October 30, 2008 | Bangalore, India and Palo Alto, California: MetricStream Inc., the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management solutions, today announced that the Central Bank of Oman (CBO) has selected the MetricStream solution to automate its business processes related to Audits Management.
The Central Bank of Oman will use the MetricStream solution to manage the complete audit lifecycle including risk-based audit planning and scheduling, development of standard audit plans and checklists, field data collection, development of audit reports and recommendations, review of audit recommendations by auditees and management and implementation of audit recommendations and remediation. The solution’s advanced capabilities like built-in remediation workflows, time tracking, email-based notifications and alerts, risk assessment methodologies, and offline functionality for conducting audits at remote field sites allow organizations to implement the industry best practices for efficient audit execution and ensure integration of the audit process with the risk and compliance management system.
The establishment of the Central Bank of Oman in the beginning of 1974 was a natural outcome of the steady evolution of the monetary system in the Sultanate of Oman coupled with the prospects of the vast economic developments the country was about to witness. Until 1970, there was no national authority responsible for the supervision of the incipient banking system. The number of banks was small and the banking activities were limited in scales. The two monetary authorities that preceded the establishment of the Central Bank of Oman, namely the Muscat Currency Authority in 1970 and the Oman Currency Board in 1972, were not vested with full banking status, but, they had well prepared the ground for the emergence of the Central Bank of Oman. However, the major event heralding the eminent creation of the Central Bank of Oman was the launching of the Banking Law in 1974 (which was amended vide Royal Decree No. 114/2000).
“Keeping in mind the key role of the Central Bank of Oman within the banking system, it was important for us to put in place a robust Audit Management system that would drive business efficiency and provide organization-wide visibility to senior management and external auditors,” said Mrs. Aysha Z. N. Al-Maully, Chief Audit Executive at the Central Bank of Oman. “We selected the MetricStream solution for its ability to provide powerful workflows and key metrics around the audits function and most importantly it will help us to automate CBO’s risk-based audit along with risk assessment methodologies, this in turn will facilitate us to enhance the effectiveness and efficiency of CBO’s existing risk-based audit infrastructure. This solution will also help build a comprehensive compliance framework for the Central Bank of Oman by providing the capability to integrate several regulatory requirements and risk management initiatives.”
“We are pleased that the Central Bank of Oman has selected MetricStream to automate their Audits Management function,” said Shankar Bhaskaran, Head of Asia-Pacific at MetricStream. “As the global banking environment becomes more complex due to growing business pressures and multiplying regulatory needs, it becomes imperative for banks to put in place a rigorous audit management framework on a technology platform that provides accessibility, scalability and ease of use. Our success at CBO is a key validation of the business and technical benefits resulting from MetricStream’s suite of GRC and Quality Management solutions for companies looking to benchmark against global compliance, quality and governance standards.”
“The markets of the Middle East offer a huge opportunity for MetricStream’s solutions as companies in the region are embracing new technologies and modernizing their IT infrastructure at a breathtaking pace,” said Shyam Sundar R, Deputy General Manager of Bahwan IT, a part of the prestigious Suhail Bahwan Group and MetricStream’s partner in Oman. “As the economy of the region gets integrated with global markets, the lack of a robust framework for effective risk management and compliance with various mandates and regulations is a key challenge that MetricStream helps address.”
About Central Bank of Oman
The Central Bank of Oman was established in December 1974 and began operations on 1st April 1975. It replaced the Oman Currency Board as the principal currency authority in Oman. The Central Bank of Oman is responsible for maintaining the stability of the national currency the Omani Rial and ensuring monetary and financial stability in a deregulated and open financial system. The capital base of the CBO which was one million Omani Rials at the commencement of operations in 1975, was strengthened over time and since April 2002 has remained at R0300 million. At the end of 2005, CBO's assets/liabilities totalled RO 1826.4 million. The Central Bank of Oman is based in the Sultanate of Oman and can be reached at http://www.cbo-oman.org.