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Overview

Establishing an effective corporate compliance program is no longer just an option for organizations; it is a necessity. The purpose of a compliance program is to detect, protect, and prevent misconduct while promoting ethical and legal responsibilities.

Organizations today are looking to leverage their compliance programs to understand the organizational risks and potential exposures, protect the company’s reputation, and foster a culture of ethics and compliance.

Organizations cannot afford to take the creation, development, and maintenance of their corporate compliance program for granted. The Chief Compliance Officer must have a solid strategy, built on assessed risks and implemented to overlap with the training and awareness plans. These efforts will help ensure that the company, its employees, processes, and technology are all aligned and focused on the same goals.

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Metricstream Corporate Compliance Solution

The Metricstream Corporate Compliance Solution serves as a compliance system of record, managing all aspects of an ethics and compliance function including policy management, training, case and incident management, conflicts of interest, gifts and entertainment, compliance assessments and third party due diligence.

The solution is built on a scalable governance, risk, and compliance (GRC) platform, and offers workflow capabilities, collaboration features, and regulatory content. It is designed to be flexible and gives you the ability to break down silos, reduce risks, identify gaps, increase efficiency and effectiveness.

A collaborative and consistent approach are necessary for developing and maintaining an effective ethics and compliance program.

The MetricStream Corporate Compliance Solution offers a federated approach that allows the compliance, audit, human resources, and legal teams to effectively manage their individual responsibilities, while also simultaneously exchanging compliance information, and enabling data roll-up and reporting. The solution maps complex organizational hierarchies, and provides role-based access, portal views, and reports and dashboards with drill-down and roll-up capability for continuous compliance program monitoring. This enterprise-wide collaboration is extremely important in proactively preventing unethical behavior and criminal misconduct.

Value Proposition

The MetricStream Corporate Compliance Solution offers the following benefits:

  • Provides a common compliance structure and a single framework to manage a diverse range of corporate compliance and regulatory requirements
  • Enables effective management of policies, procedures, risks, audits, issues and corrective action, integrating the different components together
  • Maps corporate policies to regulatory requirements in a one-to-one and one-to-many manner, thus strengthening the agility of the compliance program
  • Streamlines compliance training at various levels in the organization, and enables a closed-loop process for feedback
  • Provides a centralized view of the organization’s compliance and ethics program, and delivers real-time risk and compliance intelligence for informed strategic decision-making
  • Offers the ability to track and manage conflicts of interest and gift and entertainment disclosures and exceptions
  • Includes a built-in ability to track changes in the regulatory landscape by integrating regulatory alerts and updates from reliable external sources
  • Offers scalability to enable easy alignment with the organization’s growth path

Features and Functionalities

The MetricStream Corporate Compliance Solution provides the following core functionalities:

Case and Incident Management
The MetricStream Corporate Compliance solution allows capturing instances of code of conduct violation, anti -bribery cases or any other unethical activity. It helps you establish and follow consistent processes for capturing these cases, investigating them, assigning tasks to the responsible personnel, tracking the status of the case and eventually establishing the appropriate corrective actions.Advanced analytics, tracking, and reporting capabilities with graphical dashboards give managers complete real-time visibility into thecorporate compliance environment, and provide critical information that helps reduce the risk of noncompliance.The solution can also integrate with employee hotlines or whistleblowing systems to capture details of the case.

Policy Management
The solution enables you to efficiently create, publish, and distribute policies as well as perform policy awareness assessments for continued assurance. Policy exceptions can also be tracked through a comprehensive issue management mechanism. A centralized repository is maintained for the latest versions of documents, policies, procedures, regulations, and standards prescribed by various regulatory bodies. It also maps policies to regulations and controls, thereby strengthening compliance, while highlighting potential risks and gaps. Powerful analytics and reports enable real-time tracking of the policy management lifecycle.

Training Management
The MetricStream solution allows you to effectively manage the compliance training process by maintaining course offerings and descriptions for easy review by both employees and managers. This helps in scheduling training sessions, providing feedback on instructors and course material effectiveness, maintaining training records, and conducting gap analyses to ensure complete compliance. A powerful analytics and reporting capability with graphical dashboards helps you monitor the effectiveness of each compliance training program, and provides managers with complete real-time visibility into the training management system. At any given time, managers can view the company’s overall compliance awareness level. The scope of training offered by the solution includes a basic level of compliance awareness for all employees, third-party training for suppliers and vendors, and specialized and in-depth training for employees at risk.

Third-Party Due-Diligence Management
The solution provides a flexible system for third-party due-diligence. It unifies and consolidates all third-parties in a centralized framework, thus providing complete visibility into third-party risks and compliance, increasing collaboration between companies and their third-parties, and minimizing redundancies. The solution also streamlines the third-party due-diligence processes - right from third-party onboarding and information management, to code of conduct training, risk management, control monitoring, and due-diligence reporting. Advanced risk analytics help transform third-party data into meaningful insights.

It also allows the creation of surveys, certifications, and questionnaires that serve as effective tools to identify gaps in the compliance and ethics program. Corrective and preventive measures such as designing training programs, and updating policies and procedures, can be triggered automatically, based on the gaps identified.

Regulatory Change Management
The solution provides a centralized framework to aggregate the latest regulatory content from multiple trusted sources. The solution allows you to manage regulatory changes, and assess their impact on business processes, policies, risks, controls, and other entities. It also facilitates regulatory task management, documentation, issue tracking, and remediation.

Compliance Survey Management
The MetricStream Corporate Compliance Solution enables you to initiate surveys, scorecards, and certifications based on questionnaires. This highly adaptable solution can also be used to manage new hires, annual and ad hoc conflicts of interest (COI), and gifts & entertainment disclosures processes. For example, with this solution, you can collect, store, and manage all annual COI disclosures within a central repository. Employees receive an e-mail notification asking them to complete their annual COI disclosure questionnaire, and reminder e-mails will be sent to employees who have missed the assigned due date.

Compliance Assessment Management
The solution helps you gain a comprehensive and objective picture of your company’s exposure to compliance risks. It helps in holistically managing the entire lifecycle of compliance and ethics risk assessments, and thus enables you to avoid compliance violations by staying ahead of risks. The solution’s powerful capabilities can be used to detect and document potential threats, and quantify the total cost of risk and compliance management. This makes it simple to prioritize response strategies for optimal risk or reward outcomes. The MetricStream solution facilitates a wide range of risk assessment activities such as risk identification, assessment, reporting, scoring, data aggregation, and issue remediation.

Highlights

Below are the key highlights of the MetricStream Corporate Compliance Solution:

  • Role-based security access and authorization controls
  • One point of access to elements of a corporate compliance program
  • Powerful dashboards and reports that offer a single, centralized view to help identify gaps
  • Flexible configuration to adapt to changing organizational needs
  • Culture of compliance and accountability across the enterprise
  • Integrated policies, code of conduct, risk data, disclosures, training records, audit findings, and issue data within a common system
  • Holistic view of the organization from a regulators point-of-view
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