In this episode, Tom Fox chats with Joseph Howell, the Executive Vice President of Strategic Initiatives at Workiva. With a background in all things corporate finance, specifically internal auditing and compliance filings, Joe talks about the importance of keeping your data recording, reporting, and compliance tools up-to-date and the risk of leaving innovations – however small they may be – on the backburner.
- Thanks to the many guests that Tom has had on the show – and feedback from listeners – we know that the challenge of introducing new innovations into the compliance sphere comes with unique obstacles. Tom and Joe discuss some of these roadblocks and assess the risk of being slow on the draw.
- How do you know when to act? When is the right time to introduce change into a compliance program? Joe lays out Workiva’s various innovations in cloud-based reporting and filing from a multi-generational perspective.
- Spreadsheets can be a nightmare! While Microsoft Excel and Lotus 1-2-3 were revolutionary for accountants and lawyers in the 90’s, times are changing. Joe uses the example of a JPMC trade-gone-wrong to discuss the potential consequences of outdated compliance and reporting tools.
- Innovation doesn’t always involve a Eureka! Tom and Joe reemphasize the importance of gradual innovations in tactical-level data recording that include systematic oversight processes.
- “Good enough” doesn’t always hold up. Joe talks about challenging the idea that risk is solely tied to investments and how understanding the risk of inaction can spur data compliance, reporting, and filing departments to stay one step ahead of the shifting tide.
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