MetricStream’s Colorado Software Release is Out. 6 Innovations to Watch Out ForGRC | 4 Min Read |15 December 21|by Patricia McParland
Businesses operating in the new normal are facing a new set of challenges. Periodic disruptions to supply chain systems, increasing complexity in the regulatory landscape, the need to develop and sustain hybrid working models, and dealing with higher attrition rates, are just some of the many challenges that organizations are having to find long-term solutions for.
Another significant challenge is the intensification of cyber threats. Cyber risk ranked as one of the top risks in the World Economic Forum’s Global Risk Report 2021. Accelerated technological adoption in the wake of the COVID-19 pandemic has resulted in organizations facing novel cyber vulnerabilities on one hand with a rapidly expanding threat landscape on the other hand. This has resulted in a considerable urgency to address cyber risk, with most organizations elevating it to a strategic business issue.
We’re Listening at MetricStream
As businesses seek new solutions to effectively mitigate and manage risk, we at MetricStream are listening and taking note. Colorado, our latest software release builds upon previous releases with exciting new features, capabilities, and innovations— all driven by our customers and market trends.
Built to help organizations simplify how they manage, measure, and mitigate risk, MetricStream’s Colorado release leverages MetricStream’s deep domain GRC expertise and MetricStream Intelligence – a new ground-breaking analytics and AI-engine and framework – to equip your enterprise with new and simpler ways to assess and aggregate risks.
Given the urgent requirement for enterprises to effectively manage and mitigate IT and cyber risks, MetricStream’s Colorado release enables advanced cyber risk quantification. The software release also focusses on empowering you to effectively manage risks in the extended enterprise by deepening visibility into third and fourth-party risks. New AI-powered issue clustering capabilities, along with added intelligence, visibility, and an ongoing commitment to improving usability for an optimal user experience are other key highlights.
What’s New in Colorado Software Release
The MetricStream Colorado software release brings product enhancements to IT and Cyber Risk Management, Third-Party Risk Management, Risk Management, Regulatory Compliance, Audit, and the MetricStream Platform. Here are six innovations to make note of:
1. Advanced Cyber Risk Quantification and Simulation
Adding a dollar value to your cyber risk just got easier! The Colorado release now brings end-to-end capabilities to quantify risks in monetary terms using FAIR® and other models, as well as perform simulation and loss exposure analytics. Enterprises can now use hierarchical assessment factors, such as FAIR factors, that have parent-child relationships among themselves. This enables a response with probabilistic range-based estimates for factors – such as Min, Max, Most Likely, and confidence values -- resulting in a greater accuracy of input responses leading to dollar range-based estimates for Annual Loss Exposure. Monte Carlo simulations can also be run to predict the probability of different outcomes for the Annual Loss Expectancy.
2. Intuitive Risk Assessments
With Colorado, it now becomes both easier and quicker for you to assess risks—thanks to the newly introduced simple, intuitive risk assessment capabilities. The release brings simple, intuitive forms that make it easy for the lines of defense to perform a two-step assessment.
Risk Reporters can now perform preliminary risk assessments on-the-fly and the Risk Analysts and Managers can then furnish additional details and take appropriate actions. This new feature improves agility by simplifying risk identification and assessment while accelerating frontline adoption.
3. Streamlined Regulatory Change Impact and Compliance Risk Management
Here’s another highlight that makes it easier for your enterprise to ‘thrive on risk’! Enhancements in the Colorado release now make it easier to track what changes are required for policies, risks, and controls based on regulatory changes and perform compliance risk assessments. The Compliance Management product now supports an integrated Compliance Risk Assessment Framework, enabling a structured and systematic approach to manage organizational risks.
Your organization can now accurately understand risks and gain clear visibility into the top risks you face. With the Colorado release, the MetricStream Regulatory Change product has directly linked the GRC library objects to regulatory change and impact assessment. This makes it easier for your enterprise to assess the impact and update your policies and/or controls accordingly.
4. Expanded Visibility into Third-Party and Fourth-Party Risks
The extended enterprise is here to stay. Medium and large-scale industries now have vendors ranging anywhere between hundreds and thousands. This makes it difficult to gain complete visibility, which in turn increases the associated risk. With the Colorado software release, you can get an aggregated view of risk exposure across third and fourth parties since now associated fourth parties can be captured in the third-party profile. In addition, a new risk aggregation report provides visibility into the overall risk exposure – including these fourth parties and parents -- at the third-party level.
5. MetricStream Intelligence
Advanced technologies have enabled us to experience the future now. The Colorado software release empowers you to stay ahead by introducing MetricStream Intelligence—a flexible new analytics and AI platform that encompasses multiple calculation engines, AI/ML, and data science capabilities. The advanced analytical and AI engine enables multiple scoring models and data science tools, allowing the creation of any type of models and variables. MetricStream Cyber Risk Quantification is the first use case from MetricStream Intelligence, which will host and deliver multiple other scores, models, and AI-powered intelligence.
6. AI-Powered Issue and Action Management
Now enable your second line of defense to cluster issues for easy examination and insight. The AI-powered issue clustering capabilities, available with the Colorado release, uses AI/ML to ‘cluster’ issues, facilitating quick identification and action on insights – resulting in savings in time and effort as well as the strategic directing of resources.
Excited to know more about how the new features and functionalities in MetricStream’s Colorado software release can help you thrive on risk? Click here to read more.