PALO ALTO, Calif., Sept. 13, 2011 /PRNewswire/ -- In today's regulatory climate, federal agencies such as the SEC, OIG and NAIC as well as Self-Regulatory Organizations (SROs) such as FINRA, are scrutinizing organizations more severely. It is critical for compliance officers to build trust and credibility with these organizations by efficiently managing extensive regulatory content, keeping pace with new regulations, and streamlining multiple complex regulatory examinations and inspections.
As the market-leader in Governance, Risk and Compliance (GRC) solution, MetricStream's best-in-class solutions for Compliance Management and Regulatory Relationship Management have been successfully leveraged by leading corporations across industries. The solutions enable legal and compliance officers to adopt a systematic and collaborative approach to managing risk, audit and compliance processes, centralizing regulatory content and policies, simplifying reporting and strengthening regulatory relationships.
MetricStream Regulatory Examination Management Solution has been widely adopted by banks and financial services organizations to streamline the entire regulatory examination process – be it a routine examination, cause examination or special examination. The solution provides a centralized rule-book and an integrated repository to store all regulations, policies, internal audit reports, records on internal disciplinary actions, email records and other examination material. Thereby, managers are able to quickly access and retrieve the information required by examiners.
The solution also acts as the single source for all examination work-papers, interim status reports, exception sheets, draft comments and key findings or issues. A robust reporting engine provides pre-configured and custom reports based on desired parameters. Powerful dashboards enable managers to track the status of the examination in real time, and be prepared to clarify their stand on issues that have been identified by examiners.
In the healthcare and life sciences industries, the MetricStream solution for Corporate Integrity Agreements (CIA) provides a comprehensive system to efficiently manage all aspects of CIA compliance, ranging from risk assessment, to control testing and monitoring, audit lifecycle management, issue remediation, training and IRO engagement, and operational and management reporting.
Many healthcare providers have also deployed MetricStream RAC Audit solution to automate, streamline and integrate the preparation for Recovery Audit Contractor (RAC) investigations. From fulfilling record requests to timely submissions, determinations and appeals, the solution enables healthcare providers to manage all aspects of RAC audit requirements on a single centralized platform. Organizations are empowered to adopt a more proactive approach to RAC audits, while mitigating the risk of losing legitimate earnings.
An increasing number of Health Plans across states are relying on MetricStream solutions to comply with the complex maze of health insurance regulations. MetricStream enables healthcare organizations to design a sound program for regulatory inspections, prevent fraud and abuse, and ensure a positive outcome from Market Conduct Examinations. The solution also simplifies reporting formats and procedures for resulting corrective action plans even though they differ widely from state to state, and limit the standardizing of operations.
"Building trust and credibility with regulators is an on-going process that requires vigilance, focus and streamlined communication. Regulators want to see evidence of legal and compliance programs that are sustainable," says Gaurav Kapoor, COO at MetricStream. "MetricStream solutions for Regulatory Relationships enable companies to achieve these objectives through advanced functionalities such as a consolidated content and document repository, regulatory alerts tracking, real-time risk and control monitors, flexible reporting models and workflow automation – all of which are integrated on a single information model."
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 Pfizer, Philips, NASDAQ, UBS, SanDisk, Subway, Fairchild Semiconductor, Constellation Energy and Cummins in diverse industries such as Healthcare, Pharmaceuticals, Medical Devices, Automotive, Food, High Tech Manufacturing, Energy and Financial Services to manage their quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as by over a 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.