The remediation process must be handled carefully to minimise the long-term impact. If the crisis is high-profile and involves external third parties, then careful public relations and communications will be required.
The remediation and rectification process consists of three main phases and will address a number of issues:
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Phase One: Problem Analysis – what exactly has gone wrong? How big is the problem?
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Phase Two: Resolution – this may include compensating any losses incurred or re-instating records. The resolution phase requires a unique and stakeholder-approved process.
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Phase Three: Prevention – what processes should be put in place to ensure this problem does not recur?
Morse has the specific industry expertise, the experience of dealing with the regulators and the process and data toolsets to provide a full support service to help you through the problem.
