August 09, 2011 | Palo Alto, California: MetricStream Inc., the market leader in enterprise-wide Governance, Risk and Compliance (GRC) solutions, today announced that the Federal Home Loan Bank of Chicago (FHLB Chicago) has gone live with MetricStream solutions for Compliance, Audits and Issue Management. The implementation is part of FHLB Chicago’s initiative to integrate and streamline GRC processes across the enterprise using the MetricStream GRC Platform.
The FHLB Chicago is one of 12 district banks chartered by the US Congress to provide low-cost, short and long-term funding to financial institutions in Illinois and Wisconsin. The bank is committed to providing a stable source of funding for its customers. One of the ways it does this is through effective GRC management. However, aligning individual GRC processes proved to be a challenge.
The Bank has gone live with MetricStream solutions for SOX compliance, audits and issue management. It is currently implementing MetricStream risk management solution, and is also looking to adopt MetricStream’s solution for continuous control monitoring.
“We are excited to work with a trusted name in banking as is FHLB Chicago,” says Gaurav Kapoor, Chief Operating Officer at MetricStream. “Over the last few years, MetricStream has built long-lasting engagements with several financial institutions including Central Banks, Federal Financial Agencies, Asset Management firms, Retail Banks, Broker-Dealer firms, Investment Banks, Stock Exchanges and Clearing Corporations. These institutions rely on MetricStream to strengthen their GRC processes and drive value for their organization.”
About the Federal Home Loan Bank of Chicago
The Federal Home Loan Bank of Chicago is a $77.1 billion wholesale bank, serving the needs of member financial institutions located in Illinois and Wisconsin. The FHLB Chicago’s mission is to work in tandem with these member institutions to provide liquidity, term funding, mortgage purchase options, and direct support for community investment and affordable housing initiatives.
MetricStream is a 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 Procter & Gamble, UBS, Societe Generale, 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).