Does MetricStream Operational Risk Management provide standard risk taxonomy to comply with various standards and regulations (Basel, Solvency II, MiFID, PRA, APRA, etc.)?

Yes, the MetricStream ORM software supports categorizing and classifying business lines and loss events based on Basel standards and can be easily configured to define processes and workflows as per various standards such as Basel, Solvency II, PRA, APRA, etc. Additionally, it ensures effective risk management with the capability to integrate with several third-party content providers such as RiskSpotlight, UCF using APIs to pull data into the system.

How does the product help me conduct Risk and Control Self-Assessments (RCSA)? Can the assessment methodology be configured?

MetricStream’s ORM software tool lets you plan, schedule, and perform both top-down and bottom-up risk and control self-assessments. It enables simple risk analysis and assessments by rating risks, and advanced assessments using multiple parameters and risk scoring to meet variations in risk assessment methodologies across business units, regions, and products. Also, the operational risk management framework helps you assess the overall control environment based on multiple factors. You can aggregate risk scores using a weighted average method where weights can be given to multiple dimensions including organization, objective, product, process, assessable item, or risk hierarchy for improved and accurate risk visibility. Risk analysis and computations are based on configurable methodologies and algorithms for inherent impact and likelihood. Risk assessment criteria include impact, likelihood, controllability, and other determinants as well as weight-based assessments of risk criteria values for use in combined valuations.

What functionalities does the product provide for capturing operational risk loss events, potential loss, and near misses? Can the business users report losses?

MetricStream ORM software supports the collection of loss data for effective risk management in multiple ways: Internal loss data- when the data collection is carried out through a manual/automated approach from forms and bulk upload of multiple loss events from spreadsheets. External loss data- when the data collection from libraries/contortions is enabled through APIs and spreadsheets uploads. In compliance with the Basel Accords, the operational risk management framework helps you can capture and categorize internal risk events and losses across multiple impacted organizations. Faster loss data recording with a simplified and easy-to-use interface is enabled for frontline users to record basic details of a loss event. Multi-currency risk events can be aggregated in a single currency. You can analyze trends, conduct a causal analysis, and initiate corrective actions across your organization. You can also define loss thresholds, consolidate data from external loss data exchanges, and conduct a loss data analysis. Business users or frontline workers can easily report an issue or a loss using a simple interface with minimal information. The reviewer can triage these loss events or issues based on AI-powered recommendations.

How are identified issues handled in the ORM tool?

With our ORM software system, you can record findings stemming from risk assessments and control tests. AI/ML can be leveraged to quickly identify semantically similar issues, classify issues, and recommend action plans. You can drive action plans to modify internal controls or define new internal controls as part of the issue remediation process. Implemented actions can be monitored at every stage and tracked to closure.

Where can I learn more about MetricStream solutions for operational resilience?

You can explore the &amp;lt;a href="https://www.metricstream.com/solutions/operational-resilience.htm" target="_blank"&amp;gt;&amp;lt;u&amp;gt;MetricStream Operational Resilience solution&amp;lt;/u&amp;gt;&amp;lt;/a&amp;gt; that brings all aspects of the operational resilience framework on to a single unified platform by seamlessly embedding risk management practices into compliance, cybersecurity, vendor risk management and business continuity planning to prepare for and prevent potential disruptions. To request a demo, &amp;lt;a href="https://info.metricstream.com/get-a-demo.html" target="_blank"&amp;gt;&amp;lt;u&amp;gt;click here.&amp;lt;/u&amp;gt;&amp;lt;/a&amp;gt;&amp;lt;/p&amp;gt;&amp;lt;p&amp;gt;Also, you can visit our &amp;lt;a href="https://www.metricstream.com/insights/learn?WHB=1" target="_blank"&amp;gt;&amp;lt;u&amp;gt;Learn section&amp;lt;/u&amp;gt;&amp;lt;/a&amp;gt; to dive deeper into the GRC universe and the &amp;lt;a href="https://www.metricstream.com/insights-search?field_resource_type_target_id=44" target="_blank"&amp;gt;&amp;lt;u&amp;gt;Insight section&amp;lt;/u&amp;gt;&amp;lt;/a&amp;gt; to explore our customer stories, webinars, thought leadership, and more.

