Because many banks treat their issue management process as a check-the-box exercise, they can fail to effectively identify and mitigate potential risk.
Too often, different stakeholders use inefficient manual tools such as spreadsheets to handle their issue management process. This approach can create confusion due to disparate or incomplete reporting related to content, remediation status, and documentation. The resulting confusion makes it difficult to get a full picture of the issues the organization might be facing because it’s not clear how to prioritize risk mitigation, identify emerging trends, and locate root causes.
By making the issues management process more consistent and less cumbersome, though, banks can improve accountability throughout their organizations and make it easier to assess the maturity of their risk management programs.