Understanding, experience and technology for success
MetricStream solution to enable systematic and closed-loop management of risks, compliance, and audits
November 07, 2012 | Palo Alto, California: One of the largest thrift banks in the U.S. has chosen MetricStream’s integrated solution for Governance, Risk, and Compliance (GRC). The solution will enable the bank to streamline and consolidate internal audit, regulatory compliance, IT GRC, vendor governance, operational risk management (ORM), and enterprise risk management (ERM) in a single, comprehensive framework.
In light of the financial crisis, thrift banks are striving to quickly adapt to the sweeping regulatory changes brought about by the Dodd-Frank Act and the proposed capital rules under Basel III. Budgets are tight, yet regulatory oversight is increasing. Thrifts are expected to re-evaluate their current GRC strategies, and build effective, compliant, and risk-aware infrastructure and processes to protect stakeholders and ensure financial stability.
The bank needed an integrated approach to managing numerous risk and regulatory compliance requirements, and chose MetricStream because of its flexible GRC platform which enables cohesive and collaborative management of business risks, IT risks, and compliance. In addition, the MetricStream GRC solution offers the ability to closely align GRC with the bank’s strategic business initiatives to enable continuous business improvement.
The MetricStream GRC Solution also enables the bank to strengthen end-to-end risk and compliance management initiatives through a unified framework. The solution will establish a federated approach to GRC wherein risk self-assessments and control testing can be managed at the process level, while information is simultaneously rolled back upstream and able to be viewed by Management in real time.
As Management seeks more risk intelligence and insights for business planning and decision-making purposes, the MetricStream solution will provide a single source of risk data with a library of risks and controls, key risk indicators, risk heat maps, and events such as losses and near misses. Based on risk assessment results, the bank will be able to prioritize internal audits to focus on high-risk areas. In addition, the complete audit lifecycle will be streamlined, thereby minimizing redundancies and inconsistencies.
The solution will also closely track compliance requirements from the Federal Reserve and Dodd-Frank Act, and integrate with the United Compliance Framework (UCF) to help the bank harmonize controls across regulations and policies. The solution will also integrate with the bank’s existing regulatory compliance guidance resource to provide a single source of information for analysis and decision-making.
MetricStream GRC solutions are widely used by leading retail banks, commercial banks, asset management firms, investment banks, federal agencies, and financial institutions. MetricStream understands the unique GRC challenges and requirements faced today by banking and financial services institutions, and provides technology solutions and domain expertise to help organizations address their requirements and GRC challenges through a blend of content and technology, best practices, dashboards, and automated monitoring and reporting capabilities.
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 UBS, P&G, Constellation Energy, Pfizer, Philips, BAE Systems, Twitter, SanDisk, Cummins and Sonic Automotive 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, quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as several 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.