Southwest Airlines

Best in Class Finance GRC Management – Large Enterprise

Organizations need an integrated approach to manage the complexities of governance, risk, and compliance in the finance and accounting context in today’s dynamic business environment. The finance department should have a complete view of what is happening in the context of change. Contextual awareness requires a Finance GRC central nervous system to capture signals found in business systems, user accounts, processes, data, and transactions. By doing so, the organization knows pivotal details to prevent or quickly remediate risk to improve performance. It also needs to capture changing business and risks for interpretation, analysis, and holistic awareness of controls in the context of risk and compliance. This is done through a Finance GRC strategy, process, information, and technology architecture that supports overall finance and accounting activities and integrates and supports the broader business objectives and GRC activities from an enterprise view. Organizations need to clearly define and develop the breadth and depth of their Finance GRC management strategy and process requirements and, from there, select the right information and technology architecture that is agile and flexible to meet the range of Finance GRC management needs for today and into tomorrow.

Southwest Airlines is a major American airline renowned for its low-cost business model and customer-friendly approach. Established in 1967, Southwest has grown to become the world’s largest low-cost carrier, operating thousands of flights daily to destinations across the United States and international locations. Southwest is headquartered in Dallas, Texas, and operates its largest hub at Dallas Love Field. It has additional major hubs in Chicago, Las Vegas, Denver, Baltimore, and Phoenix. The airline’s extensive route network connects over 100 destinations in the United States, Mexico, the Caribbean, and Central America.

GRC 20/20 has evaluated and verified the implementation of Workiva at Southwest Airlines, and it confirms that this implementation has achieved a remarkable case study in how to address audit management and analytics with clear benefits achieved. 

This approach is best in class. In that context, GRC 20/20 recognizes Southwest and Workiva with a 2023 Best in Class GRC Award in the Category of Finance GRC – Large Enterprise (10,000+ employees).

Have a question about Workiva or other solutions for Finance GRC available in the market?