The Evolving Role of a Chief Ethics and Compliance Officer: Managing Compliance and Ethics in the New Era MetricStream Delivers a Holistic Approach to Compliance Management Corporate compliance departments have had very little use for technology. Processes have been manual and documentcentric, which led to laborious and costly processes to gather data and report on compliance. Further, compliance departments overly relied on word-processing documents and spreadsheets that lack an audit trail. This is a legal disaster for compliance as the organization does not preserve a defensible position: There is no real record, and no guarantee that records will not be compromised to paint a rosier picture and keep the organization or individual out of trouble. Compliance needs technology with a robust system of record to document any changes made and provide a complete audit trail. MetricStream is a GRC solution provider that Corporate Integrity has researched and evaluated. Through one of the most adaptable and end-to-end offerings for GRC, MetricStream eases the compliance risk management burden, and strengthens operational effectiveness, human and financial efficiency, and compliance agility.
MetricStream provides the following core capabilities: ■■
Compliance program management: MetricStream brings together distributed compliance management processes, metrics, and reports in a cohesive system, and provides role-based access to view contextually relevant tasks and items.
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Compliance risk identification and assessment: MetricStream provides powerful capabilities to manage compliance risk surveys, assessments, risk data, and reports. It also helps analyze and model compliance risk and ethical issues.
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Regulatory change management: MetricStream helps coordinate legal, regulatory, contractual, and corporate policy obligations with associated tasks and records. Stakeholders know when regulatory requirements change, and can quickly identify gaps in the compliance program, and manage the impact of regulatory changes on the business.
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Policy definition, communication, and maintenance: MetricStream supports the complete policy management lifecycle - right from aligning policies to the changing regulatory and business environment, to communicating the policies, monitoring compliance, and maintaining a robust audit trail.
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Training and learning management: MetricStream’s fully integrated Learning Management System (LMS) helps manage, track, and integrate compliance training courses with policies.
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Case and investigation management: MetricStream enables organizations to efficiently manage and monitor compliance issues and incidents, including those reported through channels such as hotlines. Advanced tools help document and report all issues, actions taken, and investigation results.
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Ongoing compliance assessment: MetricStream offers a consistent, cohesive, and centralized architecture to gather compliance information through assessments and surveys.
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Vendor/supplier governance: MetricStream helps manage compliance across extended business relationships. Its solution automates procedures to collect vendor information, communicate policies, and facilitate vendor selfassessments. It also helps track and manage vendor audits, score vendors based on risk, and trigger mitigation and issue management.
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Benchmarks, metrics, and dashboards: MetricStream helps establish compliance metrics and trends of compliance indicators over time. It provides a robust reporting engine, and enables communication of compliance reports across all levels of management.
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Compliance forms and processes: MetricStream manages forms and templates for compliance processes (e.g. conflict of interest, data privacy). All requests, approvals, and denials are maintained in a central repository
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