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Overview
There has been a renewed focus on corporate governance in the light of several high-profile cases in which large companies failed to place proper controls to monitor stakeholder activities. These incidents have led to heightened regulatory oversight in all business aspects, and an increasing demand for the accountability of the people involved. If companies are not careful about preventing occurrences of fraud, they could end up inviting severe regulatory penalties, while also running the risk of irreparably damaging their brand.
The client is positioned in a highly competitive space that requires companies to rapidly create new brands and products, and expand their distribution networks to stay ahead of the curve. It is critical for Governance, Risk, and Compliance (GRC) initiatives to keep pace with this rapid business expansion.
The client's goal was to strengthen governance, and consolidate risk management and compliance on a unified platform to ensure compliance with local and international laws, financial reporting regulations, and operational policies.
The client selected MetricStream to implement a solution that would help in complying with all applicable regulations, managing associated risks, and adhering to strict corporate governance standards while pursuing an aggressive growth path.
Solution
MetricStream has a strong track record in helping large global brands successfully manage risk and corporate governance challenges. Based on this experience, MetricStream was selected to help the client implement a GRC solution that would conquer existing challenges, and scale up to ensure that all future requirements were met.
MetricStream GRC Solution provides the client the following capabilities:
Internal Audit Management
MetricStream's next generation internal audit management solution helps the client to not only manage regular audit processes, but also enable effective risk and compliance management. Through a single and comprehensive framework, the solution helps the client manage multiple internal audit activities. It also provides the capability to leverage risk metrics to present critical business intelligence for defining and planning the company's audit strategy. Using the solution, the client is able to manage the complete internal audit lifecycle – beginning with audit planning and scheduling, and extending to the development of standard audit plans and checklists, field data collection, the development of audit reports and recommendations, the review of audit recommendations by auditees and the management, and the implementation of audit recommendations.
SOX Compliance and Internal Controls Management
The client is required to comply with Sarbanes-Oxley (SOX) requirements, as per the directions of its parent company in the US. With the MetricStream solution, the client is able to assess, design, and improve internal controls, monitor compliance processes at a granular level, and provide sufficient evidence to external and internal auditors that controls have been tested to their satisfaction. The solution helps streamline multiple surveys and certification procedures to ensure the strength of the controls placed, and adherence to policies. It also provides a strong built-in library of control tests and embedded best practices that help define control hierarchies. In addition, the solution helps integrate business processes with regulatory notifications and industry alerts.
Challenges
- Multiple siloed risk and compliance management processes which limited information-sharing and collaboration
- Lack of a single view of risk and compliance activities, needed for accurate and swift decision making
- Manual risk and compliance processes which were very time consuming, inefficient, and expensive
- Inability of existing in-house systems and applications to scale up to meet the demands of increasing risk levels and compliance initiatives
- Difficult for the management to view a single and clear picture of all impending risks and issues of non-compliance
Why MetricStream?
Leading GRC Solutions Provider for Brand-Led Businesses
MetricStream has over a decade of successful experience in helping large global brand-led businesses manage various aspects of their GRC programs. MetricStream has been a trusted partner to these brands in their quest to become risk-resilient, compliant, and well-governed enterprises. Leading analyst firms have consistently positioned MetricStream among the top GRC solution providers over the years.
Scalable and Robust Platform
Built on open standard technologies, MetricStream GRC Platform is the foundation for all MetricStream solutions. It is architected to provide key services including workflows, configurable forms, collaborative features, real-time exception tracking, email alerts and notifications, integration, reports, executive dashboards, business intelligence, analytics, and secure access control.
Comprehensive Content Libraries
MetricStream solutions are embedded with a multitude of risk and compliance content libraries based on various industry standards and domain best practices. The solutions also have the capability to capture, in real time, risk and compliance content from various internal and external sources. The solution stores this information in a centralized repository for use by multiple stakeholders.
Powerful Reporting and Data Mining Capabilities
MetricStream solutions' reporting and analytics capabilities allow companies to collate data from multiple business units across geographies, and perform relevant data analyses. This helps companies proactively identify risks, and implement suitable mitigation plans.
Benefits
- Proficient Management of Controls
The client is able to effectively manage multiple operational and compliance controls in an integrated manner. This, in turn, allows the client to efficiently comply with all applicable internal and external compliance requirements. - Improved Visibility and Collaboration
With the MetricStream solution, the client is able to gather and monitor relevant risk and compliance information and activities across the enterprise. The solution also fosters greater coordination between various audit, compliance, and assurance groups. - Enhanced Reporting
MetricStream GRC Solution's reporting capabilities enable people at the management level to effectively slice and dice information across product lines and business units. This allows them to make more confident, timely, and accurate decisions. Automation of multiple key reports, along with the ability to drill down to granular levels, and generate more relevant information in less time has significantly helped the client accelerate and enable informed decision making. - Costs and Efforts Redirected towards Value-Added Activities
With the adoption of MetricStream GRC Solution, the customer has seen a sharp decline in the time spent on manual and non-critical activities. Several repetitive and time consuming compliance and audit related activities have been automated, while resources and money have been redirected towards more value-added functions. - Adherence to Strict Corporate Governance Standards
True to its vision, the client continues to maintain the highest standards of corporate governance while pursuing an aggressive growth path, and providing its customers the best in F&B.