November 10, 2008 | Palo Alto, California: MetricStream Inc., the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management solutions, today announced the strong participation at its online panel discussion “Risk Management in Banking and Financial Services” on October 21, 2008. 

Executives from several hundred Fortune 1000 companies participated in this panel discussion including representatives from commercial banks. investment banks, energy and utility industry, life sciences companies, venture capitalists and risk consultants from within the US and abroad. This diverse representation provides validation on the significance of this topic in the current economic scenario. 

The panel discussion, structured on a roundtable format, featured prominent experts on risk management including David R. Koenig, Founding Partner of Ductilibility and Past Chair of the Board of Directors of the Professional Risk Managers’ International Association (PRMIA); S. Jean Hinrichs, Former Chief Risk Officer at Barclays Global Investors (BGI); Dr. Robert Mark, CEO of Black Diamond Risk and Former Chief Risk Officer at the Canadian Imperial Bank of Commerce  and Charles Goldenberg, Vice President of GRC solutions at MetricStream, Former Partner, Deloitte and Former Partner, KPMG. The moderator for the discussion was Gaurav Kapoor, CFO and General Manager at MetricStream.  Some key questions that emerged from the discussion included:

  • Why did risk management fail so spectacularly in the current financial crisis in terms of extremely high-risk concentration level and board oversight?
  • Are the measures taken by the US Federal Reserve in the right direction or is it just postponement of the crisis that can cause more damage in the months to come?
  • What tips could be offered to help incorporate risk management more broadly into the corporate culture?
  • What are the principal components needed to implement an effective and practical stress-testing framework?

The feedback received from the panel discussion brought forth key learnings from the expert panel.

  • The scope and complexity of markets and products make it extremely challenging to quantify the overall risk exposure of financial institutions
  • Organizations need to build an integrated framework for deploying best governance and effective risk management processes that address changing business needs and enhance the ability of financial institutions to react rapidly to adverse events
  • Best practices in organizational structures, roles and responsibilities and risk scenario planning and analysis need to be put in place

“The recent financial crisis has brought into focus the need for strong discipline in risk management and corporate governance,” said Gaurav Kapoor. “The thought leadership provided by the expert panelists along with the focused questions and comments from attendees made it very clear that GRC will occupy increasing mindshare across the corporate world and impact companies of all sizes for the foreseeable future.”

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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