Insights & Articles
Featured Insights & Articles
Detecting and Preventing Human Trafficking in Supply Chain
The call across the food & beverage industry is to get certified to one of the several Global Food Safety Initiative (GFSI) scheme options to ensure safe and high quality food. GFSI-benchmarked schemes require higher safety standards than what the government regulatory bodies enforce and certification to a GFSI approved schemes will help to drive food safety programs and processes toward FSMA compliance. Read this article to learn how adherence to GFSI approved schemes can take you one step closer to meeting FSMA Mandates.
Complying with HIPAA Omnibus Rule: Key areas of focus for Healthcare Providers
The HIPAA Omnibus Rule marks a significant update to the privacy and security obligations of providers with respect to patients’ protected health information. The MetricStream solution provides ability to effectively manage and automate HIPAA/HITECH compliance and to streamline all other compliance aspects ranging from preparing policies and procedures, to assessing and analyzing risks, managing audits, identifying gaps, and remedying issues.
5 Best Practices to Enhance Vendor Due Diligence
Engaging vendors does not diminish the responsibility of an organizations towards various stakeholders. An organization needs to ensure that the vendor performs the outsourced activity in compliance with various internal and regulatory requirements. This article provides insights on how an effective due diligence program can be adopted as per the risk and complexity of the vendor relationships.
Why Healthcare Payers and Providers Must Embrace Pervasive GRC
Multiple strict laws and regulations make Governance, Risk, and Compliance (GRC) a major concern for both healthcare providers and payers. Adopting agile, intuitive, and robust GRC solutions can go a long way toward achieving superior growth.
Proactive Risk Management - The Key to Business Excellence
To achieve effective enterprise risk management, organizations must focus on being proactive, rather than merely reactive, and use risk management to both drive competitive advantage and sustain future profitability and growth.
Harnessing the Power of Analytics in Auditing
Read this insight to know how Data Analytics can be leveraged by Internal Audit to broaden risk coverage and enhance audit efficiency.
Managing Supply Chain and Product Compliance Complexities
Regulations such as RoHS, REACH, and the conflict minerals rule call for greater transparency in supply chains. With a definitive strategy and real-time visibility across the supply chain, organizations can effectively mitigate risks and ensure compliance.
Best Practices for Effective Risk Assessments
Operational risks are inherent to banking and financial services industry. Effective management of these risks has been a fundamental challenge for companies. Sound internal governance forms the foundation of an effective risk management framework. To achieve this, companies need to define a consistent and comprehensive approach to manage risks.
Key Strategies to Strengthen Third-Party Due Diligence for the Retail Industry
Article on Key Components of Third-Party Due Diligence Program and how technology can help in automating the third party management program, compliance and audit.
3 Key Strategies to Mitigate Modern Supply Chain Risks
Organization face multiple supplier risks ranging from IT and security, operational, financial, legal, brand and reputational risks. Unmitigated risks can severely obstruct growth, hit the profit margin and decline in client and employee confidence. Read this article to understand the key elements for managing global supply chains effectively.
ISO 9001:2015 Discovers Risk-Based Thinking
Since its launch in 1987, the ISO 9001 standard has stipulated the requirements for a certifiable Quality Management System (QMS) to ensure the consistent manufacturing of reliable, high-grade products. The ISO 9000 family for QMS provides organizations with the necessary guidance and tools for increased product quality, customer satisfaction, and a sustainable methodology to identify improvement.
Blending Compliance and Audit to Strengthen Healthcare Governance
While Internal Audit is entrusted with the overarching responsibility of identifying and mitigating risks, compliance enables mapping internal operations to external regulations. Combining these two functions will result in effective governance, better utilization of resources, improved oversight of ethics, overall risk management, and internal control.
Strengthening Risk Management Practices in the Pharmaceuticals Supply Chain
Pharmaceutical manufacturers rely on a complex network of suppliers to manage various aspects of their product lifecycle. This article provides 6 best practices to strengthen risk management including the significance of supplier assessment and audit and leveraging technology solutions improves the efficiency of data analysis and communication.
