Application’s new release designed to manage compliance with multiple regulations across complex organizational structures through a common framework
MetricStream, Inc., the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management solutions, today announced a new release of its Compliance Management application. The new release is designed to manage compliance with multiple regulations across complex organizational structures through a common framework.
As the multiple compliance initiatives become more intertwined from regulatory and organizational perspectives, Compliance Officers are focusing on effective rationalization of controls to provide a clear, unambiguous process for compliance management and to deliver a single point of reference for the organization. The new release of the Compliance Management application provides a configurable framework to document processes, risks and controls across multiple areas of compliance including cross-industry mandates and regulations such as SOX, OSHA, EH&S and FCPA as well as the industry focused regulatory guidelines from FDA, NASD, FERC, PCI, FAA, HACCP, AML, Basel II and data retention laws. The documentation can be applied across a hierarchical organization structure and allows multi-layered access to information to eliminate redundancy and duplication of activities, processes and recordkeeping.
The application also provides powerful control assessment capabilities such as threshold-based notifications and alerts, surveys and certifications, attestations mechanisms, self-assessments and third-party testing workflows. This provides companies with the flexibility to choose the right approach based on their compliance and risk management strategy. The integrated issue and remediation management capability enables companies to improve operations by resolving system-identified and user-identified exceptions and deficiencies and implementing corrective action plans.
“Architecturally, this release supports decentralized ownership of compliance activities with centralized monitoring and reporting,” said Vidya Phalke, Vice President of Engineering at MetricStream. “It streamlines controls management by enabling process owners to take direct responsibility for managing controls while auditors can focus on key compliance risks and project oversight. We have seen the success of this approach in diverse industries such as Banking, Financial Services, Energy, Life Sciences, Food Services and Manufacturing.”
The application release also includes enhanced management reporting capabilities with a rich set of dashboards and reports that aggregate and roll up information across multiple dimensions such as Areas of Compliance, Business Units and Business Processes.
A core component of its comprehensive GRC solution suite, the Compliance Management application is built and deployed on the MetricStream Enterprise Compliance Platform (ECP) – the infrastructure that provides core services that enable rapid development and deployment of web-based applications that drive enterprise process management for GRC and Quality processes. When implemented in combination with other MetricStream applications for Risk Management, Audit Management and Policy Management, the Compliance Management application streamlines all documentation, communications, information flows, recordkeeping and monitoring of business processes for compliance creating a seamless environment for managing risk and compliance-related processes, issues and data in accordance with government regulations and industry standards.
About MetricStream
MetricStream is a market leader in Enterprise-wide Governance, Risk, Compliance (GRC) and Quality Solutions for global corporations. MetricStream solutions are used by leading corporations such as Pfizer, Covidien, NASDAQ, SanDisk, BP, Entergy, Subway, Fairchild Semiconductor, Hitachi and TaylorMade-Adidas Golf in diverse industries such as Pharmaceuticals, Medical Devices, Automotive, Food, High Tech Manufacturing, Energy and Financial Services to manage their quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as by over a million compliance professionals worldwide via the ComplianceOnline.com portal. MetricStream is headquartered in Redwood Shores, California and can be reached at www.metricstream.com
