The rising incidence of fraud, corruption, and bribery, as well as legal, compliance, and ethical violations have resulted in greater liabilities and penalties for organizations than ever before. An effective corporate compliance program is no longer just an option— it is a necessity. The executive leadership and three lines of defense must be able to work together towards a common goal of sustaining compliance and trust with customers and stakeholders.
Integration and collaboration are key in these efforts. A strong culture of compliance and ethics must be instilled from the top, and extended throughout the organization. That, in turn, calls for robust policies and procedures, compliance assessments and monitoring processes, as well as mechanisms to track and resolve any compliance violations or cases that do occur. These processes are essential in offsetting compliance risks and potential exposures, as well as protecting organizational reputations.Download Solution Brief
MetricStream Corporate Compliance Management Solution
The MetricStream Corporate Compliance Management Solution serves as a single point of reference to manage multiple aspects of an ethics and compliance program, including policy management, a centralized library of compliance obligations, compliance assessments, surveys, third-party compliance, and case management.
The solution is built on a scalable governance, risk, and compliance (GRC) platform with capabilities for automated workflows, collaboration, and real-time reporting. It gives organizations the ability to break down restrictive silos, and strengthen integration on ethics and compliance activities.
Through a federated approach, the solution enables teams across compliance, risk, audit, human resources, and legal to effectively manage their individual compliance responsibilities, while simultaneously coordinating enterprise-wide compliance activities. Complex organizational hierarchies can be mapped in an organized manner with clearly defined lines of responsibility and accountability. In addition, role-based reports and dashboards with drill-down and roll-up capabilities simplify compliance monitoring.
The solution delivers comprehensive visibility into compliance, as well as the ability to strengthen collaboration, thereby enabling organizations to proactively prevent compliance issues, while building trust and credibility.
Source: Customer responses and GRC Journey Business Value Calculator
55%Reduction in the time taken to create and update policies
90%Reduction in the time taken to review and approve policies
90%Reduction in the time taken to manage compliance activities
50%Fewer compliance issues
50%Reduction in compliance follow-ups
50%Improvement in case management cycle time1
Streamline the process of policy creation, review, approval, and communication. Enable policy awareness assessments, while also tracking attestations and exceptions to demonstrate policy compliance. Gain a centralized policy portal to maintain the latest versions of policies and procedures. Enable employees and third parties to easily access the policies they need through the portal.
Map policies to regulations, risks, and controls to identify potential gaps or blind spots. Also, through this integrated model, identify how a regulatory change can potentially impact existing policies. Finally, enable real-time tracking of the policy management lifecycle through powerful reports and dashboards.
Centralized Library of Compliance Obligations
Integrate with authoritative compliance data sources to capture regulations, rules, and standards that impact the organization. Create a structured and logical compliance hierarchy, including regulations, processes, assets, risks, controls, and issues. Map these data elements to the respective business functions, locations, and legal entities. Identify the areas that have the highest risk of potential compliance and ethical violations.
Measure and score compliance across business units, processes, and geographies. Design compliance assessments, detailing their scope and frequency. Document the results of the assessments, and certify compliance effectiveness. Capture non-compliance issues, and enable a mechanism to investigate and remediate them. Reduce the risk of non-compliance with real-time visibility into the corporate compliance program.
Leverage surveys to manage disclosures such as conflicts of interest and gifts/ entertainment, as well as other evaluations such as codes of conduct and anti-bribery compliance. Collect, store, and manage all surveys within a central repository. Trigger email notifications and reminders to employees to complete the required surveys. Gain enterprise-wide visibility into the survey management process through graphical dashboards, scorecards, and flexible reporting capabilities.
Consolidate all third parties in a centralized framework with visibility into the associated risks and compliance. Effectively validate a third party’s profile with the help of rich, real-time global data feeds on the third-party’s financial status, credit rating, regulatory compliance status, cybersecurity risks, sustainability ratings, and more.
Streamline third-party due diligence processes, including third-party onboarding, information management, third-party assessments, and due diligence reporting. Enable specific assessments around anti-bribery and anti-corruption. Transform third-party data into meaningful insights using intuitive reports and dashboards.
Capture code of conduct violations, incidents of bribery, and other unethical activities in a central system. Integrate with employee hotlines or whistleblowing systems to document case details. Enable consistency in how each case is captured, triaged, investigated, tracked, and resolved. Allow multiple parties to collaborate on the case for its remediation.
Map each case to the associated policies, regulations, or risks to understand its impact, as well as to identify if a policy should be updated, or if additional training should be provided to employees. Track the status of the case in real time with advanced analytics and reporting capabilities. Leverage these insights to reduce the risks of non-compliance.