Case Study: Bancolombia reduces Form 20-F filing time and boosts efficiency with Workiva

Bancolombia cuts Form 20-F filing time by 57% with Workiva

Bancolombia, a major bank, faced significant challenges in its manual process for filing its SEC Form 20-F. The effort took four months, generated nearly a thousand emails, and created operational bottlenecks. The need to comply with a new local requirement that shortened the filing timeline led them to seek a secure solution, which they found with the Workiva platform for financial and SEC reporting.

By implementing Workiva, Bancolombia centralized its financial data, improved collaboration, and gained a clear audit trail. The results were substantial: the data collection time for Form 20-F was reduced from 79 to 34 days. This increased operational efficiency by 57% and decreased operational risk by 70%, saving hundreds of manual hours that were reallocated to strategic initiatives.

Bancolombia