July 20, 2009 | Palo Alto, California: Deepening its engagement with internal audit professionals worldwide, MetricStream, the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management solutions, today announced that it has entered into a strategic partnership with The Institute of Internal Auditors (IIA) as a part of the 2009 Industry Leader program.

"The internal audit function is at the center of a company’s strategy for effective risk management and sustainable compliance with internal policies and regulatory requirements,” said Gaurav Kapoor, CFO and General Manager at MetricStream. "MetricStream is excited to be a part of the IIA Industry Leader Program. Through this partnership we will support the practice of internal auditing by advocating an integrated and enterprise-wide approach for managing audit programs as the role of internal auditors today extends well beyond the traditional focus on controls and guides business planning, decision-making and performance."

Chief Audit Executives are looking for approaches and tools to ensure internal auditing is delivering more strategic value while lowering its costs of operation. By improving visibility and efficiency, companies can focus on highvalue activities and meet the rising expectations of the board of directors and the audit committee.

MetricStream’s Audit Management Solution, with its comprehensive feature-set and easy-to-use design, is a significant enabler in this transformation as it provides a clear, unambiguous process for global audits leading to reduced cost, higher efficiency and lower risk. Several global Fortune 1000 companies that have successfully upgraded from legacy audit systems, point-solutions and desktop tools are now using MetricStream for best practices such as:

  • Adopting systematic and consistent risk-based internal audit planning, execution and reporting
  • Increasing the efficiency of the audit process and shortening cycle times
  • Improving communication and teamwork on complex audit processes
  • Eliminating audit errors and inconsistencies with standardized data collection
  • Accelerating and streamline development of findings, recommendations, and action plans
  • Integrating enterprise-wide visibility into the audit process and metrics through comprehensive reporting
  • Engaging audit staff on value-oriented functions such as analyzing data and recognizing trends

The IIA’s Industry Leader program provides exclusive benefits to participating sponsors seeking collaborative relationships with internal auditors around the world. MetricStream will also actively support the internal audit profession through efforts such as participating within local chapter leadership positions and maintaining an active IIA membership at an organizational level.

“I’m very pleased that MetricStream has chosen to participate in The IIA’s Industry Leader program and reach out to the worldwide internal audit profession,” said IIA President and CEO Richard Chambers, CIA, CGAP, CCSA.. “It’s a win-win, in that IIA members will learn more about MetricStream’s GRC Platform and Audit Management solution, and MetricStream will benefit from The IIA’s network of professionals around the globe.”

Established in 1941, The Institute of Internal Auditors (IIA) is an international professional association whose mission is to provide dynamic leadership for the global profession of internal auditing. Serving members in 165 countries, The IIA is the internal audit profession's global voice, recognized authority, acknowledged leader, chief advocate, and principal educator. The IIA sets the International Standards for the Professional Practice of Internal Auditing (Standards), and provides other timely guidance related to internal control, information technology auditing, risk management, and internal auditing's role in organizational governance.

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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