Most compliance initiatives start as projects to meet compliance deadlines for a specific regulation. However, compliance is not a one-time event.Organizations are thus redesigning their compliance programs to make them repeatable, sustainable, and cost-effective.
Traditionally, homegrown systems, stand-alone applications, or even manual paper-based systems have been used to manage various compliance processes at the departmental level. But as various compliance initiatives become more intertwined from a regulatory and organizational perspective, multiple and disparate systems lead to duplicate, and often contradictory processes and documentation. Such environments do not provide clear visibility into organizations’ risk and compliance profiles. They also bring down efficiency, and escalate the risk of non-compliance.
MetricStream Compliance Management Solution
MetricStream Compliance Management Solution provides a common framework and an integrated approach to manage all compliance requirements faced by an organization. It enables companies to manage cross-industry mandates and regulations such as SOX, OSHA, EH&S, and FCPA as well as industry focused regulatory guidelines from FDA, FERC, FAA, HACCP, AML, Basel II, and Data Retention laws.
Benefits of the Compliance Management Solution
- Enables consistent compliance and control management across the enterprise, eliminating any deviations and errors as well as redundant activities
- Automates information flows, assessments and testing, and remediation assignments, thus reducing overall compliance costs
- Streamlines control management, enabling process owners to take direct responsibility for managing controls while allowing auditors to focus on key compliance risks and project oversight
- Provides compliance dashboards and risk heat maps which offer enterprise-wide visibility into compliance management systems, and highlight issues that need to be addressed
- Integrates document management with change control capabilities which keep compliance documentation and business processes in sync
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