Type of solution
MetricStream's solution for risk management is an advanced and comprehensive solution to identify, assess, quantify, monitor, and manage enterprise risks in an integrated manner. The solution is based on the MetricStream Enterprise GRC Platform - a proven infrastructure for building risk and compliance applications, which also provides core modules and services to automate and streamline risk processes.
The MetricStream solution provides risk analytics capabilities that offer qualitative and quantitative operational risk capital calculations for efficient risk-based capital projections and allocations in future macroeconomic conditions. The solution can also integrate with capital calculation engines and other statistical tools such as "R analytics engine" to create multiple severity distribution modelling curves for both scenario- and data-based simulations.
Description of solution
MetricStream provides an integrated and flexible solution for tracking changes in the external environment, establishing policies and procedures, identifying risks, conducting qualitative and quantitative risk assessments and scenario-based assessments, defining controls, managing audits, assessing the compliance programme, identifying issues, implementing risk mitigation plans and programme monitoring.
The MetricStream solution combines software and embedded best practices content, which help define the scope of processes and sub-processes for which risk management needs to be performed, and guides the development of control and test libraries. The solution supports automatic tracking and drill-down on all financial and risk information within the system and provides end-to-end functionality that supports the entire risk management process.
The MetricStream risk management solution is web-based and workflow-driven, and can be accessed through any internet browser. The solution ensures collaboration with various stakeholders and increases accountability. MetricStream offers a flexible deployment model, which includes both on-premise and cloud-based deployments.
Date first developed
2004.
Was the solution developed specifically for the insurance industry?
The solution was developed to meet the needs and requirements of organisations within the financial services industry. MetricStream offers content and sub-modules designed specifically for the insurance industry.
If not, is the solution designed for both banks and re/insurance companies?
Yes.
How much is your own technology and how much is adapted or licensed from others?
The product and all related technologies are solely owned by MetricStream.
Does your solution integrate with third-party systems or in-house systems?
Yes. The MetricStream solution can seamlessly integrate with third-party applications and in-house data sources through its powerful and flexible adapters called "infolets". Based on the desired integration requirements, these infolets can execute periodic (scheduled or on-demand) queries and functions on external systems to extract relevant data and load it into the solution database and API tables. Communication with external applications is enabled through technologies such as SQL, APIs, executable programmes, text files, web services, and XML. The MetricStream solution can also be integrated with Active Directory, email and instant message applications, and fully integrates with testing tools for performance testing and regression testing.
Implementation
How long does the solution take to implement?
The implementation timeline varies based on the organisation and its requirements, but typically takes three to six months.
How much training and support is necessary?
The MetricStream solution ships with out-of-the-box, standard functionality based on industry standards and best practices which significantly reduce the time and effort needed for training and support. MetricStream provides various types of training, including IT, system administration, train-the-trainer and end-user application training to achieve the requirements of knowledge transfer. Typically, business users can be trained in one day on a specific module. System administration training takes 1-2 days. The client is also supported throughout the implementation and deployment phases.
Cost
Implementation cost
Implementation costs are roughly 30% of the total project cost.
One-year licence cost
The licence cost is based on the number of users and the user profile – high, medium or low.
Maintenance cost
Maintenance costs are roughly 20% of the total project cost.
New version releases costs
Upgrades are included as part of the annual support & maintenance contract, and include both minor and major releases of the purchased modules, as well as any new patches. Upgrades are provided at no additional cost beyond the annual support charge, although professional services may be required to implement the upgrade in the client's environment.
Types of user
Types of company/organisation
MetricStream's risk management solution is used by more than 80 leading organisations across the globe in insurance, banking, financial services, healthcare, pharmaceutical, retail, etc.
Types of users within companies/organisations
Risk, compliance and audit departments use the application.
Areas/countries with the most users
North America, Western Europe, and Middle East
Contact person(s) and details
Name: Mr. Vinay Bapna
Tel: +1.650.620.2900
Email: info@metricstream.com