The Costs of a Siloed Approach to Issue Management
- July 14, 2021
- Quantivate
Modern business has grown increasingly complex over the years. Globalization, regulations, and new technologies have made it difficult to keep business strategy and objectives aligned with this complexity.
Many organizations find themselves conducting issue management through a siloed, departmentalized lens. Issue management activities are too often buried deep within back-office departments and functions. This siloed approach can often lead to redundancy, confusion, and things slipping through the cracks, as organizations lack a full understanding of interconnected risks, issues, and their impact on the business.
Organizations need to develop better efficiency in reporting on and responding to emerging issues and create standardized policies and processes. Without these capabilities, costs related to misallocation of resources and headcount will impact your institution’s bottom line.
Supporting Issue Management Integration
To properly manage issue reporting and resolution, organizations need the ability to communicate issue management data to the right stakeholders at the right time. Automating data-sharing and reporting processes provides improved visibility and awareness of issues across risk and compliance disciplines.
A standardized, integrated GRC architecture provides better data access, workflows, and issue monitoring, equipping teams to quickly respond to events while improving transparency and increasing agility throughout the entire organization.
An integrated approach to issue management doesn’t have to be a struggle.
Join us on August 5, when we launch our Issue Management application as the latest addition to the Quantivate suite of GRC solutions.