PALO ALTO, Calif., Aug. 14, 2012 /PRNewswire/ -- KiOR, a next-generation renewable fuels company, is managing its internal controls and SOX compliance program with MetricStream Compliance Management Solution. MetricStream's solution is helping simplify, streamline, and automate internal controls processes and SOX compliance workflows across KiOR's enterprise.
KiOR's mission is to produce cellulosic gasoline and diesel in a sustainable manner, and has already developed a two-step proprietary technology to convert non-food lignocellulose into cellulosic gasoline and diesel. Operating as a young and rapidly growing company, KiOR recently completed one year of trading on the NASDAQ Global Select Market.
MetricStream Compliance Management Solution enables KiOR to streamline the design, scheduling, execution, and review of control assessments and tests. The solution is built on MetricStream's flexible Governance, Risk, and Compliance (GRC) platform that extends across the enterprise, efficiently integrating compliance and controls processes. Executive dashboards provide real-time insights into the status of SOX compliance across the enterprise, and enable managers to easily provide external auditors with access to policies, procedures, and test plans, status, and results.
The solution also supports surveys and certifications for affirming the strength of internal controls and adherence to policies. All of KiOR's compliance related documents, control assessments, policies, and other critical information are stored in a centralized repository for easy access and search.
"Once we started trading publicly, our compliance reporting and governance standards changed. We wanted a solution that would help us meet our immediate compliance requirements rapidly and cost-effectively, while also serving as the foundation for all our future GRC initiatives," says John Karnes, Chief Financial Officer at KiOR. "MetricStream's comprehensive solution for SOX compliance, which is designed for quick adoption through its cloud model, has helped us get off to a good start."
"We are delighted to work with KiOR as they build a robust controls and compliance focused governance framework," says Gaurav Kapoor, Chief Operating Officer at MetricStream. "With increased innovation in the energy sector, companies are growing at a tremendous pace. They need a scalable solution than can be easily and quickly deployed to establish and manage their GRC programs. MetricStream's cloud offering is ideal for companies who are looking to leverage efficient cloud computing models that, in turn, enable rapid adoption of world-class GRC solutions."
MetricStream is a market leader in Enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions for global corporations. MetricStream solutions are used by leading corporations such as UBS, P&G, Constellation Energy, Pfizer, Philips, BAE Systems, SanDisk, Cummins and Sonic Automotive in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government and Manufacturing to manage their risk management, quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as several million compliance professionals worldwide via the www.ComplianceOnline.com portal. MetricStream is headquartered in Palo Alto, California and can be reached at www.metricstream.com.
KiOR is a development stage, next-generation renewable fuels company that has developed a unique two-step proprietary technology platform to convert abundant and sustainable non-food biomass into cellulosic gasoline, diesel and fuel oil. KiOR's cellulosic fuels may be transported using existing distribution networks and are suitable for use in vehicles on the road today. KiOR strives to help ease dependence on foreign oil, reduce lifecycle greenhouse gas emissions and create high-quality jobs and economic benefit across rural communities. For more information, please visit www.KiOR.com.
Mr. Vinay Bapna
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