Workiva (NYSE:WK), provider of the world’s leading connected reporting and compliance platform, announced today that it’s expanding its cloud-platform capabilities to serve the vertical market – encompassing electric utility, hydropower and pipeline companies – that reports to the Federal Energy Regulatory Commission (FERC).
Last June, FERC adopted XBRL® for its required quarterly and annual reports to improve access to and analysis of digital data. FERC will soon finalize the XBRL taxonomy and implementation date, giving companies time to prepare for the new filing regulations, which are expected to begin later this year.
“Companies are ready to replace their onerous, manual processes for FERC reporting with our platform,” said Julie Iskow, COO of Workiva. “Our customers will have the ability to integrate and connect data from their systems and applications, tag it under XBRL taxonomy rules and submit electronic filings – all within the Workiva platform.”
Workiva is the largest provider of XBRL filings to the Securities and Exchange Commission (SEC). SEC reporting is similar to FERC reporting because both processes rely on much of the same source data. Many of the companies that are required to file FERC reports are already Workiva SEC reporting customers.
“Our new vertical solution will reside on the Workiva platform, along with our industry-specific solutions for financial services, government and higher education,” said Iskow. “This aligns with our strategy to expand into additional key vertical markets to help our customers solve industry challenges and leverage our platform’s broader capabilities as they work to digitally transform their businesses.”
Workiva, provider of the world’s leading connected reporting and compliance platform, is used by thousands of enterprises across 180 countries, including 75 percent of Fortune 500® companies, and by government agencies. Workiva customers have linked over five billion data elements to trust their data, reduce risk and save time. For more information about Workiva (NYSE:WK), please visit workiva.com.
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