Next-Gen CSR Strategies to Enhance Supply Chain Social Responsibility
Organizations today need to take a deeper look at the risks in their supply chains, and the weaknesses in their supplier audit procedure and address the growing interest towards ethical sourcing from consumers, regulators and other stakeholders.
Internal Audit’s Role in Transitioning to the 2013 COSO Internal Control - Integrated Framework
Internal Audit has been substantial in leading the transition to the New COSO 2013 control Framework. The New Framework also provides new opportunity for internal audit committees to take a fresh look at internal control, create value for the organization and manage elevated expectations regarding internal control.
Enhance Organizational Performance with Business-Aligned Supply Chain Management
Improving Supply Chain and Supplier Performance is often juxtaposed with addressing the needs of diverse demands of global customers. This article provides “Eight Key Steps to Improve Supply Chain and Supplier Performance” which can help organization better align business strategy and supply chain strategy for sustained performance.
Exploring the Re-proposed FSMA Rules and Ways to Comply
Signed into law in 2011, the Food Safety Modernization Act (FSMA) represents the most sweeping reform in food safety laws in several decades. With the aim of preventing food safety incidents, the law lays out multiple requirements to ensure that good food safety controls and measures are established at every step of the food chain from farm to fork. It also gives the FDA new powers to prevent, detect, and respond to food safety issues.
How Next-Generation Audit Functionalities on Smart Devices Are Changing the Audit Landscape
Field inspections are essential to auditing, and help evaluate compliance with government regulations across sectors. For these inspections to be quick and efficient, it is imperative for organizations to move away from the manual paper-based audit management approach to an electronic, automated system.
Recipe for Market Success: Integrate Effective ERM with Business Strategy
Understand how an integrated approach to risk management aligned with strategy, supported by the right technology and risk appetite can help organizations optimize their operational effectiveness to build a sustainable competitive advantage.
5 Best Practices to Improve Vendor Governance in Healthcare
Healthcare providers and payers can take the next steps to improve their vendor governance and develop effective vendor relationships that deliver immense benefits and improve performance.
Strengthening Corporate Governance Using a Risk-Intelligent Framework
Risk management is no longer just about complying with regulations. Instead, it’s about creating proactive risk management processes to consistently identify, manage, mitigate, and document risks. Read this article to learn more about how technology can help build better governed and more resilient organizations.
Risk Management in Financial Services
With crisis in financial markets still unfolding, most organizations are asking themselves, “How could we have avoided this crisis?”, “How does the current crisis affect us?”, or “What steps should we take to deal with the current crisis?”, or “Which is the most appropriate way to prevent such disruptions in the future?”.
What is the ROI of an Audit Management Solution?
Audit managers are critical, contributors to business performance providing an independent assessment and view of state of the business. As a leader in Governance, Risk Compliance (GRC) and Quality Management solution, MetricStream engages with a large number of audit managers accountable for monitoring risks and ensuring compliance across organizational units.
Demystifying the Risk-Based Approach to Cloud Computing
How do you ensure the right data is moved to Cloud? How do you ensure the right security controls are implemented in Cloud? How do you mitigate all types of risks faced in Cloud? Implementation of a risk based approach can enable enterprises to address all these issues and reinforce data confidentiality, integrity, and availability and stay ahead in the competition.
The Evolving Role of Internal Audit in Assessing the Efficiency of Business Operations
The evolving Internal Audit function has the potential to not only enhance compliance with internal controls, but also enable business value preservation and creation. This insight discusses the changing role of Internal Audit, and introduces best practices to effectively detect and manage new and emerging risks.
A Strategic Makeover for Internal Audits
Management teams and boards are increasingly looking to auditors to help them balance risks and opportunities, and make better-informed business decisions. In other words, audits are no longer just a compliance tool, but an important strategic asset. Discover how you can build a more effective audit program with a strong strategic focus.
6 Ways to Strengthen Policy Management
Since policies play a critical role in supporting and strengthening an organization’s success, it is imperative to have a formal and well-thought-out policy management process. Learn about the key steps you can take to build a more effective approach to policy management.
Strengthen Your Health and Safety Culture with Impactful Systems
Health and safety management isn’t just about meeting compliance requirements, or avoiding litigation. It’s about creating an environment where employees actively participate in achieving optimal levels of health and safety. Learn how your organization can effectively journey up the maturity curve to foster a safer and healthier work culture across the enterprise.
