In today’s ever-evolving business landscape where new risks continue to emerge even as existing risks grow more complex, the need for a strong risk management program is crucial. Organizations need to be well-prepared to manage both current and emerging risks across geopolitical, digital, strategic, third-party, cybersecurity, and compliance areas. A lack of clear visibility into these risks and their potential impact can hinder decision-making, and negatively impact business performance.

As a result, many organizations across industries are adopting an integrated approach to risk management across their business units and extended vendor network. This cohesive approach enables stakeholders to effectively coordinate and unify risk management activities across all business functions, while aligning their assurance programs, and gaining comprehensive visibility into both risk exposure and relationships.

Managing risk from an integrated perspective enables consistent, unified assessments. It provides a better understanding of risk profiles which, in turn, supports informed, risk-based decision-making. It also helps organizations decide on their risk appetite, establish their decision metrics, and align their strategy across all the three lines of defense.

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MetricStream Integrated Risk Management (IRM) Solution

The MetricStream Integrated Risk Management (IRM) Solution provides a single, unified system to identify, assess, manage, and mitigate various types of risks, including strategic, operational, IT, third-party, and compliance risks. The solution cuts across organizational silos, standardizing risk and control taxonomies. It also supports control testing, as well as risk monitoring, mitigation, and reporting in a consistent and aligned manner.

The underlying platform helps organizations implement an integrated, flexible risk data model and process architecture to strengthen coordination and collaboration across risk, compliance, assurance, and business functions (comprising the three lines of defense). This cohesive approach facilitates a common understanding of enterprise risk exposure, while helping users enhance the completeness, accuracy, and integrity of risk data.

The solution also supports the data contextualization needs of various organizational lines. Stakeholders can assess risks and control effectiveness from multiple perspectives, and drive their individual governance areas, while aggregating risk outcomes to provide a single view of the inherent and residual risk exposure at various levels of the organizational hierarchy.

Business Benefits
  • Drive agility in risk-based decision-making by providing a single view of the top risks faced across the three lines of defense
  • Deliver forward-looking risk visibility with predictive risk metrics and indicators that help organizations anticipate and prevent adverse risk incidents
  • Drive business performance and growth by aligning risk metrics to performance indicators based on key strategic initiatives
  • Improve the maturity of the risk management program by establishing consistent risk processes, methods, and classifications across the three lines of defense
  • Enhance operational efficiency by reducing the cycle time and costs of risk assessments
  • Build confidence with regulators and executive management, as well as with partners and customers, by establishing a strong risk data governance and issue reporting framework

Use Cases

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Enterprise Risk Management

Establish a consistent approach to risk management by leveraging uniform risk assessment methodologies, as well as risk and control frameworks such as COSO, COBIT, and ISO 31000. Systematically identify, assess, monitor, and mitigate a wide range of risks (e.g. strategic, financial, and legal risks). Consolidate the results into reports based on different parameters, and view the top risks through advanced analytics, heat maps, reports, dashboards, and charts. Manage all risk issues in a streamlined manner with detailed action plans and monitoring.

Comprehensive Risk View

Operational Risk Management

Facilitate a pervasive approach to operational risk identification, assessment, monitoring, and mitigation. Catalog operational risks and associated details in a common risk register,and link risk appetites to strategic business objectives. Enable both qualitative and quantitative assessments of risk to calculate inherent and residual risks.

Capture and categorize internal risk events and losses, while also analyzing loss trends, conducting a causal analysis, and initiating corrective actions. Define, measure, and track keyindicators for risks, controls, and performance. Manage risk incidents as part of the issue remediation process with comprehensive action plans and monitoring.

Digital Risk Management

Effectively manage and monitor the digital risks associated with enterprises, technologies, and third parties. Gain a single view of the top digital risks, and build effective controls.

Enterprise Risk Management

Manage all organizational risks related to digitization in a structured manner. Establish consistent risk taxonomies, while scheduling and performing risk assessments and control tests. Measure and track KRIs, KCIs, and KPIs to identify potential risks. Gain comprehensive visibility into digital risks with real-time intelligence.

IT Risk Management

Identify, assess, and mitigate IT risks across assets using standard risk assessment methodologies and frameworks. Enable multi-dimensional risk assessments in both a top-down and bottom-up manner. Document issues that arise, and route them through a closed-loop process of investigation, root cause analysis, and remediation. Gain a 360-degree view of the organization’s IT risk posture.

Vendor Risk Management

Establish a single point of reference to manage and monitor vendor risks and compliance related to digitization. Enable vendor information management, due diligence, onboarding, and risk-control assessments. Anticipate and prioritize potential vendor risks based on criticality, while determining the type and level of assessments and data validation needed to evaluate vendors further. Through continuous monitoring, gain consistent risk intelligence on vendor relationships.

