MetricStream implements GRC for Societe Generale

BANGALORE, INDIA: MetricStream, a provider in enterprise-wide GRC solutions, today announced that Societe Generale has gone live with MetricStream for a Compliance Risk Assessment and Management Solution.

The solution would enable the bank to streamline and simplify compliance by integrating risk assessments across countries, functions and processes, using a single platform. The first phase has been rolled out in France and the UK for the corporate and investment banking division.

Societe Generale is one of the largest banks in the world with operations in over 80 countries. The bank focuses on three main areas of banking — retail banking and specialized financial services, corporate and investment banking, global investment management and services.

Given the scale and complexity of its operations, the bank is sharply focused on complying with regulations, effectively managing risks and safeguarding the interests of its customers and shareholders, said a press release.

The solution would enable the bank to comprehensively assess and manage risks, establish and monitor controls and meet the demands of regulations across its vast multi-country operational network.

MetricStream has delivered the bank a complete end-to-end workflow automation system for the compliance risk management process, along with capabilities such as integration of regulatory content with the compliance workflow. The bank's complete risk and regulatory requirements can now be managed through a single, central platform.

“We believe we are the first global bank to conceive and implement an enterprise-wide compliance risk assessment and management platform- it is a model in technology advancement that will potentially be a benchmark in the industry for how complex compliance challenges can be managed effectively,” said Chris Davies, head of Compliance at Societe Generale.

He added, “We did experience a certain apprehension before embarking on this initiative due to its magnitude; however, our fears were quickly dispelled with MetricStream's proficiency in delivering a solution architected in line with our vision and expected benefits.”

Shellye Archambeau, CEO at MetricStream further added that they are delighted that Societe Generale would utilize MetricStream for their compliance and risk requirements and this implementation is a testimony to the rich capabilities of their solution as well as ability to meet the complex IT requirements of global banks in the areas of integration, configurability, scalability and security.