Issue management can be a time-consuming process for audit departments. Get up to speed on how to conquer common challenges to successful issue management, how issue remediation metrics can serve as a status check for organizations, and ways to build a stronger, more efficient issue management program.
After an audit is complete, the closing meeting has been held, and the audit report issued, the next task is issue management. For some audits, stakeholders resolve issues quickly, but management may take months or even years to resolve the issues, turning the issue management process into its own tedious exercise in project management.
One of the more important metrics internal audit should manage is tracking and reporting on issue remediation. How quickly issues are remediated are not only a sign of how well an organization is managing risk, but also how efficiently the business is operating and its receptiveness to change.
In organizations with independent audit, risk, and compliance functions, a common challenge is siloed issue management practices. Different business functions may be performing duplicate activities around issue tracking using inconsistent methodologies. Keeping multiple issue logs and making multiple requests for information to issue owners pose inefficiencies to all involved and limit an organization’s visibility of issues.
Standardizing your issue management program can help break down those silos, strengthen enterprise risk management, and improve collaboration among teams. Download 7 Tips for a Well-Rounded Issue Management Program to learn more about addressing common pain points and building a stronger program.
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