9 Best Practices to Jumpstart your Third-Party Management Program
While companies increasingly rely on third parties to lower costs and accelerate time-to-market, most third-party relationships come with multiple risks such as information security risks, regulatory compliance risks, and reputational risks. Learn how to keep these risks in control, and strengthen third-party management with these nine best practices.
5 Questions to Ask Before Creating a Successful Health & Safety Plan
A comprehensive Health & Safety (H&S) plan is critical not only to protect employees, but also to improve productivity, and minimize downtime costs. Whether you’ve already created such a plan, or are just getting started, here are five key questions to ask, in order to ensure that your H&S plan is optimally effective.
3 Proactive and Easy Steps for SOX Compliance
SOX compliance management can seem like a daunting task even to the best of companies. However, with a few key steps, you can effectively simplify and strengthen your SOX compliance processes. Read this article to know more about building a successful SOX compliance program.
The Power of Key Risk Indicators (KRIs) in Enterprise Risk Management (ERM)
With the global risk landscape constantly evolving and organizations striving to achieve their objectives, there is a high demand for relevant and timely risk information. Key Risk Indicators are critical predictors of unfavorable events that have the potential to adversely impact organizations. They also provide invaluable insights to monitor change in the level of risk exposure, and provide organizations early warning signs to prevent incidents and crisis. This article highlights key aspects to consider for defining effective KRIs, and how monitoring of appropriate KRIs can safeguard your organization from operational, reputational and other risks.
Are Your Stores Ready for the Holiday Season?
With holiday season just around the corner, it is imperative for every retailer to make sure that their store processes, systems, and staff are working in harmony and ready for busiest time of the year. Read this article to find out how a store audit program can help.
Role of Internal Audit as Business Advisor
Internal Audit has undergone a dramatic change in its objective from assessing oversight to delivering insight and foresight towards business functions. This article provides an insight on the role of Internal Audit in the form of an advisor adding value, apart from its role as assurer and assessor for developing key business decision and risk based strategies.
How Enterprise GRC Strenghtens Security Intelligence
One of the key GRC challenges that Risk and InfoSec professionals face today is gaining a consolidated view of risk, compliance and internal controls across the enterprise. To achieve this, organizations are moving away from a siloed approach, towards an integrated enterprise GRC program with well-structured and visible risk reporting frameworks, unambiguous control systems, streamlined infose risk management processes, all of which can improve accountability and communication.
Enterprise-wide risk management in energy and utilities sector
Due to the inherent and volatile nature of the business in Energy & Utility sector, organizations have to tackle the complexities of performing real-time risk measurement and mitigation. They also require risk-intelligent approach to survive the challenges posed by the economic and geo-political fluctuations. In order to execute and control their risk strategy, energy and utilities organizations must adopt a sound risk methodology, with the necessary flexibility to enable them to generate more profits.
“Playing the Internal Audit Card in Changing Business Environment using 5 Critical Technological Capabilities”
This article highlights the 5 core technology capabilities that help deliver value from Internal Audit in terms of reduced operational cost; improved visibility, and consistent and timely decision making process.
FDA Inspections: Face the Challenge Through Proactive Preparation
This article provides insight on FDA's inspection from Entry to Exit and how Life Sciences companies can adopt the 3I approach of "Implement-Inspect-Incorporate" instead of Retrospect. The article also discusses the Quality System Inspection Technique (QSIT) used by FDA for inspections and how technology can be leveraged to be better prepared.
Is your internal audit fit for the future?
The Internal Audit function has moved beyond the traditional assurance model owing to the dynamism in the business environments and has progressed to a transformational role as a "Strategic partner". Hence there is a need for systematic makeover of Audit functions within organizations to drive this advantage for business decision making. This article highlights the key areas for transformation to enable internal audit function to deliver greater value to an organization for gaining competitive advantage.
Strengthen IT Auditing with COBIT
MetricStream's latest insight on "Strengthening IT Audit with COBIT" will provide guidance on how you can leverage COBIT for effective execution of IT Audits & integrating it within the General IT Audit process.
