How much is risk truly costing your business? The costs associated with regulatory non-compliance significantly exceed the cost of compliance.
This easy-to-use calculator is designed to help you start a realistic conversation about the business case for Workday compliance technology.
It provides you with an estimate on how much you could save, or avoid, per year by investing in Workday control automation.
Just enter some basic information about your current risk and compliance landscape to get your instant result.
These calculations are based on direct and indirect costs of non-compliance that can be reasonably estimated. Other significant indirect costs such as reputational damage and business disruption are not estimated in the final calculation.
Privacy risk is affected by your industry, the type of data you handle and where you do business. Rate your perceived level of data privacy risk exposure based on your industry and geographical presence. Industries subject to Protected Health Information (PHI), Personally Identifiable Information (PII) and data privacy regulations like the General Data Protection Regulation (GDPR) or California Consumer Privacy Act (CCPA) have higher risk profiles.
Rate the likelihood of a privacy issue based on your perception of your data privacy control maturity, prior issues and known risks.
Deficiencies cost time and money to identify, validate, report and remedy. The cost of deficiencies is related to the issue complexity and organizational formality, with more formally structured organizations incurring higher costs than less constrained companies. Rate the level of deficiency cost based on your view of organizational structure and complexity.
How many internal control exceptions or deficiencies did you incur in the last fiscal year OR could you incur this fiscal year?
Fraud can happen to all organizations. We use ACFE median fraud loss metrics in our calculator to estimate loss avoidance. How many fraud occurrences do you think could be prevented if effective system controls were implemented and maintained across the organization?
Studies on internal control automation indicate that automating a percentage of internal controls can reduce a similar percentage of audit fees (up to 25%). What percentage of your controls relate to Workday access, segregation of duties, and configuration controls that can be automated?
Estimate your total external audit fees (Financial Audit, SOC, regulatory etc.) Industry guidelines are presented below for reference.
What percentage of your Internal Audit and Compliance effort is directed towards Workday access, privacy, segregation of duties, and configuration controls testing?
Estimate the total budget of your Internal Audit and Compliance functions. IIA industry metrics are provided below for reference.
Compliance technology can help streamline the audit process, improve audit outcomes, and increase operational productivity. How many times per year do you support Workday audits over IT general controls including security, access, configuration control and privacy? Count each round of interim, remediation, and year-end testing individually.
Estimate the total number of hours incurred annually by Workday Administrators to execute manual controls over Workday security, configuration control, privacy and segregation of duties.
For reference, 1 FTE employee is approximately 2000 hours annually.
Based on your answers, it’s estimated you could be saving, and or avoiding,
However, if you would like to contact us in the meantime to discuss your auditing and compliance needs, please do not hesitate to reach out to [email protected]