Issues Management
IM-04Escalate Critical issues to the chief executive and the sponsor bank within 1 business day
How Leela would run itEvent-driven · each Critical issue: escalation within 1 business day, written summary within 2, daily updates until remediation is under way
From the policy libraryThe requirement
A Critical issue is reported to the Chief Executive Officer by phone and to the sponsor bank by phone or in person within 1 business day of identification, with a written summary within 2 business days. Interim mitigation starts at once, both parties are updated daily until remediation is under way, the Compliance Officer assesses whether a regulatory notification is triggered, and the issue goes to the board at its next meeting.
- Applies
- Tell Leela about your company to see whether this applies.
- Status
- Setup needed
Tell Leela how you handle it today, or hand it over: see what’s next.
The work
Make the calls within 1 business day, take interim mitigation steps, send the written summary within 2, keep the daily updates going, decide on regulatory notification, and put the issue on the next board agenda.
What Leela keepsThe evidence this obligation leaves, as the work happens
Listed from the policy libraryContents
- 01Escalation recordWho was told, by what channel, and when, for the chief executive and the bank
- 02Critical issue summaryWritten summary sent within 2 business days, with daily updates
- 03Regulatory notification assessmentDecision and reasoning, with any notice filed
Evidence
Escalation record
Issues Management §4, §7.1
3
of 3 records
The work and the records come from this obligation in the policy library.