Lets try to summarize for a moment what you’ve got as a Executive manager with your fresh start with the FURIA.
1. Proper transparency of information, but with necessary access controls that rely on need to know basis
2. Rapidly improved manageability over the different kind of issues all across your processes
3. Interconnection between heterogeneous data sources and information repositories by consolidation into single complex database with common set of controls
4. Uniform, efficient and user-friendly interface to handle variety of operations on the same or very similar way
5. Real responsibilities of your employees and identified risks of any type are now easy measurable and subject to efficient monitoring, notifications, alerting and problem escalation process
6. Full history of changes on each and every issue of any kind that you choose to control
7. Referencing particular common regulations or internal procedures from multiple atomic structures result in better understanding of process failures and vulnerabilities
8. Advanced reporting capabilities, from monitoring tools used on daily basis to regular periodic comprehensive reporting to the Executive Board, Audit Committee, Shareholders Assembly, Compliance Committee, Security Committee etc.
9. Flexible interfaces to communicate the issues and management decisions with external world, your other standalone applications
10. Secure and reliable environment that manage your confidential or classified information
Even now looks good, ain’t it? But, let’s stop there for a moment. What about your Executive Decisions? Having problems with controlling them, already?
So, here’s the setup, how it really works. Someone or something pop-up with nice idea to handle some risk and, of course, proposal to buy some cool software solution, promising miraculous resolution of the frequent issues in the office branches. Such information is identified in FURIA via Audit Reports, Security Reports, Internal Control Reports but also Incident Reports and Anti-fraud Controls. Good, and then comes proposal of this solution to the Executive Board, as low as 29,990 $/€.
OK, so EB decides to buy the solution, and order to settle the project team and to perform the procurement of the proposed solution, with ultimate goal to have this control software implemented by the end of the year, not later than 31.12.2015. With your signed decision in hands, department that proposed jump to the Procurement Department to quickly make arrangements and the contract with the vendor.
Wait a moment, what about a project team and project requirements? OK, there’s now time for that right now, we’ll do the small details during the implementation phase. And then, in the middle of the implementation it happens that costs are increased +16% since department in charge did not prepared all the information timely in advance so misunderstanding happens on some points causing delays to project implementation and with not exact scenario promised as miracle solution.
More costs, unplanned. Deadlines fall apart. Responsibilities – none.
So, what’s the catch? Do you really need to go by yourself, each step by step to make sure that your EB Decision is followed exactly as proposed and approved? And who is exactly show-stopper, who is responsible for +6 months delay and +22,5% more costs? Aaargh!
Now, consider FURIA as a probable solution and proper Management tool to deal with such problems. First, use your existing Hierarchy or create new one with less people inside, set the permissions and rules. Then, create Executive Decision report and Executive Decision atom according to your standard scenarios. The Executive Decision Report contains all relevant information about decision date, decision makers/signatures, formal decision text, and so on.
Then, enter one by one Executive Decision atoms – the actual decision details – pointing who will do what, in what period and on what budget. Then assign particular tasks to your sector directors to make sure that each and every executor knows its role to make your Decision really executed as planned. Finally, publish your decision and make it available for all the parties involved – and watch it coming.
You can now check from time to time on progress for each assigned task since all the directors involved need to post their feedback on the particular Decision – atom: status, costs, project progress, but also they can timely enter early signs of failures, unplanned issues and delays. No way that something should pass unnoticed or forgotten – FURIA will deal with notifications, approval of changes and progress reports.
The results? Remember the earlier situation where you decide something and you don’t know any feedback until is too late or until costs rise to the heavens? Feeling better now?
Go for it! Since FURIA is primary designed as proper Management and Monitoring Tool, use your FURIA instance the best way to fit your process and ensure proper controls.