Implement a sustainable Compliance Management program

Today’s globalized, digital, and connected corporate environment has given rise to multiple, complex regulations and reporting requirements that affect almost every aspect of the business, and are constantly evolving. The biggest challenge for organizations is not only to keep up with these regulations, but also to manage the differences in compliance requirements across national and international boundaries.

To build effective compliance programs, organizations need robust, automated compliance tools that make it easier to identify and manage regulatory changes, assess and test controls, and improve visibility into compliance across the enterprise. With the right technology, processes, and teams, organizations can transform compliance into a strong competitive advantage, strengthening trust and credibility with stakeholders, customers, and regulators.

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MetricStream Compliance Management App

The MetricStream Compliance Management App provides a centralized framework and an integrated approach towards managing an extensive range of compliance requirements. It enables you to efficiently manage cross-industry mandates such as OSHA and FCPA, as well as industry-focused regulations such as FDA mandates.

The app streamlines compliance processes with standardized workflows and support for self-assessments, surveys, and issue remediation. In addition, it provides real-time insights into compliance processes through intuitive dashboards and charts, facilitating a better understanding and evaluation of compliance related risks, and highlighting issues that need to be addressed.

Why MetricStream Compliance Management App

  • ENABLES A CONSISTENT, AUTOMATED APPROACH TO COMPLIANCE MANAGEMENT

    Helps streamline, standardize, and automate compliance processes across the enterprise, thereby minimizing deviations and errors as well as redundant activities

  • STRENGTHENS DECISION-MAKING

    Provides comprehensive coverage of up-to-date regulatory intelligence, enabling you to make informed business decisions, and establish necessary controls; helps in linking regulations to internal business structures, policies, and risks

  • REDUCED RISK OF REGULATORY FINES AND REPUTATIONAL DAMAGE

    Enables you to stay updated on the regulations that matter most; reduces compliance risks by helping you quickly and easily adapt business processes and policies to changing regulations

  • DELIVERS IN-DEPTH VISIBILITY INTO ISSUES

    Supports compliance program monitoring in real time using configurable reports and dashboards; provides in-depth visibility into compliance issues and inefficiencies, helping you drive improvements

  • INCREASED REGULATORY AWARENESS

    Enables regulations to be easily communicated to the concerned users through automated email notifications

M7 Platform Highlights

  • 1

    ENGAGING AND PERSONALIZED USER EXPERIENCE
    Makes compliance management processes simple, context-sensitive, and personalized to each user; facilitates an intuitive and engaging user experience

  • 2

    CONFIGURABILITY
    Supports app configurations and extensions in an upgrade-safe and scalable manner through the MetricStream AppStudio configuration framework; helps the organization adapt to change quickly

  • 3

    MOBILITY AND LAYERING
    Provides a responsive interface that allows compliance management processes to be managed across devices; leverages a REST API integration framework to layer compliance processes over heterogeneous IT systems and business critical infrastructure

  • 4

    REPORTING AND ANALYTICS
    Delivers powerful visualization tools and analytics to manage and monitor compliance trends, data relationships, and actions in real time across the extended enterprise

  • 5

    LEAN AND ROBUST ARCHITECTURE
    Is built on a lean, modern, scalable, and extensible architecture that enables the global digital enterprises of today to seamlessly scale up and support new users, while also adding new apps and solutions to meet changing organizational needs

Features

  • Regulatory Intelligence

    Track and manage regulatory changes by integrating with reliable and authoritative regulatory content sources (via data feeds), including commercial providers and government agencies. Capture and store regulations or rules from these external sources in the app’s central repository, providing easy access to the information, and preventing the duplication of content. Run advanced text searches on the content, and use import functions to insert regulations or rules in the system for an article or a list of articles. Using the setup landing page, create and subscribe to regulatory channels. As regulations are updated, deliver automated notifications to concerned users.

  • Compliance Environment and Process Design

    Define and maintain a centralized structure of the overall compliance and control hierarchy, including processes and assets in scope, risks for the processes and assets, controls to address the risks, and mechanisms to assess the controls. Include associated policies and procedures, reporting requirements, and filing templates and schedules for various regulations. Design and assign assessment plans to evaluate and ensure the effectiveness of controls based on roles and responsibilities. Schedule the assessment plans periodically, or trigger them based on compliance requirements and associated risks. Enable rigorous change control to ensure that processes and their documentation stay in sync. View integrated audit trails and change history reports.

  • Compliance Assessments and Surveys

    Manage compliance assessment programs effectively, so as to ensure that controls and activities are designed to meet regulatory requirements. Design control tests or self-assessment plans with details on the scope of the test, frequency of testing, and tester information. Create tasks based on the plan, schedule them appropriately, and assign them to a chosen team or individual member (e.g. tester, assessor), along with the task details, milestones, and due dates. Trigger ad hoc tasks (tests or self-assessments) using any of the plans to meet ongoing changes. Upload tests or self-assessments in bulk using the data import framework. As part of the testing process, select and assign control samples to control owners, including testers and assessors. In addition, enable an independent evaluation of control testing, along with control scoring and reporting of results. At the end of each test or self-assessment, capture non-compliance issues or control deficiencies which then become part of the issue remediation process.

    • Certifications:

      Conduct survey-based certification processes to check the effectiveness of controls. Create a questionnaire that can be sent as part of a survey or certification. Add respondents, and determine the frequency of the surveys and certifications or sub-certifications (e.g. one-time or periodic). Also, create findings and actions at the question level.

      Capture the results or responses in the form of a summary report with details such as the overall score, issues, questions, responses, and respondent details for analysis. Generate multiple status reports throughout the process to simplify tracking.

      Gain a centralized task inbox to collate all pending tasks, and to identify the most important action items on that list. Leverage hover cards which provide contextual information (e.g. open issues, previous test results) during the testing process to help ensure timely and effective execution of the test plans, and to improve the overall efficiency of the process.

  • Issue Management

    Efficiently manage issues that pose a risk of non-compliance. Once the issues or control deficiencies are identified and documented, enable a systematic mechanism of investigation and remediation through the app’s underlying workflow and collaboration engine. Mark issues for remediation, and assign them to owners within the relevant business units. Gain the flexibility for control managers or issue owners to modify the controls, define new controls, or recommend treatment plans to address each issue. After the remediation plan is created, enable the details to be routed to reviewers for approval, and communicated to the implementers. Ensure that automatic alerts and notifications are sent to the appropriate personnel for timely implementation of remediation plans. Keep the process on track with issues remaining open till the action plans are carried out, and the results are verified for effectiveness. Improve visibility by enabling mangers to track the status of issues in real time as they automatically move from one stage to the next based on the organization's compliance management procedures.

  • Reporting and Metrics

    Leverage executive dashboards to improve visibility into the compliance process across the enterprise, and to identify potential opportunities and issues that need to be addressed. Access metric cards on the landing pages for a summary of key compliance metrics and insights. Track the organization’s compliance status, plan coverage, process ownership, assessments or plans, test results, and other data on graphical charts and reports that can be accessed globally. View compliance information in real time, and filter or drill down to access the data at finer levels of detail. Gain a 360-degree view of data through a mind map styled exploratory data visualization tool. Leverage the data explorer to organize information in a highly visual manner, and to comprehend GRC object relationships and associated details easily.

Reporting and Metrics

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