Digital transformation, collaboration between traditional insurance companies and InsurTech firms, and personalized products have led to faster, better and, more effective ways of working while increasing profits. But they also have paved way to increased risk landscape for insurance companies. Risks related to cybersecurity, operations, and third-party are not only evolving but also leading to strict regulatory measures across the globe. Traditional ways of managing them will not work as the risks today are more complex, interconnected and constantly evolving. With MetricStream Solutions, insurance companies can accelerate their digital transformation journey by aligning the elements of governance, risk, and compliance to mitigate risks, strengthen regulatory compliance, improve the cyber security posture, and resolve issues swiftly.
The standardization and driving through common platform and common reporting was probably the biggest transformation across the organization.
Head of Operational Risk
What drove us to go down the MetricStream route. We had 3 main drivers for change. The first of those was efficiency. The manual system was effective but it was very labor intensive, it was time consuming. There was a lot of people involved in moving a lot of paper around the organization and evidencing that we could do all the things that we needed to do.
Head of Crisis Management
Standard Chartered Bank
Before we had manual duplicated workflows but now it's automated and efficient. Before we had siloed GRC data- compliance has one set of data, risk has one, audit has one, BCP has one. Now it's a single GRC data repository with clear ownership of each data elements and strong data governance. Before risk was seen as the work of the risk function now risk is everyone's business.
Assistant General Manager - Group Operational Risk and Controls
First Citizens Bank Trinidad and Tobago
Better Decisions.REQUEST A DEMO
Provide actionable insights on risk impact estimations and the business rationale for trade-oﬀs.
67% improvement in risk reporting visibility and efficiency for the executive management and board.
90% compression in compliance management timelines.
80% reduction in the time taken to create and review a business impact analysis.
80% decrease in third-party onboarding time.