Financial services provider MidCountry Financial 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.
"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," Sandra Laughlin, chief risk officer at MidCountry Financial, said. "A single, real-time view of risk data is critical to supporting sound and strategic decision-making."
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.
Additionally, 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.