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The client needed a vendor risk management system that would enable and support compliance with OCC guidelines. MetricStream's solution was the ideal fit as it offered the flexibility to assess vendor risks based on a "3-pillar" approach which had been validated by the OCC.
The Third-Party/Vendor Risk Management Survey conducted by RMA in association with MetricStream drew responses from more than 100 financial institutions across the globe. The survey addressed some of the key areas of vendor governance, including vendor management frameworks, vendor selection and monitoring processes, critical vendors and critical activities, tools and techniques in vendor management, contracts management, regulatory compliance, and fourth-party suppliers.
The MetricStream Vendor Risk Management (VRM) App enables organizations to manage, monitor, and mitigate vendor risks efficiently and effectively. The App streamlines and standardizes vendor management processes, right from vendor on-boarding and risk profiling, to ongoing vendor monitoring and oversight. The App also integrates global vendors into one cohesive framework for complete visibility into vendor risks.
GRC Capabilities and Success Stories from multiple vendors. Features ESRM Service offerings, GRC Exeprtise and implementation success stories with MetricStream and RSA Archer.
The primary objective of any financial institution is to protect Confidentiality, Integrity and Availability (CIA) of business data and provide effective services to their customers and maintain long term customer relationship.
Gaining visibility into internal and external risks helps organizations optimise business performance by increasing efficiency, reducing costs, and improving their overall risk posture. However, the ultimate success of any Governance, Risk, and Compliance (GRC) program relies heavily on the selection of proper methodology, content framework, and technology, given the organization's available resources and constraints.
As Internet-based businesses build and scale their operations, the need to protect their user's information and their own IT infrastructure becomes increasingly important. Information security is a big concern as recent high profile breaches at leading internet companies have demonstrated, and many Internet-based businesses see the value of using technology to build and sustain robust information security and IT risk management programs that protect them from emerging cyber threats.