MetricStream GRC Advisory Solution simplifies the process of requesting and implementing Governance, Risk and Compliance related advisory requests. It provides a framework for advisory services whereby the frontlines can reach out to second line functions to seek clarification on regulations, rules, and policies. The advisory team can create advisory documents that can be shared with the business. The frontline line can attest that they have understood the advice—and confirm that the advice was implemented. A secure repository of advice documentation can be maintained.
Compliance Advisory Management
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Simplify the Management of Compliance Advisory Requests Across Your Organization
MetricStream Compliance Advisory Management software, built on the MetricStream Platform, simplifies the process of requesting, and implementing Governance, Risk, and Compliance (GRC) related advisory requests. It provides a framework for advisory services whereby the front lines can reach out to second line functions to seek clarification on regulations, rules, and policies and also attest that they have understood the advice, and that the advice was implemented. The advisory team can create advisory documents that can be shared with the business and a secure repository of advice documentation can be maintained.
Why MetricStream Compliance Advisory Management Software
Request advice on regulations, legislations, and industry standards to the risk and compliance team with the product’s centralized advice portal, designed with a simple, modern, and easy-to-use interface. You can also access the details of the historical advice requests.
Publish the advice to the front lines of the organization. Link the advice to regulations, risks, policies, controls, and processes, enabling governance teams to understand areas where additional training is required or where policies are unclear.
Triage advice requests or configure business rules to route the request to specific groups, based on the type of advice. Trigger alerts and notifications for specific task assignments. Simplify the review process by listing all advice due for review and approval on the approver’s landing page.
The different lines of business can attest that they understood the advice, and where applicable, confirm how the advice was implemented. The product captures a detailed audit trail of all the transactions. Should the business lines choose not to follow the advice and take the risk, this too could be recorded for future reference.
Access a centralized repository of all advice provided which serves as a ready reference for second-line functions for future transactions. Leverage this knowledge base to identify and access similar requests. The knowledge base can be shared across business units, functions, and processes to support overall compliance advisory requirements.
Monitor compliance advisory activities in real time through a variety of configurable reports and online dashboards. Leverage drill-down capabilities to view compliance advisory-related statistics based on different parameters like category, line of business, and information classification.
Business Benefits With MetricStream Compliance Advisory Management
- Reduce the risk of potential violations by ensuring that the advice is understood and implemented by the front line
- Drive efficiency and consistency in managing advisory requests by linking them with past responses
- Deliver assurance on the effectiveness of compliance advisory services with comprehensive audit trails
- Strengthen your GRC program by leveraging key insights from advice requests
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Frequently Asked Questions
MetricStream Compliance Advisory Management provides a centralized framework for advisory services whereby the different lines of business within the organization can reach out to second line functions to seek clarification on regulations, rules, laws, policies, guidelines, risks, and controls that applies to their job function.
The different lines of business can attest that they understood the advice, and where applicable, confirm how the advice was implemented with supporting evidence. The first line employees can request further clarifications if the advice is not properly understood.
The software has a centralized repository of all advice provided that can be used as a ready reference by risk and compliance functions. They can leverage this as a knowledge base as the same advice can be requested repeatedly. This can be shared across business units, functions, and processes to support overall compliance advisory management requirements.
You can explore the MetricStream Corporate Compliance solution that enables organizations to break down restrictive silos, and strengthen integration of ethics and compliance activities. To request a demo, click here.