The client is a leading financial services provider with a long and rich tradition of serving millions of customers in the US and Europe. The company offers a wide array of financial services including banking, mortgage, life, health, auto, and property insurance, as well as investments and financial advice. Leading publications and analysts have consistently
The financial services industry has been a central focus over the years for multiple reasons including its role in economic fluctuations, its corporate and individual scandals, and subjection to a dynamic and stringent regulatory environment. Today, financial services companies need to ensure they have strong and well-defined processes in all regulatory, employee, and customer relationship aspects of their business.
As a company that has remained true to its founding values of service and integrity, the client was keen to establish a well-defined and systematic process for complying with customer interaction regulations, while ensuring that legal issues are investigated and resolved on a timely basis. The client chose MetricStream to implement a solution that would help ensure compliance with all applicable regulatory mandates, and enable swift and efficient resolution of reported customer issues, resulting in increased customer satisfaction and trust.
Solution
MetricStream was chosen to help the client implement a legal GRC solution that could help overcome existing challenges, while also scaling up to meet future requirements. The selection of MetricStream was based on its vast experience in helping large global financial services companies successfully manage their risk and compliance requirements.
MetricStream Legal GRC Solution provided the client with the following capabilities:
Issue and Case Management
MetricStream Legal GRC Solution enables the client to efficiently track issues from start to finish while handling very large case volumes, as well as varied types of cases, multiple stakeholders, complex workflow procedures, and several review cycles. The solution also helps the company establish and follow consistent procedures for identifying fraudulent and unethical cases, managing tasks, and reporting case statuses. Transparent and real-time reporting capabilities provide clear visibility into all aspects of the case management process, assisting in proactive identification of risks, and timely corrective action.
Investigation Management
With a powerful workflow engine, the MetricStream solution helps the client receive various types of case entries, and then route them to assigned investigators. Post thorough investigations, the cases are moved to a legal officer or an attorney for review. The solution helps ensure that the case manager provides a final sign-off, and closes the case. It also enables each individual or department involved to record and report all important case investigation aspects such as case ID, event type, nature of the case, and witness details.
Compliance Management
Using the MetricStream solution, the client is able to effectively manage a host of regulatory compliance mandates from organizations such as NAIC, FINRA, DOI, SEC, OTS, FDIC, BBB, and FSA-UK. The solution supports compliance management through capabilities for document control, compliance training, on-going audits, recording and reporting of exception events, and corrective actions. By uniquely combining software and content, the solution enables strong and sustainable compliance.
Risk Management
With MetricStream Legal GRC Solution, the client is able to proactively identify and mitigate risks arising from multiple sources including non-compliance issues, litigation threats, protection of intellectual property rights, HR practices, and matters relating to the company secretary, board, and shareholders. The solution provides an integrated risk management framework for assessing and documenting risks, defining controls, identifying potential issues, and implementing risk mitigation plans.
