Power What’s Next in GRC with MetricStream’s Brazos Software ReleaseCompliance Management | 3 Min Read |19 August 21|by Chris McKie
The demands and requirements of businesses to thrive in the new normal have changed drastically. Buzz words like agility, digitization, and resilience are no longer just business aspirations but have become necessary and fundamental for the readiness of organizations to address any risk event, including high-impact, low-frequency events such as COVID-19. With the latest Brazos release, we are delivering a myriad of innovations to support organizations in their journey to achieve their business goals and power through the current unsettled operational environment.
Brazos builds upon the previous Arno release and includes key innovations in areas including regulatory compliance, cyber risk quantification, and vendor risk management. The objective is to make the processes simpler, smarter, and more streamlined.
Simplifying Regulatory Complexity
Given the complex web of regulations, along with the escalating number of regulatory change alerts that organizations are bombarded with every day, it has become imperative to simplify the compliance function to make it more efficient and systematic. On these lines, the Brazos release brings new capabilities to our regulatory compliance products, including:
- Fully packaged, real-time curated regulatory intelligence from 1,000 supervisory bodies and 2,500 collections of regulatory/legislative materials facilitating efficient management of regulation overload.
- Certification and sub-certification processes enabling the creation of accountability chains.
- Contextual intelligence on policies allowing compliance teams to easily identify the policy section related to regulations, risks, and controls.
- Artificial Intelligence (AI)-powered action plan recommendations based on semantically similar compliance issues reported in the past for quick and easy resolution.
- Multiple enhancements to the Mobile App that simplify searching policies, tracking regulatory changes, and managing compliance assessments and regulatory engagement activities.
Quantifying the Impact of Cyber Risks
Cyber risk quantification, or quantifying cyber risks in monetary terms, is critical for cybersecurity professionals today to effectively communicate the cyber risk exposure to the top management and board. By understanding the potential impact of cyber risks in dollar values, decision-makers are better positioned to prioritize IT cyber risk spending, resource allocation, and establishment of optimal controls.
Brazos brings advanced cyber risk quantification capabilities to IT and Cyber Risk Management, enabling cybersecurity teams to leverage the industry standard FAIR methodology to quantify their cyber risks in monetary value. In addition, advanced Monte Carlo simulation capabilities help upgrade the assessment teams’ guesstimates into accurate predictive values of the cyber risk exposure.
Powering Next-Gen Vendor Risk Management with AI
Managing risks associated with the extended enterprise quickly and efficiently is crucial for ensuring continued business operations. Supplier networks of organizations today are comprised of hundreds and thousands of third, fourth, and subsequent parties. A manual approach to review third- and fourth-party documentation, including reports, certificates, and evidence, to spot any discrepancies is time-taking and prone to error.
We are addressing this challenge by bringing the benefits of artificial intelligence (AI) and automation to Third-Party Management with the latest release. MetricStream’s AI engine automatically scans through the documents submitted by the third parties, validates the content, highlights any anomalies, and automatically recommends risks scores based on the number and type of anomalies found. This real-time intelligence equips risk teams to accelerate analysis and mitigation of third-party risks.
With Brazos, we are setting a new standard by implementing AI into multiple GRC products, empowering risk, compliance, security, and audit professionals to better perform their roles and responsibilities. The release also provides a simplified user experience and enhances agility for faster time to value with:
- High configurability capabilities across the MetricStream Platform.
- Enhanced frontline capabilities to anonymously report compliance cases.
- Improved mobile capabilities for regulatory compliance, IT compliance, and audit.
- Content Integration Service that leverages REST APIs to import content from external sources.
- Better collaboration and improved cross-referencing in audit workpapers within Microsoft Word.
We are constantly striving to make your GRC journey exciting, enriching, and fun. The latest software release is guided by our key tenet of helping organizations accelerate sustainable growth with risk-aware decisions. The new features and functionalities extend the capabilities of MetricStream Platform and products and will enable you to meet the evolving business needs in this digitized world.
To know more about Brazos Release features, click here.