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Efficiently Track, Manage and Resolve Risk Issues

Powered by Artificial Intelligence (AI), Predict360 Streamlines Issues Management While Enhancing Accountability

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Issues & Incidents Management

Real-Time, Risk Issues Management with Audit

Predict360’s Risk Issues Management Software Solution reinforces the three lines of defense of risk management by allowing organizations to monitor, manage, collect evidence, track, and collaborate on risk related issues and incidents in real-time through a centralized platform. It also enables unprecedented risk visibility for managers, providing a real-time view of all risk issues and incidents across the organization. Key features include:

  • A configurable workflow engine supports unique workflow processes for different types of issues, tasks and incidents with easy-to-use data collection forms and automated alerts.
  • Automatic notifications and due dates can be distributed via email to related parties and owners.
  • A calendar provides visibility to all risk issues being managed and their associated due dates.
  • Dashboards and reports provide complete visibility in real-time to the status of all risk issues to risk owners, risks manager, senior executives and boards of directors.
Issues Management
Issues Management

Obstacles to Efficient Incident Management

The use of generic software tools – such as spreadsheets, email, CRMs, shared drives, and ticketing systems – often creates barriers to efficient issues and incidents management:

  • Lack of risk visibility into incident status results in unresolved incidents
  • Incidents are managed and discussed through multiple email threads, resulting in confusion and delays in issue resolution
  • Lack of prioritization in incident management can result in major incidents being ignored
  • Lack of incident categorization hides problematic trends and hides problem centers in the organization
Issues & Incidents Management

Intelligent Incident Monitoring and Resolution Platform

Predict360’s software solution enables organizations to quickly detect incidents and take proactive measures, resulting in increased efficiency, productive collaborations, faster resolutions, and better insights into issues and incidents. Pre-defined issues types included in the Predict360 Issues and Incidents Management application include:

  • Risk-related tasks (any generic risk-related issue, task or activity)
  • Findings from regulatory examinations or agencies
  • Findings from internal or external audits
  • Risk remediation or improvement plans
  • Control improvement plans
  • Case and Investigation Management
Issues Management

Additional Capabilities

While the issues types are provided pre-configured out-of-the-box based on industry best practices, each issue type supports the following capabilities, and these may be optionally re-configured if required:

  • Form fields and list of values configured to Licensee’s requirements
  • Workflow steps based on Licensee’s business processes and/or approval steps
  • Assignment routing and due-date notifications/escalations rules
  • Attachments and links to associated regulations, risks and documents
  • Support for multiple sub-tasks (parent-child linking)
  • Commenting/Collaboration capabilities with email notifications
  • History & activity tracking (audit trail) for evidence of compliance

In addition, the application can provide web-based form(s) to allow non-users to enter risk-related issues (both internal employees and external customers) from a standard web-page (such as internal Intranet page or the organization’s external web site) without having to log into the Predict360 system.

Issues Management

Integrating Organizational Risk and Incident Management Processes

It can be a challenge for businesses to understand how risks affect open incidents and how incidents elevate risks that need to be mitigated. Predict360 overcomes this challenge by linking issues and complaints with risks and controls. When anyone from the risk management team within the organization looks at any open issue, they can see all the risks that have been associated with it. This allows the team to understand not just the issue, but also all the other domains that can be affected by the issue being resolved.

Integrating operational risk with incident management processes also results in better risk insights and predictions. When Predict360 Risk Issues and Incidents Management solution is integrated with the Predict360 Risk and Compliance Intelligence Suite, it can provide detailed insights and data about incidents that can be rolled up into the overall risk data of the organization. This adds a layer of intelligence to the risk and compliance platform. If there are too many issues pertaining to a risk, the risk will increase in severity and risk managers across the organization will be notified.

Such smart workflows ensure that businesses not only solve risk issues and incidents quicker, but also gain more visibility about how each issue interacts with existing risk and compliance activities.

Issues & Incidents Management

Who Can Benefit from 360factors’ Issues Management Solution?

360factors’ Issues Management Solution helps businesses that need to not just immediately detect and resolve issues but to do so while also fulfilling complex compliance requirements and mitigate risks. Predict360 is a native app for the financial sector and thus has built-in workflows and a business intelligence engine, which gives financial organizations unparalleled access to issue related data and monitoring activities.

Predict360 provides a central platform to manage enterprise-wide issues and incidents. It can be used as a standalone issues and incidents management solution and it can also be integrated with the Predict360 Risk and Compliance Intelligence suite, which enables it to provide enhanced insights and predictions. Internal issue and incident data is combined with external risk metrics to create predictive insights that highlight strengths and weaknesses of the risk and compliance framework.

The Predict360 Issues and Incidents management solution can help banks deal with not only regular issues and incidents, but also emerging issues and incidents that can occur due to new developments in the financial sector. Banks that must interact with Fintech services and apps can streamline issue management while ensuring compliance with Predict360.

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