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With growing regulatory oversight, the corporate Legal Department and General Counsel are under tremendous pressure to manage and coordinate compliance with a spate of legal mandates such as Antitrust Laws and Employee Health and Safety Laws, as well as FDA, Anti-bribery, HIPAA, FCPA, FCC and other regulatory requirements. At the same time, increasing lawsuits and harmful litigations have raised the need for continuous monitoring and mitigation of legal risks such as contractual, regulatory and employment risks.
The main challenge for the Legal Department lies in collaborating legal risk and compliance activities with various other departments across the enterprise. Managing these activities in the traditional siloed or ad hoc manner only leads to redundancies, inefficiency and high costs. Besides it limits the visibility that the General Counsel has into the legal and compliance status of the entire organization. Cross-enterprise visibility is important for the General Counsel to lead critical decision-making processes, and help organizations weather the coming regulatory storm.
MetricStream Legal GRC Solution
MetricStream Legal GRC Solution provides a comprehensive and advanced framework to integrate and streamline Legal GRC activities across the enterprise. The solution enables organizations to implement a holistic and proactive approach for identifying legal risks, creating and implementing policies and controls to mitigate these risks, aligning the policies with various laws and regulations, and automatically monitoring controls to ensure compliance.
The solution replaces the siloed approach to Legal GRC with a centralized framework that facilitates coordination across departments, business units and geographies. In addition, graphical role-based dashboards, reports and heat maps provide the General Counsel with a single, complete and real-time view of ongoing legal compliance efforts across the organization, while highlighting high-risk areas.
The solution also offers content in the form of embedded best practices, preloaded legal mandates and regulations, and access to legal training content from MetricStream’s leading compliance portal - ComplianceOnline.com. With this content, the Legal Department is well-equipped to effectively interpret and implement new regulations, and build a smart Legal GRC program.
Benefits of the MetricStream solution:
- Enable a sustainable and closed-loop program for compliance with all legal mandates, regulatory requirements and internal policies.
- Simplify the tracking of all regulatory changes through automated alerts and data feeds.
- Streamline the development, maintenance and communication of all legal policies and procedures across the enterprise.
- Ensure that legal compliance activities overlap but do not duplicate the work being done by Records Information Management (RIM), Information Technology (IT) and Corporate Compliance officers.
- Efficiently assess, analyze and track risks through configurable risk monitors and heat maps, as well as Key Risk Indicators and Key Performance Indicators.
- Gain quick access to all risks, controls, control assessments, policies and other critical information through centralized libraries with intuitive search functionalities.
- Establish a systematic and closed-loop approach to managing the complete audit lifecycle for measuring the efficacy of internal controls.
- Efficiently manage and track regulatory examinations, accelerate responses, and reduce the risks of non-compliance.
- Gain a centralized and real-time view of Legal GRC across the enterprise to ensure accountability and transparency in a company’s processes, systems, protocols, structures, operations and controls.
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