Overview
Operational resilience has always been a focal area for financial institutions, regulators, and supervisors. The emphasis has been on preventing an operational disruption rather than on recovery. The recent pandemic, digitalization, and increased dependency on vendors have forced organizations, and regulators around the world including FCA and PRA to relook at operational resilience. Operational Resilience is defined as the ability of financial services companies to prevent, adapt, respond to, recover and learn from operational disruptions. MetricStream 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.
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Key Capabilities
Operational Risk Management
Business Continuity Management
Third-party Risk Management
IT and Cyber Risk Management
Customer Experience
Another aspect is the qualitative and quantitative risk assessment increasing the visibility of risk and the end to end accountability of the risk owner in the first line of defense. The basis is to build up a trust partnership with the first line of defense, maturing skills and levels of the staff. The impact is to have a stronger risk culture because in risk mitigation it is important to be prepared.
Jean Goetzinger
Head of Risk Prevention and Compliance Department, CISO
Banque centrale du Luxembourg
The standardization and driving through common platform and common reporting was probably the biggest transformation across the organization.
Len Sinclair
Head of Operational Risk
Barclays
We are happy to say our compliance to incident reporting and tracking in the new software is now at 96%, previously in the first edition, it was 4%. Our action tracking today is at 89% and previously it was I think 17%.
Mark Gibb
Senior Vice President Safety & Standards
dnata
Before we had manual duplicated workflows but now it's automated and efficient. Before we had siloed GRC data- compliance has one set of data, risk has one, audit has one, BCP has one. Now it's a single GRC data repository with clear ownership of each data elements and strong data governance. Before risk was seen as the work of the risk function now risk is everyone's business.
Akhenaton Marcano
Assistant General Manager - Group Operational Risk and Controls
First Citizens Bank Trinidad and Tobago
Our first line is no longer coming to us to fill requests on an ad hoc basis. We are not having to drop everything to pull reports out of MetricStream for them. They can go straight into the Tableau server, pull the report they need and they are good to go.
Shelby Stinson
Assistant Vice President, Risk Officer
Hancock Whitney Bank
Embarking on a GRC program was really about delivering value and making sure we are not spending resources unnecessarily. We also wanted to enable the different lines of defense to deliver on their individual accountability.
Aadila Hashim
Risk Management COO & Head of Operational Risk
Momentum Metropolitan
We have now started to see commonality between different organization unit's risk assessment. We are starting to see maturities in how we are identifying issues in that process. We also have action plans for the next quarter and so forth.
Aubrey Mvula
Head of Operational Risk
Shawbrook
Better Insights.
Better Decisions.
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Measurable Outcomes
Avoid business disruption and recover faster from operational events with comprehensive risk visibility, business impact analysis, and crisis management.
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67% improvement in risk reporting visibility and efficiency for the executive management and board.
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90% compression in compliance management timelines
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80% reduction in the time taken to create and review a business impact analysis
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80% decrease in third-party onboarding time
Gartner Magic Quadrant
MetricStream Recognized as a Leader in the 2020 Gartner Magic Quadrant for IT Risk Management
PRESS RELEASE
MetricStream enables organizations to mitigate compliance risks with enhanced intelligent regulatory content libraries, delivered on its integrated risk platform
Operational resilience has always been a focal area for financial institutions, regulators, and supervisors. The emphasis has been on preventing an operational disruption rather than on recovery. The recent pandemic, digitalization, and increased dependency on vendors have forced organizations, and regulators around the world including FCA and PRA to relook at operational resilience. Operational Resilience is defined as the ability of financial services companies to prevent, adapt, respond to, recover and learn from operational disruptions. MetricStream 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.