July 26, 2011 | Palo Alto, California: MetricStream Inc., a leading provider of enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management solutions today announced that it has been positioned by Gartner, Inc. in the ‘Leaders’ quadrant of the 2011 Magic Quadrant for Enterprise Governance, Risk and Compliance Platforms.
“We believe our presence in the Leaders quadrant by Gartner further affirms our ability to continually meet the evolving governance, risk and compliance needs of customers across the globe,” says Shellye Archambeau, CEO at MetricStream. “We are constantly innovating to serve our customers through richer platform, application, content and personnel capabilities, and helping them improve risk-based decision-making, and drive business performance.”
MetricStream GRC Platform has been widely adopted by many Global 1000 corporations, as well as small and medium enterprises, to automate and streamline specific functions such as Enterprise and Operational Risk Management, Audit Management, Corporate, Financial, IT and Regulatory Compliance. The platform and applications unify diverse risk, control and assurance process across the enterprise in an integrated GRC system to additionally support programs such as Policy Management, Quality Management, Supplier Risks and Performance, IT Risks and Compliance (IT-GRC), and Environment, Health and Safety (EHS).
According to the report, “Instead of acquiring separate solutions for finance, IT and other business units, many enterprises are choosing to use a single EGRC platform and, when necessary, integrating the many point and functional solutions to satisfy specific GRC needs. Reporting and managing through a single platform give executives, auditors and managers a holistic view of the enterprise's risk and compliance postures, as well as views sorted by requirement, entity and geography.”
MetricStream has made significant investments and has years of experience in providing GRC solutions to customers in sectors such as banking & financial services, energy & utilities, insurance, healthcare, life sciences, food & beverage, retail and manufacturing. The company’s highly specialized solutions ship with regulation and industry specific information schemas, workflows, content, reporting templates and functionalities that address best practices and nuances in specific operating environments.
These capabilities, along with MetricStream’s domain expertise, ensure that the company’s GRC solution implementations are consistently successful and able to address vital business issues such as Operational Risk, Loss Tracking and Regulatory Relationship Management for banks, Corporate Integrity Agreements (CIA) programs for life sciences companies, NAIC Model Audit Rule or OIG Medicaid and Medicare compliance for healthcare providers, and NERC reliability assessments and FERC compliance for utilities.
“The need for quicker and more accurate risk-based decision making has significantly increased in the last few years. Large enterprises have become very wary of GRC solutions that are siloed, have rigid data-models, and require extensive customization from a programming perspective. . They are typically looking for a multi-functional GRC platform from a company that can be a partner in their GRC strategy. Because of these reasons, we are seeing significant adoption of the MetricStream solution in large companies.” says Gaurav Kapoor, Chief Operating Officer at MetricStream. “Small and medium enterprises are also rapidly realizing value from MetricStream’s successful cloud-based OnDemand GRC offerings that are quick to adopt, and deliver rich out-of-the box functionality with embedded content such as risk libraries, control hierarchies and regulatory intelligence.”
The Gartner Magic Quadrant for Enterprise GRC Platforms presents a global view of Gartner's assessment of the main software vendors that should be considered by organizations seeking a technology solution to support the oversight and operation of enterprise-wide risk management and compliance programs, with the overall objective being improvements in corporate governance and the ability to achieve business objectives. MetricStream was one of 18 companies that were analyzed in the report.
Gartner, Inc., Magic Quadrant for Enterprise Governance, Risk and Compliance Platforms, French Caldwell, Tom Scholtz, John Hagerty, July 13, 2011.