Benzinga | Aug 18, 2021 04:09PM EDT

Workday Announces Entry Into The U.S. Federal Market

Workday (NASDAQ:WDAY), a leader in enterprise cloud applications for finance and human resources, today announced it has achieved Ready status for the Federal Risk and Authorization Management Program (FedRAMP) at a Moderate impact level. With this achievement, Workday materially advances its position to help federal agencies accelerate IT transformation and gain real-time insights to address critical challenges across workforce development, compliance, financial sustainability, and more.

Entry into the federal market will mark a significant milestone for Workday and its opportunity for growth, building on the company's established history of providing finance, HR, and payroll applications to public and private sector organizations at scale. With Workday Government Cloud, the company's forthcoming FedRAMP Moderate offering, federal agencies will have access to a portfolio of enterprise cloud applications, including Workday Human Capital Management, Workday Financial Management, Workday Payroll, and Workday Prism Analytics.

With Workday, federal agencies will be able to:

* Address Critical Workforce Needs: The federal sector is facing highly complex issues, ranging from a lack of new workers to replace a retiring workforce, to an urgent need to address diversity in the workplace. With Workday Government Cloud, federal agencies will be able to access real-time data to gain insight into their workforce so that they can effectively tackle these issues.

* Better Manage Finances: During this period of rapid change, federal agencies must be able to break out of the constraints of complex hierarchies and better manage their resources. Workday Government Cloud can help them make informed budgetary decisions by tracking key financial performance indicators while adhering to compliance rules in real time.

* Keep Pace with Regulation: Workday Government Cloud provides federal agencies with tools they need to navigate a rapidly changing regulatory environment so they can make quick decisions as the landscape shifts.

FedRAMP is a government-wide program that provides a standardized approach to security assessment, authorization, and continuous monitoring for cloud products and services. It helps the U.S. government adapt from legacy IT to secure cloud-based solutions.

The U.S. federal market is one of the largest and most complex enterprises in the world, which will now benefit from Workday's established success and industry-leading best practices in a range of markets including healthcare, financial services, education, hospitality, and retail, to name a few.

Workday is listed on the FedRAMP Marketplace, and Authority to Operate at the Moderate level is currently estimated in Spring 2022