senior Vice President, General Manager of EMEA & APAC at Workiva.
Enterprise Perspectives: Generative AI Offers a Better Solution to Traditional Reporting Practices
“Technology has been instrumental in helping us streamline processes, while ensuring we manage risks effectively. By leveraging Workiva we have not only enhanced efficiency but also strengthened the clarity and speed with which we communicate our story to investors and shareholders, helping drive growth and build trust,” said Jason Darby, Chief Financial Officer of Amalgamated Bank.
"C-level executives, including CFOs, CSOs, CTOs, and CROs, must collaborate as the CSRD sets a new gold standard for integrated reporting. However, the complexity, vast data requirements, and growing demand for more cohesive reporting present significant operational challenges. As a result, leaders are re-evaluating their processes and questioning the reliance on manual tools that lack audit-readiness," said Paul Volpe, Senior Vice President of Solutions at Workiva.
“Workiva Generative AI has allowed us to provide high-quality summaries in a fraction of the time, allowing for faster and more informed decision-making across the board,” said Heather Holding, ERM & Chief Privacy Officer Best Egg.
More Information
Read the full Forrester Consulting study here.
Dive into the study with speakers from Workiva and guest Forrester during The Dawn of Assured Integrated Reporting webinar.
About the Survey
Workiva commissioned Forrester to survey 1,026 decision-makers from publicly traded organizations across North America, Europe, and Asia Pacific. The survey focused on cross-functional reporting, audit, and risk management practices, targeting roles in finance, accounting, ESG, sustainability, internal audit, risk, and compliance. Participants were asked about reporting priorities, challenges, and the value of technology solutions for integrated reporting. The survey ran from August to September 2024, with respondents receiving a small incentive for participation.
About Workiva
Workiva Inc. (NYSE:WK) is on a mission to power transparent reporting for a better world. We build and deliver the world’s leading cloud platform for assured integrated reporting to meet stakeholder demands for action, transparency, and disclosure of financial and non-financial data. Workiva offers the only unified SaaS platform that brings customers’ financial reporting, Governance, Risk, and Compliance (GRC), and Environmental, Social, and Governance (ESG) data together in a controlled, secure, audit-ready platform. Our platform simplifies the most complex reporting and disclosure challenges by streamlining processes, connecting data and teams, and ensuring consistency. Learn more at workiva.com.
