September 25, 2011 | Palo Alto, California: MetricStream Inc.,the market leader in Enterprise Governance, Risk and Compliance (GRC) solutions successfully demonstrated its Audit Management Solution for Internal Audits at The Institute of Internal Auditors’Midwestern Regional Conference. Held on September 25th-28th, 2011 in Milwaukee, Wisconsin, the conference featured a range of insightful panel discussions, workshops, exhibitions and other learning sessions.
Over the last few years, internal auditors have received much attention for thevaluable role they can play in mitigating risk, eliminating complexities and redundancies, monitoring regulatory compliance, avoiding fraud, and enhancing shareholder value. But along with the attention come increased responsibilities and expectations. For internal auditors to meet these expectations, they have to move beyond their traditional checklist and controls-based internal audit approach towards a more strategic, risk-based approach.
The IIA Midwestern Regional Conference provided a number of opportunities for internal auditors to learn how to strengthen their capabilities and contributions to the business. The conference covered a number of topical issues such as trends and opportunities in internal audit, characteristics of audit leadership, world-class internal audit programs, and the future of internal audit.
MetricStream showcased its reputed Audit Management Solution for Internal Audits at the conference. Chosen by numerous global organizations across industries, the MetricStream solution is renowned for its ability to integrateall internal audit data, processes and entities in a single framework. The solution supports a variety of internal audits such as operational audits, financial audits, IT audits, supplier audits and quality audits.
Powerful dashboards and reports provide real-time visibility into risk and audit metrics, enabling internal auditors to make informed decisions, and provide valuable risk-based advice to top management. The solution is also replete with built-in remediation workflows, time tracking, email based notifications and alerts, risk assessment methodologies, and offline functionalities for conducting audits at remote field sites without access to the corporate network. These capabilities allow internal auditors to implement industry best practices, and ensure integration of the audit process with the risk and compliance management system.
The solution enables a continuous risk-based approach to internal audits where risks are closely mapped to the associated auditable entities, controls, regulations and policies even in complex organizational hierarchies. The solution also streamlines end-to-end audit workflows beginning with risk assessment, and extending through audit planning, implementation, and reporting, right up to the implementation of audit recommendations. This closed-loop approach to internal audits eliminates redundancies, enhances collaboration, and promotes efficiency.
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).