Data restatements and archiving historical Data - Best practice using the platform?
My team is looking to understand how to best use Workiva to record data restatements and maintain original submissions. We restate select metrics each year due to data availability at the time of disclosure publication, and we need to update tasks submissions to reflect our final "FY" values. For example, we have a traceability metric that falls into this group.
- We sent out our 2023 Program Task, which was collected during FY2023 as "NA" due to data availability
- We sent out our 2024 Program Task, which was collected during FY2024 as "NA due to data availability"; Our partners also flagged an updated FY2023 value, which now needs to be updated in Workiva for our records and linking to disclosures
How do others use the platform to manage and archive changes? Does Workiva have a feature to monitor restatements? Is it best practice to reopen a task form, maintain historical notes/attachments and update the data value with new documentation? I'd guess a best practice is to keep the Program up to date with FY data values, once known, but I'm curious as to how others approach this.
Thanks!
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Hey Lauren Clark, I apologize in the delay in getting back to you, but I'm happy to help answer your question!
For more clarification, when you are describing "Program Tasks", are you referring to ESG tasks, GRC tasks, or another type of task?
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Hi Alex Shuman! My turn for the delayed response -- I'm describing the ESG Tasks!
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Thank you for the extra clarification Lauren Clark! When it comes to managing ESG-related tasks in Workiva for data restatements and original submissions, here are some of the best practices and features you can leverage:1.Restating Metric Values
Workiva allows you to revise previously disclosed values, such as when estimated values differ from final actual values or when new data becomes available. Use the "Restatements" sheet in your Data Collection spreadsheet to track these revisions and maintain an audit trail.
If your Data Collection spreadsheet doesn't include a "Restatements" sheet, you can request it from your Workiva Customer Success Manager (CSM).2.Updating ESG Tasks
Use the "Find and Replace" feature in the ESG Program to update multiple metrics or tasks in bulk. This can include replacing assignees, approvers, or task details like notes and attachments.
For tasks that need to be reset and resent, Workiva now tracks when a task is reset and resent, providing continuous activity logs for better traceability.3.Maintaining Historical Notes and Attachments
When restating values, ensure that historical notes and attachments are preserved in the Restatements sheet or connected source files. This helps maintain a clear audit trail and supports transparency.4.Best Practices for Restatements
Define policies for when to restate disclosures, including thresholds for material inaccuracies. For example, consider the variance between disclosed and revised values or the potential for incorrect conclusions by stakeholders.
Use Workiva's Governance, Risk, and Controls (GRC) features to create and connect policies and controls based on your restatement thresholds.5.General Recommendations
Keep your ESG Program up to date with final FY data values once they are known. This ensures that your disclosures reflect the most accurate and reliable information.
Collaborate with your Workiva CSM for bulk updates or to roll forward ESG Programs to a new reporting year while retaining historical data.These features and practices will help your team effectively manage ESG-related tasks, maintain historical records, and ensure accurate reporting. Let me know if you need anything else!
I've also linked some extra resources to check out below to better assist you with this process. Thank you!0Logg på for å legge inn en kommentar.
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