Understanding, experience and technology for success
The highly flexible and intuitive new version will facilitate proactive risk management by providing real-time risk intelligence, harmonizing risk-control content, and streamlining complex risk processes
September 07, 2011 | Palo Alto, California: MetricStream Inc., the market leader in enterprise-wide Governance, Risk and Compliance (GRC) solutions, today announced the release of the next version of its Risk Management solution which will empower organizations to proactively assess, manage and monitor varied organizational risks, including operational, financial, IT, security, regulatory, supply chain, reputation and enterprise risks. The solution provides in-depth and real-time insights into changing business conditions, increases collaboration across business units and functions, and fosters a high level of transparency into enterprise-wide risks.
Today’s business landscape is fraught with risks stemming from market volatility, rapid globalization, technology proliferation and complex business operations. New risks are constantly emerging and becoming more interconnected. Therefore, reactive risk management is no longer relevant or effective. Instead, forward-thinking organizations are adopting a more proactive approach, and integrating a broader spectrum of risk management processes to drive growth and performance.
“The new release of the MetricStream Risk Management Solution will enable organizations to embed proactive risk management into their business processes and day-to-day activities,” says Vasant Balasubramanian, VP of Product Management at MetricStream. “Built on the MetricStream GRC Platform’s highly flexible GRC data model, the solution provides a fully integrated framework that meets end-to-end risk management requirements, and enables organizations to achieve their organizational goals while efficiently balancing risk and reward.”
With the MetricStream Next Generation Risk Management Solution, customers will be able to:
Streamline complex risk management processes: The MetricStream solution provides a single information model for managing the complete spectrum of risk management processes, and enhancing cross-functional coordination and collaboration. Through a systematic approach and a powerful federated framework, the solution enables customers to identify, assess and evaluate risks and controls, track risk metrics, perform scenario analyses, and monitor issues and losses. The solution also provides support for multi-dimensional risk assessments, allowing different groups to assess the same risks independently while collaborating on response strategies.
Gain real-time risk intelligence, and drive performance: The new version is equipped with powerful context driven analytics, dashboards, drill-down reports, charts and risks heat maps to track risk metrics. Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs) are closely monitored and compared against expected values and thresholds. Dashboards depicting breach threshold metrics, loss/gain trends and top losses provide quick and real-time insights into critical vulnerabilities and exposures that could result in financial losses. The solution links risk management with performance, providing the business intelligence and risk analytics to optimize investment decisions, resource allocation, project scheduling and business planning. The solution also interfaces with external transactional systems, business applications and loss data sources, enabling MetricStream customers to proactively identify risks and risk patterns, and mitigate them before significant losses occur.
Harmonize risk-control content across the organization: The latest MetricStream Risk Management Solution provides a centralized library to harmonize all risk related content, including processes, risk taxonomies, risk factors, controls, assessments, tests and survey templates, predefined KRIs and KPIs. This helps ensure a more efficient and consistent approach to risk management across the firm. The solution is also packaged with best practices, as well as industry standards and frameworks such as COSO, ISO 31000 and ISO 27001.
Enable simplicity and flexibility: The new release provides highly intuitive interfaces and improved navigation standards to enhance user experience. It also provides easy access to contextual information, and enables the highly intuitive visualization of relationships between risks, processes, controls, regulations, assets, and policies. Its adaptive and flexible data model makes it easier for businesses to configure complex risk processes such as monitoring emerging risks, designing new risk models or assessing risk profiles.
With the MetricStream solution, customers can rapidly transition from disjointed risk management processes to an integrated and holistic framework. The solution fosters a risk-focused culture by establishing a top-down and bottom-up approach to risk identification, enhancing collaboration, and empowering business managers to take responsibility for risk management. Such an approach integrates risk management into decision-making, drives a culture of business ownership, and helps ensure compliance with industry and company standards.
MetricStream is a market leader in Enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions for global corporations. MetricStream solutions are used by leading corporations such as NASDAQ, UBS, Pfizer, Philips, SanDisk, Subway, Fairchild Semiconductor, Constellation Energy and Cummins in diverse industries such as Financial Services, Banks, Healthcare, Pharmaceuticals, Medical Devices, Automotive, Food, High Tech Manufacturing and Energy to manage their quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as by over a million compliance professionals worldwide via the www.ComplianceOnline.com portal. MetricStream is headquartered in Palo Alto, California and can be reached at www.metricstream.com