May 1, 2017 | Palo Alto, California: MetricStream, the independent market leader in Governance, Risk, Compliance (GRC) Apps and Solutions, and Blue Cross Blue Shield of Michigan (BCBSM), the largest health insurer in Michigan, have jointly won the GRC Value Award in the category of Issue Reporting and Management. Instituted by leading analyst firm, GRC 20/20 Research, the GRC Value Awards recognize real-world implementations of GRC programs and processes that have returned significant and measurable value to an organization.

MetricStream and BCBSM were recognized for implementing the MetricStream Issue Management Solution, which enables the health insurer to identify, manage, and report compliance issues in an integrated, efficient, and consistent manner. The result is better visibility into enterprise-wide issues, improved accountability, and faster issue resolution.

Commenting on the award, Michael Rasmussen, GRC Pundit at GRC 20/20 said, “The MetricStream implementation at BCBSM is evidence of how a holistic, forward-looking and automated approach to issue management can strengthen compliance, especially in a dynamic regulatory environment. With the MetricStream solution, BCBSM has a comprehensive, real-time understanding of issues and associated trends which, in turn, helps them mitigate compliance risks quickly and efficiently.”

“We are delighted to be recognized with MetricStream in the GRC Value Awards,” said Michael Cover, Manager at BCBSM. He continued, “Issue management may be just one piece of the compliance puzzle, but it is a critical piece. The MetricStream Issue Management Solution is a strong enabler, helping us document and manage our issues in a streamlined manner, while also giving us the insights we need to respond proactively.”

Built on the scalable MetricStream GRC Platform, the issue management solution provides a single point of reference for BCBSM to capture, classify, investigate, and remediate compliance issues. The solution improves communication on issue management across the enterprise, while minimizing redundancies. It also tracks issues in real time, and helps users slice and dice the data from various angles to make informed decisions.

Commenting on the achievement, Gaurav Kapoor, Chief Operating Officer at MetricStream said, “The GRC Value Award is a testament to the importance of a thorough compliance and issue management program to proactively manage risk in the organization. This is especially important in the health insurance industry, where the complexity and volume of regulations can be overwhelming. As companies strive for compliance, they need a simple, yet flexible solution that can help them manage compliance issues swiftly, easily, and effectively. Working with BCBSM on this initiative has been a rewarding experience, and we are delighted to share this award with them.”

View GRC 20/20 Research's case study on BCBSM’s Issue Management program here.

About GRC 20/20 Research

GRC 20/20 Research, LLC (GRC 20/20) provides clarity of insight into governance, risk management, and compliance (GRC) solutions and strategies through objective market research, benchmarking, training, and analysis. We provide independent and objective insight into leading GRC practices and processes, including market dynamics and intelligence; risk, regulatory and technology trends; competitive landscapes; market sizing; expenditure priorities; and mergers and acquisitions.

About Blue Cross Blue Shield of Michigan

Blue Cross Blue Shield of Michigan is a nonprofit mutual insurance company and an independent licensee of the Blue Cross and Blue Shield Association. BCBSM provides and administers health benefits to more than 4.5 million members residing in Michigan and 1.6 million members in other states. (www.bcbsm.com)

About MetricStream

MetricStream, the independent market leader in enterprise and cloud applications for Governance, Risk, Compliance (GRC) and Quality Management, makes GRC simple. MetricStream apps improve business performance by strengthening risk management, corporate governance, regulatory compliance, vendor governance, and quality management for hundreds of thousands of users in dozens of industries, including Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-Tech and Manufacturing. MetricStream is headquartered in Palo Alto, California, with an operations and R&D center in Bangalore, India, and sales and operations support in 12 other cities globally. (www.metricstream.com).

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