Global Insurer Chooses MetricStream to Strengthen Risk and Compliance Management across the Three Lines of Defense

September 23 | San Jose, California: MetricStream, the independent market leader in enterprise cloud applications for Governance RiskCompliance (GRC)/Integrated Risk Management(IRM) announced that a multi-national insurance services company has selected its suite of products to enable an automated, consistent, and agile approach to end-to-end compliance management. The firm will leverage the cloud-based MetricStream GRC platform and products to holistically manage compliance processes, ranging from regulatory change management, regulatory compliance management, and policy management, to enterprise risk management and issue management. Advanced reporting and analytics will provide actionable, real-time risk and compliance intelligence to stakeholders across the firm, enabling them to strengthen business performance based on a strong foundation of risk awareness and integrity.

Being a multi-line insurer that provides risk management and liability insurance for corporations, as well as property and casualty insurance for individuals and organizations worldwide, the firm is committed to effectively managing risks arising from new business models, digitalization, and, increasingly, cyber threats. Regulatory compliance is a strong priority at the organization and MetricStream products are set to be the enabler. Not only will they support traditional second-line programs for risk management, compliance, and policy management, but they will also eventually engage the front line with intuitive tools for proactive compliance control testing, risk and issue identification, as well as policy and procedure review and acceptance.

The firm is implementing all the products out-of-the box with embedded best practices to accelerate deployment timelines - creating faster time to value. The products, which will be used by over 300 people across the company, will standardize processes and taxonomies for risk, compliance, audit, and policy management through one single source of truth. The underlying libraries on the platform will be used to map regulations, products, services, processes, strategic imperatives, and objectives to risks, controls, and assets - thus enabling stakeholders to proactively identify and respond to early warning signs of non-compliance.

So far, the firm has deployed three MetricStream products. The first, a policy management product, was implemented in 6 weeks, followed by the enterprise risk management and compliance products, each within 6-8 weeks. Policies will now take considerably less time for subject matter experts to create, review, and publish -- and for employees, third parties, and other stakeholders to attest to.  Enterprise risk assessments will allow the firm to take a risk-based approach to compliance – accelerating their digitalization strategy for compliance processes across all business functions. Planned for the future, MetricStream’s audit management product will support risk-based audit planning, workpaper management, and reporting, enabling the third line of defense to strengthen efficiency and productivity.

“Today, one of the biggest challenges for the insurance sector is staying ahead of risks and regulatory compliance requirements in a constantly changing world,” says Salil Jain Chief Client Officer at MetricStream. “Our innovative GRC platform and products help organizations build agility by engaging all the lines of defense in GRC, while also strengthening integration, collaboration, and responsiveness.”