Toronto-based BPS Resolver, which works in the Governance, Risk and Compliance Management field, has announced the release of their recently-enhanced Issues & Actions Tracking offering.

The product represents "a new step in composing fields, workflows and reports," company officials say, adding that IAT enables "the identification, allocation, prioritization, sizing, scheduling, additional testing and monitoring of issues and action plans."

It also uses features found in BPS Resolver's BPS Suite to "create meaningful relationships between issues/action plans and other risk-based activities," company officials say.

The idea is to give users the information and insight to locate systemic root causes of risk management failures, and to provide the oversight required by senior management.

In January, TMC (News - Alert) had the news that BPS Business Propulsion Systems and Resolver Inc. announced a merger which took effect on January 1, 2010 to form BPS Resolver.This merger brought together two governance, risk, and compliance software product offerings. The new company's combined offering "will provide a complete product suite of planning, execution & refinement solutions for GRC and sustainability best practices," according to company officials of both firms at the time.

"Together, they will focus on rapid delivery of software-as-a-service compliance products, as well as large-scale more customized enterprise licensed products, to utilities, financial institutions and healthcare markets worldwide," BPS officials said, adding that the merged company's increased scale and combined expertise "will enhance, accelerate and strengthen our responsiveness to client software requirements and service needs."

IAT can be used on its own or in conjunction with other solutions in BPS Suite. Company officials explain that auditors can use the software to identify and report audit findings, and compliance officers can identify issues for failed control tests and ensure that there are appropriate follow-up plans.

Steve Taylor, CEO of BPS Resolver, says what is unique about IAT is that "it has integration capabilities with other BPS Resolver Suite solutions or third party products."