October 29, 2014 | Palo Alto, California: Hudson City Savings Bank (HCSB), the largest thrift in New Jersey with over $35 billion in assets, and MetricStream, a market leader in Governance, Risk, and Compliance (GRC) solutions have been jointly honored by leading analyst firm, GRC 20/ 20 Research with the 2014 GRC Value Award in the category of Issue Reporting and Management.

The annual GRC Value Awards recognize real-world implementations of GRC programs and processes that have returned significant and measurable value to an organization. HCSB and MetricStream were recognized for their work in establishing an integrated framework and a common language to manage, monitor, and respond to issues in the bank.

“HCSB and MetricStream have demonstrated how a coordinated strategy and architecture can transform issue management and reporting,” said Michael Rasmussen, Chief GRC Pundit at GRC 20/20. “With MetricStream’s GRC solution, HCSB has successfully streamlined and centralized issue management, while mapping all issues to the associated risks and KRIs. As a result, stakeholders have a complete, holistic view of issues across the enterprise, which helps them ensure that corrective action is implemented in a timely manner, and that no issues fall through the cracks.”

MetricStream’s solution enabled HCSB to consolidate multiple GRC programs, including issue management, enterprise and operational risk management, policy administration, IT GRC, and vendor governance – into a federated framework. This integrated approach has helped create a broader awareness and understanding of issues within the context of enterprise risks, controls, and regulations.

“It’s an honor to receive the 2014 GRC Value Award,” said Frank J. Santora, First Vice President at HCSB. “With MetricStream, we have established a more integrated and streamlined issue management program, which has helped us become more agile and efficient in our response to issues, and areas of risk. Today, we can ensure that all issues are being addressed effectively, completely, and in a timely manner. We have the added visibility of understanding which issues and risks require greater focus and resources. All of this has been instrumental in furthering our commitment to customer satisfaction, risk management, and regulatory compliance.”

“We are delighted to be recognized with HCSB in the 2014 GRC Value Awards,” said Susan Palm, Vice President, Industry Solutions at MetricStream. “As regulatory pressures and consumer demands increase, businesses are realizing that their traditional siloed and manual approach towards issue management is no longer effective or efficient. Many businesses are adopting MetricStream solutions to gain a single, consolidated view of issues within the larger context of risk, so that they can proactively identify and respond to issues and areas of concern.”

Please click here to access GRC 20/20 Research’s case study document on HCSB’s Issue Management program.

About GRC 20/20
GRC 20/20 is the authority in understanding how organizations implement GRC practices that are effective, efficient and agile. Through independent research and industry interaction, GRC 20/20 advises the entire ecosystem of GRC roles within organizations, technology and knowledge solution providers, and professional service firms. Organizations engage GRC 20/20 when they need insight, guidance and advice in dealing with a dizzying array of disruptive issues, challenges, processes, information and technologies while trying to maintain control of a distributed and dynamic business environment. Visit GRC 20/20 at http://www.grc2020.com/ and follow on Twitter at @GRCPundit.

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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