Hyperproof is a platform for doing work in the security assurance, privacy and corporate compliance realms. Hyperproof helps users get started with a compliance framework and gauge audit-preparedness posture in real-time.
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Workiva
Score 8.0 out of 10
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Workiva is a cloud platform supporting ESG protecting, designed to provide collaboration, data integration, and an audit trail. The platform helps mitigate risk, and improves productivity.
Hypeproof is great for large organisations with mature InfoSec & Compliance teams. It helps streamline compliance activities and decentralize evidence collection to ensure that business teams take ownership. It may not be suitable for extremely small companies with not very mature compliance & infosec teams
Wdesk is best suited for companies with demanding SEC filings and documents, with multiple revisions due to auditor/counsel review, and where financial reporting is extremely manual. Wdesk really helps take out the potential errors out of extremely manual processes, and helps automate regular financial reporting by allowing companies to link financial information and build customized flows of their information into financial statements and other documents (such as presentations or other internal reporting).
The biggest strength of the program for our team is that multiple users can work in the document at the same time. Multiple users can be in the program updating financial statements, footnotes, MD&A - all without stepping on each other's toes.
Rolling forward the documents from one period to the next is pretty simple. Links to source documents are maintained and new ones can be added without much hassle.
Edits and changes can be made right up until the last minute before filing. There is no waiting period or pencils-down period unless we enforce one ourselves - the Financial Reporting team is in control of the timing of our filings.
Hyperproof is generally intuitive once configured, with clear workflows, labels, and search that make it easy for control owners and HR to find and maintain evidence in our SOX / SOC2 Audits. Some nuances in how tags are used for evidence mean auditors occasionally miss tagged items or do not naturally look in the right tag, which can cause extra back‑and‑forth during audits.
Overall it's a good-to-go product because of its features. It's easy to set up, meets requirements, has quality support, etc. So far, it has been working quite well for me, and I wish to continue using it for as long as it meets my requirements.
Workiva's technical support is impeccable and undoubtedly one of the best. The times we needed them, they were super quick and willing to help. It works 24 hours a day, and there will always be someone to help with doubts or technical problems regarding the tool.
As mentioned previously, it won't compare to the market leaders where you'll be paying 5 times the price. It compares nicely against OneTrust and offers greater usability.
We moved from a third party filer to doing it in house. Have seen demos of products like Active Disclosure, which has come a long way from the beta version I saw and but we are not too far gone with Wdesk for us to evaluate other products. When we first signed up with Webfilings, (former name of Workiva), there were no viable products in the market. I had seen an Oracle product and a beta version of Active Disclosure. It was not hard to see the ease and intuitive-screens, to guide one through the filing process. The excel-like spreadsheets were an added bonus.
We spend less than we used to with a traditional printer.
We have been able to do turn-on-a-dime equity offerings with last minute changes and still file on time.
Inviting external legal into the platform has helped with communication but we actually suspect they spend MORE time (and billing) on our documents than they used to just simply because it's so easy to get at them anytime they want.
