February 19, 2014 | Palo Alto, California: A Fortune 500 specialty chemicals company has selected MetricStream to provide a comprehensive solution for managing internal audits and SOX compliance via MetricStream GRC Cloud. The solution will enable the company to consolidate all internal audit and SOX compliance processes within a single and centralized platform, thereby enhancing collaboration across dispersed audit groups, strengthening reporting, and optimizing the efficiency of audit resources and processes. The solution will also provide mobility to auditors to conduct offline audits, and enter their data / findings onsite using their smartphones or tablets, thereby ensuring accurate recording of data and reporting. 

The company’s audit department conducts different types of audits such as, financial and operational audits, IT audits, and Environment, Health, and Safety (EHS) audits. The department plays an important role in helping the organization evaluate opportunities for improving business performance, and promoting effective controls and compliance. It also performs SOX testing and reporting on behalf of the management team. 

At any given time, the audit department’s several dozen auditors spread across the world are conducting audits. Managing the audits and control testing activities of this scale required an integrated and intuitive technology framework. The need was for a solution that will help improve the efficiency of the department’s global audit and SOX compliance processes, while facilitating greater information-sharing and coordination across these activities.

The MetricStream solution, which will replace the chemical manufacturer’s existing solution, will enable the company to consolidate their entire audit universe on a centralized, Web-based platform. The solution provides a range of capabilities to streamline and support the end-to-end internal audit lifecycle, ranging from risk assessments and ranking, to risk-based audit planning and scheduling, workpaper management, time recording, field data collection, audit reporting, and issue remediation. The solution also provides an offline and mobile audit capability that allows auditors in the field, to enter their observations / findings along with supporting documents on handheld devices such as tablets and smartphones, and synchronize this data with the central audit repository. 

Using the solution, the company will be able to facilitate efficient and effective use of its audit department’s resources in a manner that achieves compliance with the International Standards for the Professional Practice of Internal Auditing, published by the IIA. 

The MetricStream solution will also simplify SOX compliance by integrating all SOX controls in a common inventory, accelerating controls testing and monitoring, and enabling flexible reporting based on various parameters such as the number of controls per area, the status of control testing, and the results of testing.

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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