Version 25.1ab (Risk Event Management)

Improvements

The Risk Event Management application provides a comprehensive solution for managing risk events with the following capabilities:

  • Submit and manage risk events through multiple dedicated portals.
    • Cater to different audiences or submission types (e.g., employee, customer, third-party)
    • Ensure targeted data captured aligns to risk event type
  • Enable quick and efficient triage of reported risk events.
    • Prioritize risk events based on severity, type, or impacted Business Unit
    • Route submissions to appropriate teams or owners 
  • Perform deep impact analysis to assess the potential and actual effects of risk events. Understand customer, operational, financial, reputational, people & culture, and regulatory impacts.
  • Strengthen linkages to existing Governance, Risk, and Compliance (GRC) data.
    • Connect events to existing risks, controls, and compliance obligations
    • Leverage enterprise-wide context for better decision-making
  • Understand key involvements and affected entities.
    • Track involvement of employees, customers, products, third parties, and assets
  • Create tasks and identify root causes.
    • Assign owners and due dates for investigations and follow-ups
    • Document and analyze contributing factors to prevent recurrence
  • Define and manage corrective actions.
    • Create and link actions directly to events
    • Track progress and effectiveness of remediation efforts
  • Utilize reports and dashboards for continuous improvement.
    • Spot trends and emerging patterns across reported events
    • Create decision points and insights for Executive leadership and Risk Committees