Corrective Actions

Taking decisive actions to monitor, report, and resolve incidents and issues is an essential practice for effective governance. Implementing rapid issue remediation and corrective actions is the most effective way to maintain uninterrupted operations, reduce negative impact, and minimize compliance risk. An effective corrective action system is required for any financial services organization that must comply with extensive and changing regulations and standards.

TrackWise Corrective Action Solutions

TrackWise enables your organization to reduce its risk exposure and contain and prevent potential compliance violations by ensuring a closed-loop system to manage and track remediation of issues and incidents that result from violations of policies and procedures, risk assessments, internal audits, regulatory commitments, customer complaints, whistleblower programs and other sources.

TrackWise's fully-configurable workflow engine ensures corrective actions are assigned to appropriate parties for resolution and enables management to monitor progress through completion. The system reduces redundant efforts, enforces progress, and ensures that all corrective issues are measured for effectiveness after completion, providing your organization with confidence that the root cause of the issue has been eliminated.

Personalized, interactive dashboards and integrated reporting provides management with the ability to review corrective action status and provides quick and easy navigation to potential problem areas. Most importantly, TrackWise provides a mechanism for linking all governance, risk, and compliance processes, which includes the management of corrective actions that may cross divisional, regulatory or departmental boundaries. As a result, the comprehensive process management framework provides the necessary traceability required to manage risk and compliance.

Benefits

• Improve governance and control by relating all aspects of investigations, root cause analysis, and corrective and preventive actions into a single, integrated framework.
• Increase compliance by providing regulators and auditors with documentation of corrective measures.
• Reduce administrative costs and eliminate redundant efforts by leveraging TrackWise's patented 24/7 business rules engine, which automates manual procedures and escalates issues based on priority, due date, and other criteria.
• Ensure effectiveness of corrective actions and elimination of root cause through implementation of a closed-loop process management system.
• Increase visibility and transparency with personalized dashboards, integrated reporting tools, and automatic report distribution to management.
• Protect the company brand and increase shareholder value by ensuring corrective actions are implemented quickly and effectively.
• Reduce operational and compliance risk by ensuring timely creation, approval, and implementation of corrective action plans and completion of work.
• Reduce risk through systematic refinement of controls and continuous improvement.