An exception management system comprising a centralized exception engine for processing exception messages from a plurality of source systems across a firm (or enterprise) and for generating workflow items where needed from the exception messages. The centralized exception engine may comprise an exception backbone that receives the exception messages from the source systems and processes the exception messages based on business rules. The exception messages may adhere to an exception message definition format. Users may access the exception information via a user interface. The exception engine may send alerts to certain users in certain circumstances based on the business rules. A flow manager of the exception backbone may process the exception messages by: (i) enriching the exception messages with additional information; (ii) prioritizing the exception messages; (iii) routing the exception messages to one or more users; and/or (iv) persisting exception information extracted from the exception messages in a persistent store. A workflow engine may communicate workflow messages to the source systems or directly with the exception backbone when workflow is required for one of the exception messages.