Operational Risk and Change Management
Structured change management processes help to create a secure and reliable global operating environment as well as reduce operational and compliance risk. Organizations are also required to adapt their change management processes to conform to multiple compliance regulations. Financial services organizations are faced with the demands of creating process management systems that meet the directives of multiple, changing regulations, while at the same time, maximizing the return on those systems, reducing risk, and assuring regulatory comliance.
TrackWise® Operation Risk and Change Management Solutions
TrackWise® software enables companies to reduce operational risk, comply with regulatory requirements, and improve ROI by centralizing, standardizing, and improving the change management process. The system enhances your company's competitive position by increasing data reliability, promoting rapid response to change, and enabling the delivery of consistent quality services.
TrackWise® enables users throughout the organization to easily request changes through a web-based interface. The system subsequently enforces the appropriate workflow process as a result of the change type, impact, severity, and other key criteria. Change requests related to documents and procedures, IT controls, physical access controls, audit criteria, and training curriculum, are just some of the processes that organizations are improving by using TrackWise.
TrackWise® ORM Offering:
• Risk Assessments and Mitigation Plans
• Incident and Deviation Management
• Loss Event Tracking
• Anti Money laundering
| Challenge | TrackWise Solution |
|---|---|
| Reducing risk to operations by ensuring proper impact assessment before the change is implemented | TrackWise ensures all changes follow a structured risk analysis and impact assessment prior to approval and implementation. |
| Responding quickly to change requests and minimizing system downtime | Automated workflow management, built-in escalation, and integrated reporting improve collaboration and enhance your team's ability to work in global environment, enabling you to respond more quickly to change requests. |
| Auditing change to enforce consistency and accountability | Change records in TrackWise are routed for review and approval through a logical progression, leading to effective, repeatable changes to the infrastructure with a date stamped audit trail. |
| Assigning and tracking action items directly related to a change request | "Children" task records can be created to manage and track related action items that are required to close the loop on open change requests. |
| Increasing visibility to open changes and decreasing time required to complete them. | Powerful and fully-integrated reporting tools enable users to generate customizable reports based on any criteria. Administrators may schedule reports for automated email distribution to a list of recipients based on a pre-defined basis. |
| Ensuring timely completion of all change-related tasks | TrackWise centralizes and automates the change control process by allowing authorized users to initiate change requests via the system's web-based interface. The system routes change records through the review, approval, implementation, and disposition processes based on specific procedures and timetables. |
| Ensuring appropriate routing in an efficient and non-resource intensive manner | Relevant change requests can be directed to advisory board members or any other governing body at any step(s) of the process for approval or rejection. Reviewers may post comments that they wish to share with others. |
| Updating and accessing distributed documentation through a centralized interface | Integrated document management capabilities allow users to access and update documentation including procedures, organizational charts, and regulatory information without leaving the system. |
