Redwood Shores, Calif. - May 11, 2005 - MetricStream, Inc., a market leader in the enterprise-wide quality and compliance software solutions today announced that Advanced Equities Financial Corp., a diversified financial services company, has selected MetricStream's solution for compliance with the Sarbanes-Oxley Act.
MetricStream will enable Advanced Equities to document their processes and controls in a single repository, test the effectiveness of internal controls and use that information to drive appropriate disclosure and remediation processes to achieve compliance with Sarbanes-Oxley Act 404. The system will also ensure the implementation of the COSO framework to achieve compliance.
"We selected MetricStream software as the foundation for our Sarbanes-Oxley compliance efforts," said Joel E. Marks, Vice Chairman and COO, Advanced Equities. "We believe that regulatory compliance will permeate every aspect of our business. Hence we wanted to make sure we selected a vendor that addressed our Sarbanes-Oxley 404 requirements today, and had the architecture, the flexibility and the scope to support a broad set of compliance initiatives in the future."
"We are very excited that Advanced Equities selected MetricStream for their Sarbanes-Oxley compliance initiative," said Shellye Archambeau, CEO of MetricStream. "Leading corporations continue to choose MetricStream to manage compliance with regulations and quality standards. Unlike other point solutions in the market, MetricStream enables companies to implement a single application to manage multiple quality & compliance initiatives within the enterprise and allows it to provide a comprehensive view into compliance-related status, performance and risk."
Key components in the MetricStream solution for Sarbanes-Oxley 404 include:
By developing the SOx Modules on MetricStream's patent-pending, fully-configurable Enterprise Compliance Platform, MetricStream ensures that customers achieve the lowest cost of compliance and increased visibility into aggregate risk from all their compliance initiatives including Sarbanes-Oxley (e.g. 404 and 302), Quality (e.g. compliance with ISO or QS9000) and Regulatory compliance (e.g. FDA, OSHA, EPA).
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).