November 27, 2013 | Palo Alto, California: A central bank, responsible for promoting and ensuring financial stability across the country, has selected MetricStream for prudential risk regulation and assessments across all of its banks, insurance companies, and asset managers. MetricStream’s centralized GRC platform and solution will help the central bank capture a wealth of operational risk data from these financial services institutions, and assess risks at various levels of the financial sector, analyze and track loss events, monitor Key Risk indicators (KRIs), follow issues through to closure, and generate trending reports that empower the bank’s stakeholders to make sound decisions on the country’s financial system.

Built on an integrated data model, MetricStream’s solution will help the bank improve the value and relevance of operational risk information gathered from various financial services institutions. Using the solution, the bank will be able to establish more systematic evaluations of risks and controls, and facilitate a culture of risk transparency, awareness, and accountability across the country’s financial sector.

In any banking system, prudential regulations play a key role in promoting the safety and soundness of financial services institutions. These regulations also protect consumer confidence, encourage the development of a strong risk culture, and help foster an environment of trust across stakeholders. However, in order to adhere to these regulations and achieve these positive outcomes, central banks have to capture vast amounts of data from across their financial services institutions. Oftentimes, this critical data is retained within many different databases across many departments and business functions - and this siloed approach often results in incomplete, inconsistent, and inaccessible information.

Given these challenges, the central bank’s aim is implementing a system that can help centralize operational risk data management, enable the creation of a common risk universe, streamline risk assessments at firm, sector, and market level, and through these processes, simplify and strengthen prudential risk regulation and assessments. MetricStream was chosen as a partner in this effort because its domain expertise and solutions exceeded all of the central bank’s requirements.

Through MetricStream’s Web-based platform, the central bank will be able to capture KRIs from all regulated institutions, monitor these indicators at the industry level, and establish breach thresholds and alerts. They will also be able to gather extensive loss data through various channels such as surveys and MetricStream Infolets (connectors and adaptors), classify these losses, and analyze their root cause and impact. Risk scenarios can be captured, mapped to Basel events, and reported, while all issues that arise through these processes can be systematically investigated and resolved. Moreover, all risk scenarios, KRIs, and loss events can be interlinked to understand the underlying relationships. This data will eventually feed into a powerful reporting and analytics engine that enables stakeholders to track prudential risk regulation and assessment processes, and make informed decisions accordingly.

At a strategic level, MetricStream’s platform and solutions will enable the central bank to achieve its vision of building a world-class operational risk and compliance framework. The unique blend of integration, scalability, flexibility, and sustainability offered by MetricStream are why many leading regulatory authorities across industries and countries choose MetricStream solutions to power their regulatory management programs.

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.(

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