Loss Event Tracking

Internal loss events include actual events, near miss events and potential loss events. The nature of losses can be intentional or accidental, but the potential for financial loss is ever-present. Identifying the type, impact, and nature of internal losses enables organizations to better assess and monitor risk, as well as meet Basel II requirements for loss events. The consistent tracking of loss events provides valuable intelligence for better understanding and responding to future vulnerabilities.

TrackWise Loss Event Tracking Solutions

TrackWise enables companies to reduce risk and improve compliance by implementing a centralized, web-based loss event solution that records, tracks, manages and trends loss and near misses. Integrated workflow tools manage loss event process steps to ensure all events are reviewed, and action is taken when necessary. Automatic notifications indicate when a "next step" is required through event closure.

The centralization of all information in one database facilitates effective prioritization of activities, root cause analysis, control assessment, and corrective actions. Advanced business rules technology allows loss events to be interrelated to other TrackWise solutions, including fraud investigations and issue management, for a complete view of risk and remediation throughout the enterprise.

Benefits

• Improve transparency and increased oversight of losses.
• Traceability of and accountability – all activities and actions are included in the audit trail and are available for review by authorized users.
• Achieve compliance with Basel II requirements for loss events.
• Increase executive management's visibility of loss events and related investigations via automated reporting and executive dashboards.
• Improve risk measurement through the centralization and reportability of information.
• Increase response to risk from accessible, accurate information, which is available in real-time.
• Increase justification for investments in risk and control improvements through quantifiable results.
• Substantiate for capital losses and capital investments.
• Demonstrate proactive risk management to regulators and stakeholders.
• Structured assignment of roles and responsibilities.
• Increase information value from integration with internal and external data sources.