Infotech Lead America: Columbia Bank, a Northwest regional bank, has selected MetricStream to integrate and streamline multiple Governance, Risk, and Compliance (GRC) initiatives.
The GRC initiatives include internal audits, financial reporting control management, operational risk management, regulatory compliance, IT governance, policy management, and issue management.
MetricStream GRC Solution will enable Columbia Bank to consolidate various risks, compliance, and audit management programs on a single, centralized GRC platform. The bank is expected to improve coordination across various assurance groups, gain real-time risk-control intelligence, and eliminate operational redundancies.
Columbia Bank has 102 banking offices throughout Washington and Oregon.
MetricStream provides a GRC solution specifically designed for community banks, regional banks, and credit unions.
“MetricStream offers a centralized platform that will streamline risk management processes across multiple business units and help to eliminate redundancies. It is a scalable solution with many potential applications that will enable our risk management function to grow and evolve over time,” said Christine Eagan, Enterprise Risk Manager.
The MetricStream solution will enable Columbia Bank to strengthen its risk management efforts through capabilities such as a reusable risk-control library, risk maps and scorecards, flexible risk-control self-assessment models, and Key Risk Indicators. The solution will streamline the complete audit lifecycle, and enable closed-loop issue management.
The MetricStream platform will also provide a centralized IT risk management framework to simplify IT risk identification and analysis, control design, control monitoring and issue management.
“Having successfully implemented GRC solutions at several large financial institutions and global banks, MetricStream is excited about bringing key learnings, best practices, and regulatory content to regional banks, community banks, credit unions, and mid-sized financial institutions. We look forward to helping them effectively deal with increasing regulatory requirements from agencies and authorities like the FDIC, the Federal Reserve, and the FFIEC,” said Gaurav Kapoor, COO at MetricStream.