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SOURCE MetricStream LLC
MidCountry Financial will leverage MetricStream's integrated GRC platform and solution for Enterprise Risk Management (ERM), Internal Audit, and Compliance Management
PALO ALTO, Calif., July 24, 2014 /PRNewswire/ -- Leading diversified financial services provider, MidCountry Financial Corp., has selected MetricStream to enhance its risk management and strengthen regulatory compliance and audit management across the enterprise. MetricStream's integrated GRC solution will help MidCountry Financial streamline the full range of their risk management processes, establish a comprehensive risk register and common risk taxonomy, and enhance risk visibility. Through the real-time integration of external regulatory feeds, MidCountry Financial will be able to stay one step ahead of their risks, and one step ahead of the regulations.
With total capital exceeding $200 million, MidCountry Financial is a well-respected, mid-sized financial services institution that serves customers around the world. The institution is comprised of a diverse portfolio of companies, each focused on a distinct market including banking, investments, mortgage, insurance, equipment finance, consumer finance, and military banking.
"As our business continues to grow, it became imperative that we create a centralized and scalable risk management program that streamlines all of our risk and compliance processes. A single, real-time view of risk data is critical to supporting sound and strategic decision-making," said Sandra Laughlin, Chief Risk Officer at MidCountry Financial. She continued, "We selected MetricStream because of their domain expertise, as well as the robust yet highly flexible functionalities of the solution, which will be deployed quickly and seamlessly over the MetricStream Cloud."
The MetricStream solution will provide a centralized risk framework to manage, assess, and track all enterprise risks as well as their associated controls and issues. A risk register will maintain and map all risk and control information such as risk description, control ownership, risk impact, source, and likelihood, thus helping establish a common risk language across the enterprise. The solution will also help monitor and aggregate Key Risk Indicators (KRIs).
Powerful role-based dashboards, reports, risk heat maps, and scorecards will roll up risk data from across the enterprise and provide an aggregated, real-time, and comprehensive view of risks at multiple hierarchical levels such as the department level, business unit level, and enterprise level. Simultaneously, links to external regulatory feeds will provide updates on any new risk management regulations.
MetricStream's GRC Platform offers MidCountry Financial the flexibility to deploy in a phased manner, based on their risk management priorities. Post the successful deployment of the risk management solution, MidCountry Financial is now in the process of deploying internal audit and compliance management solutions.
"We are pleased to have been selected by MidCountry Financial to enhance their risk management program," said Gaurav Kapoor, Chief Operating Officer at MetricStream. He continued, "Mid-sized financial services institutions are under significant regulatory pressure to build stronger and more sophisticated risk management methods. Leading mid-sized financial institutions and community banks around the world are choosing MetricStream for our unique blend of world-class technology and content, which is based on industry best practices and standards such as COSO, COBIT, and ISO. MetricStream's Integrated GRC Platform is witnessing strong traction in the market, as validated not only by our customers, but also by leading analysts and financial services regulators."
MetricStream is a market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions. MetricStream solutions are used by leading global corporations in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-tech and Manufacturing to manage their risk management programs, quality management processes, regulatory and industry-mandated compliance and other corporate governance initiatives. MetricStream's customers include Procter & Gamble, UBS, Societe Generale, Pfizer, Philips, Cummins, Kellogg's, Mondelez International, SanDisk, NetApp, and United Technologies Corporation (UTC). MetricStream also owns and operates www.ComplianceOnline.com portal - the largest GRC advisory network and one of the largest GRC communities. MetricStream is headquartered in Palo Alto, California, USA (www.metricstream.com).
Mr. Vinay Bapna
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