Featured Solution Briefs
Enterprise Risk Management (ERM): A GRC Based Approach to Risk and Reward Management
At MetricStream we challenge ourselves and our customers to adopt an approach to risk management that enables us to utilize ERM in the broader context of Governance, Risk and Compliance (GRC) Management: to mitigate risks and also revisit their business processes to capture value generating business opportunities. Concepts and viewpoints herein build upon our experiences with our customers across industry in helping them reengineer their business processes to bring about a change in how they view, mitigate and profit from business risks.
Integrated Quality and Compliance Management
The growing mix of complex products, a global supply base and stringent customer requirements has created a need for organizations to have real-time visibility into their quality processes and to implement systems that ensure closed loop quality processes and support easy access to and efficient routing of information. Many organizations are deploying industry standard quality management methodologies such as ISO 9000, cGMPs and Six Sigma or implementing other quality practices to reduce costs, shorten cycle times and improve overall product and process quality.
Operational Risk Management (ORM): A Roadmap to Better Business Performance in Banks and Financial Institutions
The regulators of financial companies and banks are demanding a far greater level of insight and awareness by directors about the risks they manage, and the effectiveness of the controls they have in place to reduce or mitigate these risks. Further, compliance regulations, like Basel II and SOX, mandate a focus on operational risks, forcing financial organizations to identify, measure, evaluate, control and manage this ubiquitous risk. This has led to an increased emphasis on the importance of having a sound operational risk management (ORM) practice in place, especially when dealing with internal capital assessment and allocation process. This makes ORM one of the most complex and fastest growing risk disciplines in financial institutions.
Integrated Quality And Compliance Management in the Life Sciences Industry
Companies in pharmaceutical, biotechnology and medical devices industries are constantly pushing the boundary of innovation to develop new products. In addition, the industry is regularly being challenged to meet the rising standards of quality and to comply with rigorous regulatory requirements. For Life Sciences companies, regulatory requirements such as FDA GXPs, reporting mandates, international quality and safety standards and other compliance issues are evolving from isolated departmental initiatives to an enterprise level challenge.
Risk Management in Life Sciences
The life sciences industry has always been under close scrutiny, leading to rising audit burdens, quality inspections, and fines. Pressure to track consumer usage, continuously monitor the history and life cycle of a drug increases risks in conducting business operations. To overcome these risks, life sciences industry need to adopt a more proactive and structured enterprise risk management (ERM) system. Risk Managers in life sciences industry, today, are assigned the critical role of recognizing and eliminating the inherent risks (endangering the safety or performance), minimizing their effects, evaluating the controls and remedies, documenting the procedures, and so on.
Supplier Quality Management: Solution Brief
The global manufacturing industry has become a web of suppliers and customers linked together in a complex supply and demand chain. A critical aspect of a manufacturer’s business strategy is collaborating with suppliers across the globe in real-time to meet its product delivery schedules and design and quality commitments to its own customers. Ensuring conformance to product and process quality specifications and standards becomes is challenging task when the interacting manufacturers have disparate IT systems, different production schedules and dissimilar process metrics.
Safety and Quality Management Solutions for the Airline Industry
For the airline industry, having effective quality and safety management systems with necessary control framework is critical to ensure safety of the passengers and meeting regulatory compliance requirements. As the recent findings of non-compliance and the subsequent penalties imposed on airlines by the Federal Aviation Administration (FAA) have highlighted, lack of adequate quality and safety management systems can result in significant erosion of brand image and impact profitability.
Conflicts of Interest
With the dynamic change in organizational structures, new mergers and frequent change in roles and responsibilities, the general fiduciary duties of loyalty to be performed by individuals and organizations are often conflicted. This can lead to improper functioning of duties, loss in goodwill and often a high cost of penalty effectuated by a non- conformance to standards or other compliance laws.
Supplier Performance Management
Managing supplier performance is critical for organizations dealing with multiple suppliers. The increased globalization of manufacturing and sourcing has made companies focus on their core competencies, and outsource non-core business processes to suppliers across the globe. Companies in the service industry, including Banking and Financial Services and IT companies, have also started realizing significant advantages in sourcing goods and services from multiple suppliers.
PCI Compliance Solution
MetricStream offers a comprehensive solution for sustainable PCI compliance based on industry best practices. The solution enables identifying key risks across the enterprise, conducting investigation for root cause analysis, defining controls for mitigating risks, and evaluating the effectiveness of controls through assessment plans while lowering the overall cost of compliance.
Regulatory Intelligence and Content Management
The primary concern for the Chief Compliance Officer and the Compliance function of a financial institute is managing the increasing volume and complexity of regulations. In this dynamic regulatory environment, it can be challenging to stay up-to-date on regulatory changes, and manage the entire repository of regulatory content, despite deploying extensive resources.
Streamlining Quality Management Processes for ISO 16949
The global automotive industry features intense competition, a sharp focus on cost, and a regulatory oversight. There is an ongoing trend towards global sourcing and distributed manufacturing/assembly operations. All of these factors are driving a need for an extensible and flexible quality management system that automates field-level quality management tasks and provides real-time visibility into all aspects of quality management across manufacturing facilities and supplier locations around the world.
Environmental, Health and Safety (EH&S) Audit Management
EH&S audits are playing an increasingly important role in evaluating an organization’s factories, facilities, processes, and operations to measure their level of compliance with environment and work safety regulations, standards, internal policies, and goals.
Factory Audit Management
MetricStream’s factory audit management solution enables retailers and brands to streamline and standardize their factory audit programs. The solution helps monitor supplier compliance with quality requirements and safety regulations, as well as occupational health and safety standards, security as well as social compliance guidelines, and other global standards outlined by third parties.
Enable a Systematic, Efficient and Intelligent Risk-based External Audit
The role of external auditors has become extremely important in today's business landscape with its increasing fraud, volatile markets, numerous IT security threats, and complex compliance regulations. Investors, stakeholders and the public at large are relying on the expertise of external auditors to detect fraud and abuse, provide early warnings of serious issues, deliver guidance on accounting standards, and encourage full disclosures.
Regulatory Examination Management
Banks and Financial institutes are subject to various types of regulatory examinations by federal, state and international supervisors. The frequency of these examinations varies depending on whether they are for safety and soundness, compliance with applicable laws and regulations, or specialty examinations. In certain cases, especially for large financial institutes, these examinations may extend throughout the year, as regulators examine each area of the bank.
Unified GRC Framework: Blueprint for Delivering Business Performance
The evolution of capital markets, globalization and macroeconomic changes are not just increasing the challenges but also creating unprecedented opportunities for companies. Most enterprises today understand the importance of linking and managing risk alongside compliance initiatives and corporate governance issues. Better preparedness around Governance, Risk and Compliance (GRC) allows them to respond to and leverage domestic and global events and trends much faster. By putting a unified structure in place to manage GRC, enterprises can make decisions faster and feel more certain and informed, creating significant competitive leverage and unexpected benefits.