A few weeks ago, MetricStream was awarded “GRC Product of the Year” at the 2019 Risk Technology Awards hosted by Risk.net. It was a strong validation of MetricStream’s mission to help organizations “Perform with Integrity™”. Through our GRC platform and solutions, customers are able to effectively understand and manage the interconnectedness of their risk environment, while deriving actionable risk insights for business decisions.
Why GRC Matters More Today Than Ever Before
Over the past year, multiple financial services organizations have faced penalties and fines from regulators for facilitating money laundering, manipulating customer accounts, and mishandling security trading. Meanwhile, serious IT meltdowns and cybersecurity incidents have severely impacted brands and reputations. Added to that, operating markets and business models are continuously being disrupted.
To stay ahead of these risks—both “known” and “unknown”—in an increasingly hyperconnected, fast-changing world, organizations need timely risk insights that can help them make swifter and better business decisions. They need to be aware of how a potential incident enhance their risk exposure. These objectives are best achieved with a strong governance, risk, and compliance (GRC) foundation.
What Differentiates MetricStream’s GRC Offerings
We believe that there are several factors that led to us winning GRC Product of the Year:
1. Support for Multiple Evolving GRC Roles
Chief Risk Officers (CROs), Chief Compliance Officers (CCOs), Chief Information Security Officers (CISOs), Chief Sourcing Officers (CSOs), and Chief Audit Executives (CAEs)—once limited in their roles—are increasingly being given a seat at the table with the power to influence strategy and decision-making. With this new power comes new obligations and challenges.
At MetricStream, we focus on addressing these challenges through our GRC platform, solutions, and apps. We thematically look at the core needs of each GRC persona—be it the CRO, CCO, CISO, CSO, or CAE—and provide tailored solutions to meet those needs. We also deliver specific content, workflows, and reports to help various personas make informed decisions that are aligned to their business objectives.
Our wide array of packaged apps, which can be enhanced with third-party applications, are designed to improve risk visibility and intelligence. Underlying these apps is our cloud-enabled, future-ready GRC platform that provides customers with long-term value throughout their GRC journey.
Our integrated GRC solution enables a high level of cohesiveness across core GRC components which, in turn, improves risk assessments, predictions, and mitigation. Organizations can effectively balance risks and rewards, make confident strategic decisions, and respond to the changes that occur within and outside their enterprise.
2. Balance Between Autonomy and Aggregation
At MetricStream, we understand that while the core requirements of GRC are more or less consistent across organizations, the processes, priorities, and needs of each organization are unique. Therefore, we offer flexible product alignment which allows customers to choose from multiple best-in-class, out-of-the-box GRC products that can be used along with third-party applications. Our apps and solutions provide agile risk reporting capabilities, while advanced analytics empower GRC practitioners to visualize large datasets within intuitive and interactive dashboards in real time.
3. Leadership in Addressing the Interconnectedness of Risk
The hyperconnectivity of markets has created both known and unknown dependencies and interconnections within and outside the enterprise. This, in turn, has increased the interconnectedness across different types of risks.
The MetricStream GRC Platform has been built to comprehend these risk relationships and to deliver contextual insights though the aggregation and analysis of risk information. Our customers have adopted the platform along with built-in best practices and modifications to identify, understand, quantify, and predict the multiple points of impact for any risk event.
4. Focus on Long-term Partnerships Based on Value Delivery
MetricStream is focused on being a long-term strategic partner to customers as they grow and transform along their GRC journey. Our GRC advisory framework and methodologies help organizations build a multi-year GRC vision and roadmap that augments value realization based on a “true platform” strategy.
Through our value discovery workshops, we enable customers to identify key value propositions that can be measured as outcomes throughout the design and implementation of their GRC programs. Our GRC Journey initiative adds a further advantage by helping customers understand the current and future state of their GRC programs, so that they can then re-engineer existing GRC processes for optimal business benefits.
As we continue to find new ways of enabling and supporting our customers, we’re deeply grateful to Risk.net for the recognition and award received. We look forward to continuously raising the bar on innovation, and delivering products that truly empower our customers to Perform with Integrity™.