The Auditor’s Role in Adding Organizational Value - Aligning various aspects of GRC auditing to fulfill the new responsibilities
This articles talks about how auditors can contribute to streamlining GRC program by evaluating its effectiveness and aligning various aspects of GRC auditing, thereby fulfilling the new responsibilities and adding immense organizational value.
Laying the Groundwork for Your GRC Journey
A leading healthcare products manufacturer successfully embarks on the path towards building a robust, collaborative, and harmonized approach to GRC, supported by an integrated technology infrastructure
Six Steps to Implementing a Risk-based Approach to Regulatory and Reliability Compliance in the Energy and Utilities Industry
The energy industry is in a state of intense transformation due to the forces of technology, competition and regulation. As the industry adapts to these changes, company personnel are seeking to maintain their value proposition for their customers in a climate of uncertainty and risk. Regulatory compliance, once a footnote in the company annual report, has now become a major driver of profits and shareholder return.
Cloud Presents Healthcare Providers with Challenges for HIPAA Compliance
Read this interesting MetricStream insight that brings out the challenges that cloud computing offers the healthcare industry in addition to the increased regulatory vigilance.
Technology Transforms the Healthcare Industry
This article looks at the role of regulations like HIPAA, through the implementation of Electronic Health Records, and now the Patient Protection and Affordable Care Act (PPACA) has played in bringing technology in the fore front in the healthcare industry.
Basel II: Building Risk-resilient Banking Systems
When Barings Bank declared bankruptcy in 1995, the world was stunned. As Britain's oldest merchant bank, Barings had weathered disasters like the Great Depression and Two World Wars - only to be later brought down by a single man in a small office in Singapore. By the time Barings uncovered his actions, it was too late. Leeson had cost the bank over $1 billion. Learn More about this.
Fundamental Practices of Internal Audit Function
This article discusses how to plan an effective internal audit program focusing on risk assessment and key risks to be considered, which will help in appropriate resourcing of internal audit efforts, tied to board level issues and significant areas of the organization that can be impacted by the financial wellbeing of the organization.
Challenges to PCI Compliance
With the burgeoning popularity of online shopping and banking, credit card transactions are flourishing. Consequently, credit card fraud is on the rise. To combat this growing menace, the Payment Card Industry Data Security Standard (PCI DSS) was developed. The standard is mandated by leading credit card institutions like Visa and MasterCard. The article describes key challenges in PCI compliance and how businesses that engage in card payments should protect cardholder data and maintain the highest levels of information security.
Internal Audit Software Application, Continuous Auditing Systems
After making circles in the academic networks for years, continuous auditing is now within reach for businesses looking to derive greater value from their auditing processes. Its implementation is no more complex and the benefits are real. By adopting the right auditing tools, developing a complete system with technological adequacy and an environment conducive to its application, every organization can gain from continuous auditing.
Alarming Rise in Automotive Safety Issues
Quality issues in automobiles can not only result in commercial implications for the manufacturer, they also become life-threatening for customers and can severely damage reputation of the automotive company. In order to manage such crises, automakers need to comply with the Transportation Recall Enhancement Accountability and Documentation (TREAD) Act and diagnose the impairment, thus nullifying further recurrence of the impairment.
ISO 31000: Streamlining Risk Management to Achieve Corporate Goals
The new ISO 31000 Risk Management standard provides a universally recognized paradigm for risk professionals to clearly define terminologies, establish formal processes, understand the context of their efforts, and evaluate opportunities vested in taking risks. MetricStream's ERM approach is well aligned with the overall approach and the guidelines of ISO 31000.
Audit Performance Measurement
While the Internal Audit function is gaining popularity as a guardian of good corporate governance and the leader of business performance, measuring the Internal Audit’s performance can play a critical role. Regulators and investors are demanding increased scrutiny of an organization’s operation, making the Chief Audit Executive’s (CAE) job more complex and challenging.
Effective Governance through Internal Auditing
Internal Audit supports the Board of Directors (BoD) and its committees by independently assessing the effectiveness of an organization’s system of internal controls as well as compliance with statutory, legal and regulatory requirements. Given the importance the BoD attaches to this role, organizations are making every effort to adopt Internal Audit across the enterprise for better management of risk and effective compliance with regulation.