October 25, 2011 | Palo Alto, California: MetricStream Inc., the market leader in enterprise-wide Governance, Risk and Compliance (GRC) solutions, today announced that its participation in SIFMA's Internal Auditors Society (IAS) Annual Conference which will be held on October 23rd-26th, 2011 in Fort Lauderdale, Florida. The conference will focus on the role of internal auditors in preparing their companies for the change and impact that will be brought about by the historic Dodd-Frank Act.
With the Act still evolving, many aspects of the legislation still remain undefined or unclear. But what is evident is that the entire structure and operations of banking and financial institutions is bound to change significantly. During this period, internal auditors will need to work closely with the compliance and risks groups, as well as the management, to manage compliance with the new regulations, implement and monitor potentially new controls, and build a sustainable audit framework that is flexible enough to adapt to the changes brought about by the Act.
The SIFMA IAS conference will provide further insights on how internal auditors can contribute to making the implementation of Dodd-Frank reforms in their organization a success. Christopher J. Dodd, the co-author of the Act himself, will present the conference key note session. He will be followed by a range of top thought leaders and audit experts in various panel discussions. Participants will get the opportunity to pick up key insights on the Dodd-Frank Act, and network with peers from the field.
MetricStream will be participating in the 3-day event, and showcasing its reputed Audit Management solution used by leading banks and financial institutions across the globe. Built on a single platform, the solution transcends business and functional silos, enabling the internal audit group to collaborate seamlessly with other assurance groups in order to manage compliance with the Dodd-Frank regulations.
The solution streamlines and automates audit workflows, processes, control monitoring and reporting. Thus internal auditors can accelerate audit processes, and improve the efficiency of monitoring compliance controls. Rich capabilities such as advanced resource pool management, budget tracking and auditor time sheets help internal auditors efficiently plan audits and budget resources to manage the costs of Dodd-Frank Act compliance.
The solution facilitates risk-based audits with inherent and residual risk assessments. Internal auditors can therefore focus their audit efforts on monitoring the most critical controls and risks, providing valuable risk-based advice to the Board on the status of compliance.
Powerful dashboards and reporting features provide in-depth insights into enterprise-wide audit and risk data, as well as audit processes, enabling the Audit Committee to make informed risk and control based decisions in line with Dodd-Frank regulatory requirements. To help them further, a centralized risk-control library is provided, along with an integrated repository of pre-built regulatory content, industry standards and best practices which enable competent management of the Act's requirements.
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, and NetApp. MetricStream also owns and operates the 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).