Get up to speed on common issue management pain points, and download our free 7 Tips for a Well-Rounded Issue Management Program!
One of the more important metrics internal audit should manage is tracking and reporting on issue remediation. How quickly issues are remediated is a sign of how effectively an organization is managing risk because the time it takes to close out identified issues:
- indicates that issues identified by internal audit and other risk and compliance groups are relevant to the organization
- is an indicator of how efficiently the business is operating
- demonstrates the business’s receptiveness to change and risk tolerance
In organizations with independent audit, risk, and compliance functions, a common challenge is siloed issue management practices. Organizations seeking to improve their issue remediation metrics can benefit by addressing inconsistent methodologies and unifying enterprise-wide issue management under one common framework. Read on to learn common issue management pain points, and download our 7 Tips for a Well-Rounded Issue Management Program below!
Issue Management Challenges
In organizations with siloed issue management efforts, different business functions may be performing duplicate activities around issue tracking using inconsistent methodologies. Multiple issue logs (in varying formats) tracking similar outcomes pose inefficiencies to all stakeholders involved, including issue owners who are asked to provide consistent information to different groups at various times. Siloed issue management practices limit the organization’s ability to have a holistic view of issues. According to Protiviti, this can result in the following outcomes:
- Lack of issues prioritization
- Lack of clear accountability
- Poor data quality and root cause analysis
- Incomplete organizational impact analysis
- Undefined issues closure processes
- Culture of closing issues with quick fixes rather than sustainable solutions
How can organizations work toward breaking down these silos and move toward what Protiviti refers to as an agile state of issue management?
Standardizing your issue management program can help reduce inefficiencies for internal audit and other stakeholders, strengthen the organization’s ERM program, and improve collaboration and relationships between internal audit and other business groups.
Get seven tips to help you address these common issue management pain points by downloading our free guide below, and start building out a stronger issue management program today!