February 07, 2011 | Palo Alto, California: MetricStream, Inc., the market leader in enterprise-wide Governance, Risk and Compliance (GRC) solutions, today announced that one of the largest global financial services organizations with operations in consumer, corporate and investment banking and insurance, has chosen MetricStream to automate and streamline its worldwide internal risk-based audit programs. MetricStream Solution will help the institution’s global audit group adopt next generation internal audit technology infrastructure. The group is responsible for providing independent assessments of the company's risk and control environment, raising issues and making recommendations that influence business management processes and senior management decisions.
The client, a global diversified financial services company, provides consumers, corporations, governments and institutions with a range of financial products and services in more than 100 countries. Its global audit group reports to the board’s Audit Committee. It also shares risk and compliance information with industry regulators and external auditors. The group’s audit and risk review program covers hundreds of audit entities and is based on a robust, mature audit methodology that spans audit universe risk assessment and management, audit execution, continuous monitoring, issue management and management reporting of audit plans and results.
When the existing legacy system for audit and workpaper management reached its end of life, the company undertook a major initiative to upgrade its technology infrastructure with a next-generation audit solution. The company’s goals were to seamlessly support its audit methodology, while providing richer and more integrated capabilities for auditor collaboration, methodology changes, flexibility in audit universe definition and audit execution, workflow configurations, performance metrics and reporting, and analytics for trending and horizon risks identification.
MetricStream emerged as the vendor of choice based on its market-leading solution for risk-based audit management, as well as its experience and business knowledge in financial services. MetricStream has already made several successful GRC implementations at some of the world’s largest banks, private equity firms, stock exchanges, central banks, insurance companies, asset management firms and federal financial institutions.
By implementing MetricStream Solution, the customer expects to achieve superior risk management and control that is integral to an organization with vast product breadth, customer access, geographic reach and capital strength. The audit teams will use MetricStreamInternal Audit Management Solution to analyze risks of all major businesses, develop audit coverage strategies, execute reviews and conduct ongoing monitoring of business and control developments - while providing top management with complete real-time visibility into internal audit programs and outcomes.
MetricStream’s selection by the client follows on the heel of several similar selections which indicate MetricStream as the preferred GRC solutions provider for large corporations. This is because MetricStream GRC Platform is uniquely architected to suit global-scale implementations and meet complex requirements for security, access controls, integration and configurability.
MetricStream is the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions. MetricStream solutions are used by leading global corporations in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-Tech and Manufacturing to manage their risk management programs, quality management processes, regulatory and industry-mandated compliance and other corporate governance initiatives. MetricStream’s customers include UBS, Société Générale, Pﬁzer, Philips, Cummins, Kellogg’s, Mondelez International, SanDisk, and NetApp. MetricStream also owns and operates the www.ComplianceOnline.com portal - the largest GRC advisory network and one of the largest GRC communities. MetricStream is headquartered in Palo Alto, California, USA (www.metricstream.com).