About the Customer
KeyBank, the primary subsidiary of KeyCorp, is a regional bank headquartered in Cleveland, Ohio, and is the only major bank based in Cleveland. KeyBank is on the list of largest banks in the United States.
Scope and Challenges
The Cleveland-based bank and financial services company was looking for a solution to streamline accounting policies and financial processes across its company. Their journey began in 2018.
Outcome and Implications
KeyBank's leadership decided to go with Workiva's EPM solution, Wdesk.
“Wdesk lets us work collaboratively and always with the most current information. I can assign tasks, track projects and easily share documents and solicit comments. So for example, with the revenue recognition standard, we had to work very closely with our auditors. Working in Wdesk allowed us to streamline audit documentation, testing by the auditors and the financial reporting requirements.” - said Stacy Gilbert, Senior Vice President and Director of Accounting Policy at KeyBank.
Gilbert’s team is also focused on implementing the new FASB lease standard, which will go into effect for public entities beginning in 2019, and the Current Expected Credit Loss (CECL) accounting standard, which will change how financial institutions calculate an allowance for loan losses beginning in 2020.
“Without Wdesk, management of all the accounting requirements and implementation efforts of the many working groups would be cumbersome. Wdesk documentation and support binders give our auditors and my team confidence that we are working with the correct numbers and can support decisions with appropriate documentation.” - said Stacy Gilbert, Senior Vice President and Director of Accounting Policy at KeyBank.
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