MetricStream has released the next version of its Risk Management solution, which will empower organizations to proactively assess, manage and monitor varied organizational risks, including operational, financial, IT, security, regulatory, supply chain, reputation and enterprise risks. The solution provides in-depth and real-time insights into changing business conditions, increases collaboration across business units and functions, and fosters a high level of transparency into enterprise-wide risks.
With the MetricStream Next Generation Risk Management Solution, customers will be able to:
Streamline complex risk management processes: The MetricStream solution provides a single information model for managing the complete spectrum of risk management processes, and enhancing cross-functional coordination and collaboration. Through a systematic approach and a powerful federated framework, the solution enables customers to identify, assess and evaluate risks and controls, track risk metrics, perform scenario analyses, and monitor issues and losses. The solution also provides support for multi-dimensional risk assessments, allowing different groups to assess the same risks independently while collaborating on response strategies.
Gain real-time risk intelligence, and drive performance: The new version is equipped with powerful context driven analytics, dashboards, drill-down reports, charts and risks heat maps to track risk metrics. Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs) are closely monitored and compared against expected values and thresholds. Dashboards depicting breach threshold metrics, loss/gain trends and top losses provide quick and real-time insights into critical vulnerabilities and exposures that could result in financial losses. The solution links risk management with performance, providing the business intelligence and risk analytics to optimize investment decisions, resource allocation, project scheduling and business planning. The solution also interfaces with external transactional systems, business applications and loss data sources, enabling MetricStream customers to proactively identify risks and risk patterns, and mitigate them before significant losses occur.
Harmonize risk-control content across the organization: The latest MetricStream Risk Management Solution provides a centralized library to harmonize all risk related content, including processes, risk taxonomies, risk factors, controls, assessments, tests and survey templates, predefined KRIs and KPIs. This helps ensure a more efficient and consistent approach to risk management across the firm. The solution is also packaged with best practices, as well as industry standards and frameworks such as COSO, ISO 31000 and ISO 27001.
Enable simplicity and flexibility: The new release provides highly intuitive interfaces and improved navigation standards to enhance user experience. It also provides easy access to contextual information, and enables the highly intuitive visualization of relationships between risks, processes, controls, regulations, assets, and policies. Its adaptive and flexible data model makes it easier for businesses to configure complex risk processes such as monitoring emerging risks, designing new risk models or assessing risk profiles.
With the MetricStream solution, customers can rapidly transition from disjointed risk management processes to an integrated and holistic framework. The solution fosters a risk-focused culture by establishing a top-down and bottom-up approach to risk identification, enhancing collaboration, and empowering business managers to take responsibility for risk management. Such an approach integrates risk management into decision-making, drives a culture of business ownership, and helps ensure compliance with industry and company standards