The "Diary module" is used to register all types of remedial actions, whether they relate to adding controls, enhancing existing controls or taking action to prevent the recurrence of loss events.
The same module is also used to track remedial actions raised by Internal Audit and Compliance.
A number of extremely useful tools are available on CARE to facilitate continuous monitoring. One of these tools is the Dashboard screen. This is designed to appear immediately upon logging into the system and provides - in graphical format - a summary of all the exceptions tracked by the system including; controls that are not working as intended, risks that are not controlled properly, delinquent remedial actions..etc. By clicking on the charts, a report is automatically generated with the details of all exceptions identified. The dashboard screen can be tailored to meet the user preferences and only reports data on the entities the user has access authority to.
Another tool that was recently introduced in CARE 5.0 is the notification screen, all types of exceptions are included in one location. The user can click on any exception and the system will automatically forward him to the relevant screen(s) where he can get more information and take action to rectify the situation.
Finally one of the most valuable monitoring tools is the Email Alert Module. This is used to send email alerts to the relevant officers as soon as a predefined exception is tracked. The module allows for up to 3 escalations and the system administrator can define the frequency of alerts, the parties to be ccd and Bccd and can even adjust the language in the body of the email.
Yes, this can be conducted in two different modules. The first, is the Loss Predication module. Using this module, the historical loss data on CARE Event Tracking module is relied upon to estimate the expected Operational Losses in the coming year in accordance with different scenarios/assumptions determined by the user.
The second is the Diary (remedial action) module; which allows the user to study the impact of suggested remedial action on the control environment