How does Workday assist with compliance tracking in financial reporting?

Workday assists with compliance tracking in financial reporting primarily through the provision of real-time alerts and dashboards. This feature enables organizations to monitor their compliance status continuously and proactively address any issues that arise. The dashboards offer a visual representation of compliance metrics, making it easier for financial professionals to assess their adherence to regulatory standards and internal policies at any given moment.

The real-time alerts feature notifies users of discrepancies or potential compliance violations, allowing for timely interventions. By integrating compliance tracking within its financial reporting processes, Workday helps ensure that users stay on top of changes in regulations and internal controls, fostering a culture of accountability. This proactive approach minimizes the risk of non-compliance and contributes to more reliable financial reporting.

In contrast, storing compliance data in a non-integrated system would hinder the ability to track compliance effectively. Restricting user access to compliance features might limit the necessary oversight and collaboration needed to maintain compliance standards. Relying solely on external auditing does not provide the immediate insights or proactive management that an integrated system like Workday affords.