What are regulatory reports in Workday?

Regulatory reports in Workday are essential documents that organizations must produce to comply with legal and regulatory requirements set forth by government agencies. These reports often include critical data related to financial performance, employee statistics, taxes, and other compliance-related information. Their primary purpose is to ensure that organizations adhere to laws and regulations concerning financial reporting, employment practices, and data privacy.

These reports often have specific formats and timelines dictated by regulatory bodies, making them a vital part of maintaining compliance and avoiding legal penalties. For example, companies may need to file tax reports, labor statistics, or health and safety compliance reports, all of which fall under the category of regulatory reports. This distinguishes them from financial reports that are intended for internal assessments or employee performance evaluations, which are geared towards different audiences and use cases. Additionally, status updates for project management serve a completely different purpose focused on tracking project progress rather than compliance with regulations.