February 06, 2013 | Palo Alto, California: United Technologies Corp. (UTC) has chosen MetricStream to provide an integrated solution for Risk-Based Audit Management. MetricStream Audit Management Solution will consolidate the full gamut of internal audit processes on a common platform, enabling the company’s 100 auditors around the globe to better manage, track, and collaborate across various projects. The solution will also provide risk intelligence that will empower the firm’s auditors with quality data, and enable them to better prioritize and plan their audits and related audit processes.
United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries. The company’s commercial businesses are Otis elevators and escalators and UTC Climate, Controls & Security, which includes Carrier, and its aerospace businesses are Pratt & Whitney, Sikorsky and UTC Aerospace Systems.
Using the MetricStream solution, UTC aims to streamline the complete audit lifecycle - beginning with risk assessments and audit planning, and extending to audit scheduling, field work and data collection (both online and offline), workpaper management, and reporting. The web-based interface will enable auditors across the globe to efficiently coordinate tasks and share information, while the secure role-based access controls will help protect the integrity and security of information.
The solution will also create an effective relational database structure that brings together various risks, regulations, policies, controls, auditable entities, audit activities, and other relevant data. This clear and logical mapping between data inputs helps to simplify audit planning, and enables auditors to proactively identify areas of concern. Additionally, the MetricStream solution will provide UTC with the flexibility to generate both ad hoc and standard reports, while automating the entire report generation process. The reports, coupled with advanced dashboards, charts, and graphs will enable auditors to gain real-time visibility into enterprise-wide risks and audit results, identify high-risk areas, and track the status of audits as they occur. MetricStream’s solution lays a strong foundation to manage a whole range of audits including financial, legal, IT and operational using a federated approach and allows future extensibility into other areas of Governance, Risk and Compliance (GRC).
“We are delighted that UTC has chosen MetricStream as they seek to enhance critical components of their audit management processes,” said Gaurav Kapoor, Chief Operating Officer at MetricStream. “As a leader in the global aerospace and building systems industries, UTC was looking for a solution to help manage the growing global complexity and increasing challenges around risk management and compliance with government regulations. MetricStream is a proven partner for leading global corporations, and welcomes the opportunity to support UTC in their audit management efforts.”
MetricStream is the 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 UBS, Société Générale, 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).