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August 16, 2012 | Palo Alto, California: One of the world’s largest banks has selected MetricStream Audit Management Solution to streamline and accelerate audits across the enterprise. The MetricStream solution will enable automation of the bank’s industry-leading risk-based internal audit methodology, which helps auditors accurately assess risks, and prioritize audit efforts towards high risk areas in the bank.

The solution will help the enterprise move towards a more dynamic, accurate, system-enabled, and sustainable risk assessment process. It will also facilitate closed-loop, collaborative, and work-flow driven audits that streamline information flows, eliminate inefficiencies, and improve top-level visibility.

The bank is one of the world’s largest financial institutions, serving millions of customers across the U.S., as well as more than 100 countries around the globe. It provides a full range of banking, investment, asset management, and other financial products and services for individual consumers, small and middle-market enterprises, and large corporations.

Many financial services organizations have relied on first-generation stand-alone point solutions or spreadsheet-based manual processes to manage their internal audit processes. But today, they are overhauling their auditing systems to adopt an integrated, top-down, risk-based approach. MetricStream leads the market in delivering a robust and versatile internal audit management solution that is instrumental in ensuring that organizations uphold world-class standards of corporate governance and risk management while driving continuous improvement in business performance.

With the introduction of reforms such as the Dodd-Frank Act and Basel III, the financial services industry is entering a new era of regulatory oversight, focused on creating less risky and more stable banking systems. Internal auditors play a major role in this effort by evaluating and improving the effectiveness of compliance, controls, risk management, and governance processes. They are expected to be nimble yet thorough in assessments, and provide valuable opinions that can improve business performance.

MetricStream Audit Management Solution enables auditors to establish an agile and robust approach to internal audits. Using the solution, the bank’s internal auditors will be able to streamline the complete audit lifecycle - ranging from risk assessments, to audit planning, to field data collection, to audit reporting, to the review and implementation of audit recommendations. Any issues identified during the audits will automatically be routed through a systematic process of investigation and resolution.

Advanced tools and capabilities for risk assessments will enable the bank’s auditors to direct more time and resources towards high-risk areas rather than trying to audit all areas at once. The solution will facilitate a systematic and automated approach to risk assessments, and help the bank leverage the results for audit plan scoping.

The solution will also enable a centralized and work-flow driven approach to managing all audit tasks. The lead auditor, for instance will be able to manage the complete scope of projects, resources, tasks, workpapers, and reported issues from a single window. The process will be further simplified as the solution closely maps each auditable entity to the corresponding regulatory requirements, risks, and controls. Auditors will thus gain greater transparency into the organizational hierarchy, and be able to eliminate audit redundancies and inefficiencies.

Powerful dashboards and analytics will deliver real-time visibility into audit processes and metrics, helping auditors track their progress against key milestones, and make well-informed decisions.

The solution will also enable the bank to generate a wide range of periodic and ad hoc audit reports. It supports the creation of draft reports with audit findings and recommendations, and automatically routes them to the auditees and stakeholders for their responses and reviews. Once the reports are approved, the solution generates the final report for publishing. The entire process is simplified, with the solution automatically generating reports in predefined formats and layouts.

MetricStream Audit Management Solution is part of a comprehensive suite of market-leading GRC solutions that have been deployed in major financial institutions, including global banks, securities firms, insurance providers, central banks, federal financial agencies, asset management firms, broker-dealer firms, investment banks, and clearing corporations.

About MetricStream

MetricStream, the independent market leader in enterprise and cloud applications for Governance, Risk, Compliance (GRC) and Quality Management, makes GRC simple. MetricStream apps improve business performance by strengthening risk management, corporate governance, regulatory compliance, vendor governance, and quality management for hundreds of thousands of users in dozens of industries, including Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-Tech and Manufacturing. MetricStream is headquartered in Palo Alto, California, with an operations and R&D center in Bangalore, India, and sales and operations support in 12 other cities globally. (www.metricstream.com).

Press contact

Sonia Sharma : pr@metricstream.com | India: +91 98450-19197

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