Remediation Happens: How To Identify, Mitigate And Resolve Related Risks

Remediation occurs for a host of reasons. You may identify remediation risk from internal activities (e.g., an audit, a control break) or external activities (e.g., a complaint, a regulatory exam, a lawsuit). Sometimes a remediation event is in the news, sometimes it is not. Sometimes it happens to your company, and sometimes to a competitor. And sometimes, it is triggered by events outside your span of control – including changes in federal or state governments. For instance, regulatory priorities in the US have been changing at a rapid pace under the new Trump administration and may have an impact on your risk-based assessments and focus areas.

Companies have a greater remediation risk when policies and procedures, processes and controls, technology and data, or organizational design and talent are insufficient to prevent and detect breakdowns that negatively impact customers or other stakeholders. Examples include inaccurate fees, insufficient earnings or