Enterprise Risk Management (ERM) Software

Name: MetricStream Enterprise Risk Management Software
Rating: 4.88 (42 reviews)

Measure Your Program Outcomes

67%
increase in risk visibility through efficient reporting

80%
increase in risk and control framework related operational efficiency

15X
improvement in risk metrics tracking

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Source: Based on MetricStream customer responses and GRC Journey Business Value Calculator

Step-Up Your Enterprise Risk Management Program

MetricStream Enterprise Risk Management (ERM) software enables a structured approach towards managing your organizational risks. Built on the MetricStream Platform and supported by uniform risk assessment methodologies and standards, the ERM software helps you accurately understand risk exposure at multiple levels of your organization. Multi-dimensional risk and control assessments based on qualitative and quantitative parameters can be performed to establish your risk profile. Real-time insights into your risk management processes through powerful analytics, advanced heat maps, reports, dashboards, and charts empower you to make smarter and risk-aware decisions.

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How Our ERM Software Helps You

Federated and Centralized Data Model for Better Cross-Org Collaboration

Identify and define business objectives, processes, products, risks, and controls, and establish and maintain relationships across these data elements leveraging the federated and centralized data model. Document and manage a wide array of enterprise risks and associated details such as risk description, category, hierarchy, and ownership using a centralized library and risk framework.

Advanced Risk Assessment and Analysis for Improved and Accurate Risk Visibility

Plan, schedule, and perform risk assessments in a streamlined manner. Manage simple assessments by rating a risk, or advanced multi-dimensional assessments using weighted average method where weights can be given to multiple dimensions including organization, objective, product, process, assessable item or risk hierarchy for improved and accurate risk visibility. Once the assessments are complete, route the results for review and approval. Define risk treatment plans to accept, avoid, transfer or optimize risk.

Control Design and Assessments Based on Industry Standards

Define controls as per industry standard frameworks like COSO and COBIT. Design control test plans and assessments and rate the operational and design effectiveness of the controls, leveraging questionnaires and surveys as required. Understand the control evaluation status and analyze the results using interactive dashboards.

Key Metrics Monitoring for Proactive Risk Identification

Measure and track key indicators for risks (KRIs), controls (KCIs), and performance (KPIs). Set thresholds to identify potential threats and mitigate them in advance. Send alerts and notifications on any breach to relevant personnel for faster decision-making.

AI-Powered Issue Management to Reduce Redundancies

Leverage AI/ML to quickly identify issues based on relevance, relationships, and criticality, and recommend issue classification and action plans. Create action plans such as control modification or definition of new controls as part of the issue remediation process. Stay updated on the status of implemented actions at every stage and track them to closure.

Expansive Risk View with Intuitive Graphical Dashboards and Reports

Gain a 360º view of risk and trends through interactive executive dashboards and advanced visualization of key metrics to help you respond faster to emerging risks or changing risk profiles. Access real-time information on risk management systems across the organization through role-based landing pages with graphical dashboards and charts.

Improve operational efficiency by reducing the cycle time and costs of risk assessments, while improving resource utilization
Drive agility and risk-based decision-making by providing a single view of the top risks faced by your organization across all lines of the business
Deliver forward-looking risk visibility with predictive risk metrics and indicators that help anticipate and respond better and quicker to adverse risk events
Build confidence with regulators and executive management by establishing a strong risk data governance and issue reporting framework with clear lines of accountability

BUSINESS VALUE CALCULATOR

Frequently Asked Questions

What is an enterprise risk management (ERM) software?

Enterprise risk management (ERM) software is a digital tool and technology solution aiding organizations in systematically identifying, assessing, prioritizing, monitoring, reporting, and managing diverse risks affecting their operations, finances, reputation, and objectives. Equipped with features like heat maps, risk registers, and risk assessments, ERM software enables informed decision-making.

What is the cost of enterprise risk management (ERM) software?

The cost of enterprise risk management (ERM) software can vary significantly depending on factors such as the vendor, the features included, the level of customization, number of users and the size of the organization. It's important for organizations to carefully assess their specific requirements, conduct thorough research, and obtain customized quotes from ERM software vendors to determine the exact cost tailored to their needs.

What are the important features every ERM software should have?

ERM software should include features for risk register, risk identification, qualitative and quantitative assessments with configurable scoring and rating algorithms), along with tools for real-time monitoring and reporting in compliance industry standards. It should facilitate issue management, scenario analysis, collaboration, integration with internal and external systems, enabling proactive risk management and decision-making. Most importantly, it should be easy to use for driving faster adoption and scalable to accommodate future growth and evolving risk management needs.