Workstream Issues Tracking & Management Suite (ITMS)
Most internal issues in organizations are still being handled in a manual or semi-automated manner. Issues relating to central bank requests and guidelines, audit, client related requests such as balance confirmations can have serious control and service quality ramifications but are often neglected. Workstream ITMS provides a simple to deploy customizable solution which will implement strong process- based management for such issues.
WHY USE THE WORKSTREAM ITMS?

BENEFITS TO YOUR ORGANIZATION
- Eliminate the need to create parallel records – one centralized e-document storage facility with all original documentation cross referenced by track ID so you can instantly locate any document at any time.
- Eliminate the risk of loss of original documentation – log all communication related to an issue in a paperless and highly efficient environment.
- Instantly determine the status of any issue at any time – automated tracking of each process.
- Find the cause of delays via real time dashboards and charts.
- Enforce timely action – all issue owners receive advance notifications and periodic reminders directly to their inbox.
- Nothing gets ignored – escalation hierarchy for each type of issue via pre-defined and customizable rules.
- Know what happened – investigations are helped by an audit trail facility which records every action by every user.
- Powerful reporting feature allows you to extract and summarize key aspects of your pending and active issues as well as historical information.
CASE STUDY: An expanding regional bank wanted to rebuild its internal processes to implement wider controls and improve service quality and efficiency. The bank needed to increase visibility of all outstanding issues and enforce a speedy resolution.
CLIENT PROBLEM: There were blockages in the flow of processes affecting service performance. Backlogs of pending internal control issues as a result of manual processes had made tracking and resolution very difficult. The bank was suffering from weak internal controls and was highly susceptible to both internal and external fraud. Further, Central Bank orders also slowed processing times and were proving almost impossible for this bank to expand its processing capacity with existing technology.
CLIENT SOLUTION: The Workstream Issues Tracking and Management Suite let the client not only solve their outstanding issues, it increased their capacity and ability to track emergent issues. Processes became quick and control was maintained from a more central infrastructure. Senior officers and branch heads gained instant access to summarized issue and internal control information and could see at a glance where issue investigation or resolution took too long. Workstream allowed the bank to exercise improved controls throughout, and be well prepared to meet increase in transaction volumes arising out of business expansion in the future.
MODULAR APPROACH – CHOOSE WHAT YOU NEED
The Workstream Issues Tracking and Management Suite comprise the following modules that are common to most financial services organisations. In addition, further user-definable modules can be added to target a bank’s specific requirement.
- Issue Tracking
Compiles and tracks all audit related issues.
- Deceased Account
Processes deceased account information and documents according to banking rules and regulations, and providing remaining balance in the account to rightful heirs.
- Balance Confirmation
Generates and provides account balance confirmation letters to customers, tracks required documents and charges appropriate fees to relevant customer’s account.
- Cash Excess and Shortage
Tracks excess cash and reports shortages for various tellers along with supplying necessary documents and information regarding incident date, transaction type etc.
- Statutory Guidelines and Requests
Processes information such as central bank orders for individual and corporate bank customers pertaining to court orders, police orders etc.
- Exception Deviation
Authorizes deviations from approved policies and procedures of any bank to provide temporary increases in limits, exceptional account approvals to valued customers based on current rules in bank manuals and policy documents.
- Incident Reporting – Incoming
Processes different types of incoming incidents like stale check posted, amount in word and figures differs on checks, customer’s or authorised staff’s signatures missing, unauthorised closure of account etc.
- Incident Reporting – Outgoing
Processes miscellaneous types of outgoing incidents related to online postings, irregular endorsements, missing bank stamps, operational loss etc.
- Profit and Loss Write Off
Approves write off of profits or losses on a particular account by the appropriate head of department/branch manager.