MetricStream: Revolutionising GRC with 4th Generation Technologies

By CR Team

Governance, Risk and Compliance (GRC) activities continue to stand strong as one of the major areas of emphasis for industry honchos. And why would it not be? With fraudulent stories of prominent  banking institutions such as Wells Fargo , where over two million unauthorized accounts were created and credit cards issued, and a host of other malpractices making its way, the number of government and industry rules and regulations have not only multiplied but have also hardened the global business environment. Despite being subjected to a whopping USD 185 million in fines, including a USD 100 million in penalty Wells Fargo may reinstate itself, yet the incident will not be forgotten soon. Hence enterprises today are looking to turn towards GRC platform based solutions to stay ahead of risks and improve the way organisations operate. In similar instances, a number of banking and financial institutions in India including giants have had to undergo the wrath of the RBI over non compliance and violations of different norms. In the light of these events, the enterprise GRC market has been witnessing a growing demand and is estimated to be worth USD 38.00 Billion by 2021, at a CAGR of 14.4 percent.

However, it should be noted that BFSI is not the only segment to come across such a crisis. Similar stories have emerged from the pharmaceutical, retail, life sciences and healthcare sectors, amongst a host of others. For when cases such as these come into light, they only reflect flaws in the internal culture and the habitual oversight. The need of the hour is superior internal control with adherence to regulations while sustaining operational efficiencies at reduced costs.

"M7 Is Integrated With An Extensive Set Of Grc Apps Under Different Verticals"

Staying Abreast with Current Trends

MetricStream is an established name in the GRC market place that has been enabling businesses to steer safe through the stringent business environments and drive business performance through the MetricStream GRC Platform for over a decade. Staying in pace with the current industry trends and the complex business environments MetricStream has launched the innovative solution - M7, a 4th generation GRC technology for the present day modern and digital organisations. A high performing solution, the M7 is integrated with an extensive set of GRC apps under different verticals that include enterprise risk management, internal audit management, issue management, survey management, threat and vulnerability management, regulatory engagement management, IT risk management, policy and compliance management and more. It caters to a wide range of verticals like banking, finance, insurance, life sciences, healthcare, energy, utilities, and more.

Development Strategy

Providing an insight into the development strategy behind the GRC platform, the COO of MetricStream, Gaurav Kapoor unravels, “The world of GRC has traditionally been siloed. What this means is that different aspects of risk, compliance and governance were treated separately. However, if you wish to get a real view of the risk in and around organizations, a lot of these different silos have to come together. As an organization, we were very clear from the beginning that we want to bring different aspects of GRC together on the same platform. This was a major driving force behind the product.”

Features that Set Benchmark for the Industry

MetricStream’s next-generation of GRC technology, the M7 platform, enables enterprises to preserve corporate integrity and protect brand, through GRC that is simple, pervasive, and is delivered in the cloud or on premise. MetricStream’s M7 platform delivers this through an enhanced user experience, sophisticated configurability, mobility, advanced analytics, and a future-ready architecture.

MetricStream’s apps built on the centralized M7 GRC Platform enable enterprises to manage risk and compliance management processes and activities across a wide range of disciplines, including auditing, regulatory compliance, risk management, industry standards, quality programs and other corporate governance initiatives. Vasant Balasubramanian, Sr. Vice President and Product Management at MetricStream, speaking about the M7 apps elucidates, “The MetricStream’s M7 apps are designed to facilitate enterprises for real-time collaboration and information sharing across the enterprise and provide visibility into the risk management and compliance process.”

The MetricStream M7 GRC Platform serves as a central repository for storing and organizing all types of frameworks, risks, audits, issues, documents, controls, test procedures, conclusions, action plans and reports which are shared across business units, functions, processes and risks to support the overall GRC operations. This ensures standardization and consistent taxonomy across the organization. Embedded with powerful visualization and analytics, M7 GRC Platform provides powerful capabilities to monitor GRC trends, data relationships, and actions in real time across the enterprise.

The highly flexible platform delivers organizations the choice of GRC deployment, on-premise or via cloud. Built on state-of-the-art virtualization and private cloud, GRC Cloud offers clients their own physical servers and segregated data. Additionally, the MetricStream GRC Cloud Business Intelligence (BI) further leverages the Tableau to help organizations explore and discover a varied range of GRC datasets from risk assessments to controls, issues, remediation plans, and metrics and transform them into powerful visualizations, dashboards, and reports.

Revamped with a rich user experience, M7 is a simple, context-sensitive platform that delivers a personalized and seamless experience to users across devices such as phones, tablets, and laptops. Built on a lean, modern, scalable, and extensible architecture, M7 enables the global digital enterprises of today to seamlessly scale up and support new users.For instance,enterprises can implement the MetricStream GRC platform to support and deploy over 20 apps and 250,000 users without any performance degradation. The MetricStream AppStudio framework within the M7 GRC platform facilitates app configurations and extensions in an upgrade-safe and scalable manner enabling organizations to quickly adapt to change and meet organizational needs.

An Apt choice for Pervasive Approach to GRC

Rising concerns over the overhanging risks have transfigured eGRC into a mission critical constituent for business management. A front runner in the GRC space, MetricStream is revolutionizing the eGRC space with a break through platform that is secure, user-friendly, and in line with the current technology trends. Vasant Balasubramanian herein says, “Pervasive GRC is MetricStream’s vision for the future, representing our desire to help organizations build strong, risk-aware cultures, and to ultimately enable individuals, businesses, and governments, to thrive on risk.

M7 will prove to be an apt choice for enterprises who endeavor to bring in a systematic and organized approach to managing GRC related strategy. With a unified view of risks, MetricStream’s GRC platform empowers enterprises to manage risks better and take a proactive stance on regulatory and compliance issues. In conclusion, Gaurav Kapoor delineates, “We are at a juncture where the market is changing fast. The flow of information has been accelerated and amplified significantly by the advances in technology. Companies are now facing newer and more sophisticated threats and are hence demanding better protection. This is exactly what the next generation platform, M7 delivers.”

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