Disconnected Challenges
- Lack of a consistent, repeatable program around the stress testing initiative
- No singular system to enable collaborative and cross-functional work
- Manual processes that inhibit user experience and data quality
Connected Results
- Improved time savings
- One source of truth with real time collaboration
- Automated data for presentations and reports
Why They Chose Workiva
Industries
- Banking
Workiva Solutions
- Regulatory Reporting
High stakes, high stress
TD Bank produces high-stakes reports that require hundreds of collaborators, thousands of data points, and exacting, up-to-the-minute information. According to Charles (Chuck) Sigwart, VP–Senior Business & Intelligence Reporting Manager, “It’s “It’s not just one person creating these presentations. We have 300 plus folks involved.” Contributors provide data, review, or own certain segments of TD Bank's stress testing efforts, which requires the utmost attention to detail. Trust in the data is critical.
Less worry with Workiva
TD Bank began implementation of the Workiva platform in 2016 as a solution for their CCAR/DFAST stress testing exercise. As part of the submission requirements, TD Bank leveraged Workiva for the documentation efforts that support their forecast model assumptions, methodology, and capital results. This led to increased use of the Workiva platform and expanded to governance committee and board reporting. Collaboration has become easier, and more importantly, automating manual tasks—like transferring data points—has reduced risk of manual errors.
Fuel for Growth
While the team at TD Bank is mature in their process, they know there’s always ways to improve. Chuck said Workiva makes it easy to grow. “New users pick it up rather quickly. If you know PowerPoint, Word, or Excel, you can use Workiva,” says Chuck, about the ease of onboarding within the platform.
See what we can do for you. Request a demo at workiva.com/request-demo.
Related Resources
Financial Resilience: New Regulations and Stress Testing in Banks
Gain insights into the banking proposals and stress testing from Workiva Banking and Financial Services Industry Principal John Stephens.