Understanding, experience and technology for success
The conference brought together internal audit professionals to discuss, network and learn about the latest trends, emerging issues and practical strategies in internal audit
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 25-28, 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 for global corporations. MetricStream solutions are used by leading corporations such as Pfizer, Philips, NASDAQ, UBS, SanDisk, Subway, Fairchild Semiconductor, Constellation Energy and Cummins in diverse industries such as Healthcare, Pharmaceuticals, Medical Devices, Automotive, Food, High Tech Manufacturing, Energy and Financial Services 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.