[vc_row full_screen_section_height=”no”][vc_column][vc_column_text]In 2016, Wells Fargo was fined $185 million for opening unauthorized bank accounts for its customers. The bank failed to track and resolve issues related to its sales practices, leading to a significant financial and reputational loss.<\/p>\n
In 2014 General Motors was caught in the grip of a strategic failure that materialized from a seemingly \u201clow probability\u201d event, where it was forced to recall 3.1 million vehicles.<\/p>\n
A study by Ponemon Institute (a pre-eminent research center dedicated to privacy, data protection, and information security policy) revealed that the average cost of a data breach was $3.86 million<\/p>\n
Identify. Track. Resolve.<\/b>
\nThe need to constantly identify track and mitigate potential issues to avoid significant financial and reputational costs is extremely critical for an effective Governance, Risk and Compliance Program.<\/p>\n
Issues are a common occurrence across a business life cycle and mainly fall under four categories:<\/p>\n
A Problem<\/b> that could prevent progress or completion.
\nAn Opportunity<\/b> that needs to be explored for possible gains.
\nA Situation<\/b> that can be an issue of concern.
\nA Cause<\/b> for Concern wherein an issue may develop into a problem.<\/p>\n
A centralized view of issues and their tracking till resolution helps organizations avoid losses, reputational damage and regulatory fines. A good example here would be The Health Insurance Portability and Accountability Act of 1996 (HIPAA), or the Sarbanes \u2013Oxley (SOX) Act, that demand a clear audit trail showing various transactions and records.<\/p>\n
Issue tracking-best practices<\/b> Issue-tracking to resolution provides organizations and businesses with a solid compliance posture by ensuring effective and timely remediation to comply with regulatory requirements and industry standards. Organizations that are committed to Issue management and resolution are viewed as more responsible and reliable by customers, investors, and stakeholders and go a long way in improving productivity, strengthening business stability and continuity, and giving them a definite competitive advantage.<\/p>\n EnGRC \u2013 Facing the future with certainty<\/b><\/p>\n EnGRC is built by experts with firsthand experience of day-to-day GRC operations. Therefore, we know how important it is to have a solution which is quick to implement, easy to use and delivers the smart dashboards and reports that stakeholders want. EnGRC delivers all of these features in a modular, scalable, configurable platform.<\/p>\n <\/p>\n
\nTracking issues or findings to resolution is a critical component of an effective Governance, Risk, and Compliance (GRC) Program and businesses follow several benchmark practices which include the following steps:<\/p>\n\n
\nAdvantage \u2013Issue Tracking<\/b><\/p>\n\n