Digital Risk Management

Business Continuity Management

Plan and execute an effective, centralized approach to business continuity and disaster recovery (DR) management across organizational functions. Align business continuity management initiatives to industry frameworks and standards such as ISO 22301.

Enable risk assessments, crisis response planning, testing of recovery procedures, disaster tracking, and recovery action initiation and management. Improve response time during a critical event with the help of emergency mass notification capabilities, as well as mobile-enabled access to continuity plans and crisis reports (both online and offline).

Business Impact Analysis

Internal Audit Management

Provide independent and objective insights on risks by streamlining internal audit processes, including risk assessments, audit planning, scheduling, work paper management, audit execution, analysis of audit findings, reporting, and follow-ups.

Enable an intelligent, risk-based approach to auditing, so that audit tasks and resources can be prioritized in an efficient manner. Record control test findings, detailed observations, and recommendations in pre-defined formats or work papers. Pull together findings and actions from various tasks to generate audit reports. Define action plans to remediate issues, and monitor them to closure.

Internal Audit Management

Corporate Compliance Management

Build a strong culture of compliance and ethics through robust policies and procedures, compliance assessments and monitoring, as well as mechanisms to track and resolve compliance violations or cases.

Policy Management

Streamline the creation and communication of policies across functions. Establish a centralized policy portal that is easily accessible to employees and third parties. Map the policies to regulations, risks, controls, and processes, so that users can easily identify the impact of a regulatory change on policies. Enable policy awareness assessments, attestations, and exceptions to demonstrate policy compliance. Leverage powerful analytics and reports to track the policy management lifecycle in real time.

Centralized Library of Compliance Obligations

Create a structured and logical control hierarchy that links together processes, assets, risks, controls, and control activities, along with the associated policies, procedures, and reporting requirements. Capture, store, and monitor regulations while mapping regulatory updates to risks, controls, and policies. Stay informed on regulatory processes through automated notifications and alerts.

Compliance Assessments

Measure and monitor compliance across business units, processes, and geographies. Design and perform compliance assessments with a detailed scope and frequency. Document the results to certify control effectiveness. Capture non-compliance issues, and assign them for remediation to the respective owners. Monitor the status of compliance in real time through graphical dashboards and charts.

Compliance Surveys

Design and implement 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. Aggregate survey results, and evaluate the findings. Collect and store surveys in a centralized repository, and gain enterprise-wide visibility into survey management with dashboards and scorecards.

Third-Party Compliance

Capture and store third-party related data in a centralized framework and map it to the associated risks and controls. Validate a third party’s profile with the help of real-time global data feeds on the third party’s financial status, credit rating, cybersecurity risks, and more. Streamline third-party due diligence processes and reporting. Enable specific assessments around anti-bribery and anti-corruption. Monitor the status of third-party compliance through intuitive reports and dashboards.

Case Management

Capture cases of code of conduct violations, bribery, and other unethical activities across the enterprise. Integrate with employee hotlines or whistleblowing systems to document case details. Map each case to the associated policies, regulations, and risks to understand its impact, as well as to identify if a policy should be updated. Trigger a root cause analysis, and track the case till the results of the remediation action have been verified. Gain real time visibility into each case, and reduce the risk of non-compliance.

Compliance Overview

Enterprise Legal Management 1

Efficiently manage legal compliance requirements through systematic documentation, information sharing, collaboration, and monitoring.

Compliance Management

Establish a unified framework to manage a wide range of legal compliance requirements. Simplify compliance management by aligning internal policies, contracts, standards, laws, and regulations. Link compliance processes, risks, controls, and control activities in an integrated data model. Design and conduct control tests, while also capturing and remediating non-compliance issues.

Policy and Document Management

Create, store, and manage policies and legal documents in a central repository. Map them to legal processes, associated risks, and controls. Trigger automated email notifications and alerts to relevant users, indicating changes in policies and documents.

Case Management

Capture, investigate, resolve, and report legal incidents or cases that occur across the enterprise. Integrate case data from multiple sources, and route each case to the relevant personnel for review and action. Track cases in real time, and highlight those that are high-priority.

[1] The MetricStream solution’s capabilities for legal matter management are limited to compliance and case management

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The MetricStream and AI Sustainability Center’s Integrated Offering

MetricStream and the AISC have partnered to help organizations build sustainable AI programs based on a foundation of risk awareness and good governance. The strengths of the MetricStream cloud-based governance, risk, and compliance (GRC) platform are combined with those of the AISC’s framework for Sustainable AI to offer customers an automated tool for AI risk scanning. This unique, first-of-its-kind tool will enable organizations to capitalize on the benefits of AI in a responsible and ethical manner by proactively identifying and mitigating potential risks, and thereby avoiding common pitfalls.

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