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