MetricStream unveils audit management solution

BANGALORE, INDIA: Bangalore-based MetricStream, a provider of enterprise-wide Governance, Risk and Compliance (GRC) solutions, on Monday announced the launch of version 6 of its next-generation Audit Management solution.

The company claimed in a press release the new solution will drive the next phase of innovation in audit management by enhancing usability, enabling risk-based intelligent auditing and providing increased flexibility to model complex audit needs.

The new version announced by MetricStream will help further strengthen sound practices such as risk-based auditing, collaborative auditing, effective audit planning and optimum utilization of auditors.

Also read: GRC adoption gaining traction in India

“The new version of MetricStream's Audit Management solution delivers innovations that bring significant value to our customers by improving audit strategies, accelerating audit cycles, reducing audit costs and improving auditor productivity,” said Vasant Balasubramanian, vice president of Product Management at MetricStream.

According to him, the solution provides auditors with rich operational and management reporting capabilities, allowing management teams to make decisions based on sound understanding of risks, controls and opportunities.

“These enhancements enable our customers to better integrate GRC efforts across their enterprise. The improved transparency, collaboration and risk-awareness result in better governance and business performance,” he added.

The version 6 of the product brings a three-layered enhancement of MetricStream's industry-leading Audit Management solution which incorporates built-in best practices and supports adoption of standards and guidance laid down by the Institute of Internal Auditors (IIA) — representing MetricStream's deep association with the institute as a strategic thought-leadership partner.

The new version provides enhanced support for risk-based auditing, Comprehensive audit project management, improved auditor performance and Simplicity and Flexibility.

Leveraging the wide customer base of MetricStream GRC Platform and adoption of Audit Management solution in varied industries such as banking, financial services, energy and utilities, healthcare, life sciences, food services and retail, MetricStream partnered with its customers to jointly design these enhancements and validated their value through extensive reviews by end-users as well as independent analysts and industry experts.