Tracking Issues and Incidents at Financial Institutions

During the course of the daily operations of a bank, “issues” or “incidents” arise and tracking them should not be difficult or cumbersome. Managing the resolution of the problem should be tracked and Strunk’s Risk and Issues Manager solutions may be just what you need.

“Issues” that need addressed could come from an outside audit, a regulatory exam, a risk assessment or from vendors you do business with. Identifying an issue may be easy but putting a tracking solution in place that assigns ownership, provides a time stamp, departmentalizes the problem, prioritizes and assigns a corrective action plan can be more difficult. Many financial institutions use Excel spreadsheets and they may be hard to keep track of. Keeping a log of the issues is imperative for senior management and your audit team.

“Incidents” can occur in a variety of ways and they could include a system breach, attempted hacking of your website, or a debit or credit card could be compromised. Similar to issues, incidents should be resolved in an organized and timely manner and they should be tracked for audit and regulatory review.

Strunk’s ERM program includes an “issues” and “incident” tracking solution that is easy to use. It gives you the ability to attach documents, assign priority and due dates, and track the status of the problem. Reports are generated for auditors and for external use. Email alerts are sent to the owner of the issue and they can be “time based” or “update based”. “Time based” is determined by the due date or past due date. Alerts based on an “update” sends an email to the owner when the status is changed to “complete”. Employees on a “notify list” can be alerted as well so that each person along the way knows what the status of the resolution of the issue is.

Providing simple easy-to-use solutions for risk and resolution management is what Strunk does.