June 15, 2015 | Palo Alto, California: MetricStream, a market leader in Governance, Risk, and Compliance (GRC) Apps, announced that it has been positioned by Chartis as a “Category Leader” in the 2015 Chartis Research RiskTech Quadrant®, as part of the Chartis Operational Risk Management Systems for Financial Services 2015 report. According to Chartis, “Category leaders are considered to be risk technology vendors that have the necessary depth and breadth of functionality, technology, and content, combined with the organizational characteristics to capture significant market share by volume and value.”

According to the report, “A recent Basel Committee review of operational risk management practices of 60 systemically important banks in 20 jurisdictions revealed that “banks have made insufficient progress” in implementing the principles introduced in 2003 and revised in 2011.” The report continued, citing that “98% of the top 50 operational risk losses in the last 12 months were due to conduct risk, and the aggregated value of these 50 loss events is estimated to be $60bn.”

Risk management has emerged as a top priority for financial services organizations who are looking to strengthen, streamline, and simplify their risk and compliance initiatives. Managing risk in an effective and efficient manner requires a pervasive enterprise-wide risk management infrastructure, which is imperative for organizations that have business operations and third parties spread across geographies.

Peyman Mestchian, Managing Partner at Chartis said, “MetricStream has expanded its position in the Leaders Category by meeting end user demands for flexible and integrated ORM solutions. As regulatory requirements, compliance costs, and operational complexities continue to increase, integrated GRC has become a key focus for both financial and non-financial firms. A centralized GRC platform proves to be beneficial because it allows comprehensive aggregation and visualization of enterprise data, using a robust and flexible technology architecture.”

This report serves as an update to the Chartis Operational Risk Management Systems 2014 report, and highlights the increasing demand for connected or integrated solutions with capabilities for operational risk, compliance, finance, performance, anti-financial crime and governance. The report also states that a significant number of financial institutions have replaced or are looking to replace their older operational risk management systems that were implemented before 2010. 

“We are delighted to be recognized by Chartis as a Category Leader in the 2015 Chartis RiskTech Quadrant®, as part of the Chartis Operational Risk Management Systems for Financial Services report,” said Gaurav Kapoor, Chief Operating Officer at MetricStream. He continued, “Amidst our increasingly mobile, global, social, and complex operating environment, we are seeing the operational risk function work a lot more closely with business and risk groups outside of the traditional operational risk responsibility. MetricStream is committed to making GRC simple by integrating, automating and streamlining risk management and compliance processes across the organization.”

About MetricStream

MetricStream is the independent market leader in enterprise cloud applications for governance, risk, compliance (GRC), and quality management. MetricStream apps and software solutions improve business performance by strengthening risk management, corporate governance, regulatory compliance, audit management, vendor governance, and quality management for organizations across industries, including banking and financial services, health care, life sciences, energy and utilities, consumer brands, government, technology, and manufacturing. MetricStream is headquartered in Palo Alto, California, with an operations and GRC innovation center in Bengaluru, India, and sales and operations support in 12 other cities globally.(www.metricstream.com).

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