Customers Using Predict360’s AI-Powered Solutions
Real-Time, Risk Issues and Incident Management with Audit
Predict360’s Risk Issues and Incidents 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.
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
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
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.
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.
Who Can Benefit from 360factors’ Issues and Incidents Management Solution?
360factors’ Issues and Incidents 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.
We look forward to working with 360factors to advance our enterprise risk and compliance programs for the bank while increasing the products and services we offer to the community.
Mark CaselChief Risk Officer
We selected Predict360 due to its ease of use, banking industry design, and endorsement by the American Banker’s Association.
Eric SprinkPresident & CEO
As part of our initiative to expand our products and services, we wanted to enhance our enterprise risk and compliance management to support this growth. Predict360 will enable our team to meet these goals efficiently.
David ClaussenChief Risk Officer
360factors’ solutions, powered by artificial intelligence, enables our organization to adapt and respond effectively to the ever-changing regulatory compliance landscape
Joanna ChancellorBusiness Support Manager
The powerful features combined with the easy implementation of the cloud solution made Predict360 a great fit for our organization.
Steve ParkerChief Executive Officer
We believe our collaboration with 360factors and the technology they bring supports our vision for the future.
Gina AnonuevoChief Compliance Officer
Deploying Predict360 is another step by us towards becoming a more streamlined and efficient organization.
Crystal BarnesRegulatory Compliance Specialist
