Retailers and brand manufactures face a multitude of risk, audit, compliance and quality challenges at every stage and in every aspect of a retail business including finance, supply chain, logistics, inventory handling, merchandising, real estate, marketing and store operations. The spectrum of global and regional regulatory requirements (such as CPSIA, GPSD, REACH, Conflict Minerals, FSMA, TSCA, CA Prop 65, and Trade compliance) as well as corporate compliance mandates (such as SOX, FCPA, ERISA, Dodd Frank, and Privacy Laws ), supply chain risks and concerns including corruption and bribery, quality and safety aspects of the products, high incidence of data security breaches, and threats and vulnerabilities in the IT systems are high on the agenda of any retailer and brand manufacturer. Another key concern is the pressure from the highly informed and connected customers to produce and market environmentally friendly products, and abide by the guidelines and law governing environment, health, safety, corporate social responsibility, and sustainability.

However, many retail companies and brands fail to adopt best-in-class practices and strategies to handle diverse requirements across departments and business functions. They fall back on obsolete and cumbersome manual methods, department-centric methodologies and approaches which result in information and management silos, duplication of effort that hamper their overall efficiency, and increases the overall program costs as well as the risk profile of the organization.

MetricStream Retail Solutions

MetricStream's comprehensive suite of integrated and holistic Enterprise Governance, Risk, Compliance (GRC) solutions encompassing IT GRC; Supply chain GRC; Audit, Quality & Safety Management; as well as Environment, Health & Safety Management enables retailers and brands to establish sound governance, risk, compliance and quality management programs across the enterprise. The award winning and best-of-breed solutions help retail companies to adopt a centralized and integrated approach to multiple program elements.

Retailers can automate their processes, collaborate with stakeholders, and establish monitoring mechanisms to increase their brand image, improve transparency, reduce risk and create a culture of compliance across the enterprise. The solutions will help retailers to enforce policies and procedures, establish best practice controls, mitigate and manage risks, comply with regulatory standards and requirements, and establish audit programs to assess program effectiveness, identify issues and take proactive remedial actions. Retailers and brands can thus build reliable and transparent supply chains, produce safe products, manage and mitigate risks at every level in the supply chain, as well as establish and monitor relevant corporate social responsibility and environment sustainability practices.

The specific GRC areas that MetricStream helps address include:

Supply Chain Governance: Enhance supply chain compliance, traceability, and performance through a holistic strategy

  • Social Compliance: Facilitate a consistent culture of compliance, integrity, and accountability across suppliers and vendors
  • Conflict Minerals Management: Stay free of conflict minerals by leveraging a centralized conflict minerals compliance program
  • Product Safety & Compliance: Enhance product compliance, and mitigate safety and compliance risks in the supply chain
  • Quality Management: Manage quality and compliance obligations, perform investigations and achieve end-to-end visibility
  • Fire Safety Audit Management: Enforce fire safety policies, standards, and monitor adherence through self-assessments

Environment Health & Safety: Enhance reputational quotient and competitive advantage through effective integrated EHS programs

Enterprise GRC: Unify governance, risk, compliance, and audit management programs across the enterprise

  • Policy Management: Effectively manage policies, standards, and guidelines, and ensure awareness about them for good governance
  • Legal & Corporate Compliance: Centrally manage multi-regulatory and corporate compliance programs
  • Audit Management: Automate internal audit programs to strengthen risk and compliance management, and improve core business processes
  • Enterprise Risk Management: Identify, assess, quantify, monitor, and manage risk in an integrated manner
  • Store Audit Management: Enhance a store's operational performance through a standardized audit program

IT GRC: Adopt an integrated approach to manage IT security, risk, compliance and audit management programs within the enterprise