Case Study: KeyBank achieves faster, more controlled finance reporting with Workiva

KeyBank speeds quarterly CECL reporting from hours or days to minutes with Workiva

KeyBank, a major US bank, faced challenges with disconnected and inefficient processes for complex financial reporting and compliance tasks like SEC filings, SOX, and CECL. These processes, managed through email chains, shared drives, and disparate documents, lacked version control and made collaboration difficult. To address this, KeyBank partnered with vendor Workiva to use its cloud platform for regulatory reporting.

By implementing Workiva's solution, KeyBank centralized its SOX compliance and CECL reporting into a single collaborative platform. This provided a unified space for data, evidence, and teamwork, streamlining reviews and aggregating data. The results included a significant reduction in time spent on repetitive administrative tasks, from hours or days down to minutes, and enabled more time for strategic analysis and creating stronger, more illustrative reports. Workiva provided robust version control and a clear audit trail, transforming and modernizing the bank's financial operations.

KeyBank