July 10, 2012 | Palo Alto, California: MetricStream hosted top executives from Vietnam’s largest commercial banks, including the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), the Bank for Investment and Development of Vietnam (BIDV), the Bank for Foreign Trade of Vietnam (Vietcombank), and Asia Commercial Bank (ACB). MetricStream presented its risk and compliance management solution, and also shared industry best practices and practical strategies derived from its work with growing global banks. This initiative was part of a Reverse Trade Mission sponsored by the U.S. Trade and Development Agency (USTDA).
The Vietnamese delegates have traveled to New York, Washington DC, and Silicon Valley to meet with U.S. industry leaders in IT solutions and services, financial institutions, and government organizations. Their goal is to identify key strategies and technologies that will support them as they plan to transform and upgrade Vietnam’s banking system.
Over the last two decades, the Vietnamese government has worked towards strengthening and modernizing the banking sector. A series of reforms are being implemented to restructure the banking system, improve openness to foreign investment, and privatize state-owned banks. As economic growth accelerates, and household incomes rise, there is enormous potential for the banking sector to expand and diversify.
“USTDA was pleased to sponsor this delegation of Vietnamese banking officials to the United States. The visit provided companies at the forefront of IT integration in the financial services sector an opportunity to demonstrate their technologies and capabilities. We look forward to business partnerships being formed and export sales resulting from this visit,” said USTDA Regional Director for South and Southeast Asia, Henry Steingass.
The delegation of executives from Vietnam were specifically interested in discussing technology solutions for areas such as core banking, information security, risk management, e-payment, migration of data, and best practices for banking IT solutions. In an increasingly complex risk and reputation management landscape, a top priority for executives around the world is to implement robust Governance, Risk and Compliance (GRC) management solutions.
MetricStream was one of the select IT solution providers invited to host the delegates during their time in Silicon Valley. MetricStream’s GRC solutions are widely used by large and mid-tier financial services institutions around the world. Several top banks have chosen MetricStream over other vendors based on the company’s market knowledge and thought leadership, as well as the rich and innovative capabilities of its solutions.
For the Vietnamese delegation, MetricStream prepared a tailored presentation of its capabilities, touching on key areas of interest including Operational Risk Management (ORM), compliance and policy management, internal audit management, loss and issue management, and IT-GRC. An engaging discussion was had with the delegates throughout the presentation.
According to Shankar Bhaskaran, GM and VP of International Business Operations at MetricStream, “We were honored to host and present MetricStream’s solutions to the group of delegates from Vietnam’s largest commercial banks. It is commendable that the industry is taking a concerted effort to create a stronger banking system that supports the country’s growing economy. Risk and compliance are core components of a strong banking system, and MetricStream looks forward to playing a significant role in this effort by providing leading-edge GRC solutions and sharing key insights based on our collaboration with top financial services firms.”
MetricStream GRC solutions have been implemented across the US, Europe, South America, the Middle East, and Asia. The solutions are widely recognized for their ability to streamline and integrate enterprise-wide GRC processes on a single platform for greater visibility, efficiency, and performance. Leading financial services institutions are leveraging MetricStream solutions to facilitate a more proactive and sustainable GRC approach that incorporates industry standards and best practices, and provides real-time risk intelligence.
The MetricStream GRC platform has been deployed by several financial institutions, ranging from large global to mid-tier financial organizations, and covering the entire spectrum of the financial sector including central banks, federal financial agencies, asset management firms, retail banks, broker-dealer firms, investment banks, stock exchanges, and clearing corporations.