Issue Management

 

Issue Management

As companies manage their risks, compliance, legal requirements, audits, policies, quality, and other business processes, they also have to deal with the issues that arise out of these processes. If these issues are not dealt with in a timely manner, they could snowball into larger problems with far-reaching consequences.

Yet, most companies find it challenging to manage issues efficiently and effectively due to their siloed and manual processes - each business unit uses their own issue terminologies, methodologies, and systems; or they enter and manage issue data on multiple spreadsheets and slide presentations. This approach makes it difficult to harmonize and rationalize issue data at the enterprise level. As a result, the management team doesn’t get a timely, cohesive view of issues across the enterprise in order to identify and respond to problem areas or trends.

Also, many issues are common across functions. But if each function uses their own issue management systems, the same issue is addressed multiple times, giving rise to redundancies and duplication of effort.

MetricStream Issue Management Software Solution

MetricStream Issue Management Solution extends across the enterprise, providing a single system to record to manage, track, and remediate all issues. The solution transcends organizational siloes, enabling cross-functional coordination and collaboration on all aspects of issue management. It rolls up issue data from across the enterprise for centralized visibility, while ensuring that the ownership, accountability, and management of each issue are distributed to the relevant business units.

The solution also streamlines the entire process of identifying and documenting an issue, logging exceptions, investigating the issue, conducting a root cause analysis, managing tasks and action items, implementing corrective action, and reporting. This whole cycle is managed in a systematic and consistent manner to help ensure that nothing slips through the cracks.

Organizations can use the solution to track the status of each issue, from initiation to closure, in real time. Powerful analytics, reports, and graphical dashboards provide in-depth insights into the issue management process, supporting trend analyses, and helping managers spot recurring areas of concern.

Benefits of the Solution

  • Offers a single point of reference to manage and resolve issues arising from audits, risk management, compliance, loss management, IT GRC, and other business processes
  • Improves efficiency by streamlining and automating issue management workflows
  • Enables real-time tracking of issue data across the enterprise
  • Supports cross-functional collaboration and communication on issue investigation and remediation tasks
  • Helps identify and track the quantitative impact of loss events and liabilities related to customer complaints and other such issues
  • Provides advanced capabilities to auto-close issues/ actions, and update or re-open closed issues