June 17, 2009 | Palo Alto, California: Addressing a gathering of CEOs and Heads of Audit and Risk from banks in Muscat, Oman, Shellye Archambeau, CEO of MetricStream, Inc., the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management solutions, emphasized the need to strengthen GRC functions like internal audit, policy and ethics, financial controls, risk management and regulatory compliance in order to build sustainable corporations.

Speaking to the representatives of all the licensed banks operating in the Sultanate of Oman at the first inaugural meeting of the Banks Auditors’ Forum, Ms. Archambeau provided a perspective on the "Evolving Role of GRC" and its growing importance in the current economic scenario. This event was organized by the Central Bank of Oman (CBO), a MetricStream customer, with an objective to provide information on the current trends and tools in GRC to the banking and financial services community in Oman with focus on internal audit.

As an independent review function in an organization, internal audit assists the core businesses as well as corporate functions to manage business risks and to improve the efficiency and compliance of operations. Though, the auditing function spans a broad range of elements, the growing importance of internal audit as a strategic tool for improving governance and risk management for CEO's and boards of directors is gaining criticality. This is leading to increased pressure on internal audit functions to drive the need for comprehensive solutions to help audit functions improve efficiency and effectiveness. Auditors need an integrated solution for conducting integrated audits, including audit planning and organizational modeling, managing audit work papers, evaluating risks and compliance, tracking time, budgets and resources, driving issue resolutions and action plans with management in order to improve internal controls as well as efficiency and effectiveness of business processes. With real-time visibility and access to powerful reporting and analytics tools, internal auditors can support the company’s efforts to align its audit and risk strategy across the organization.

MetricStream delivers an easy-to-use audit software solution that provides best-in-class functionality for all the auditors tasks and functions as well as the benefits of its industry-leading GRC platform that allows the flexibility to adapt the system for diverse business needs and the maturity of its technology - a critical success factor in large-scale global deployment scenarios.

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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