MetricStream, Inc., the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management solutions, today announced its extended offering to support compliance with the Clause 49 requirement laid down by the Securities and Exchange Board of India (SEBI), adding it to its already strong and comprehensive solution for SOX compliance. MetricStream enables its customers to adopt a single platform for managing the multiple GRC initiatives, to significantly improve the effectiveness of their compliance programs while lowering the associated costs.
SEBI's objective of adding Clause 49 in the Listing Agreement between a company and the stock exchange it is listed on is to effectuate good corporate governance practices in Indian companies. The Clause aims to protect the interests of the investors through improved quality and quantity of disclosures. With the increased regulatory oversight and investors' expectations for good governance, it has become imperative for companies to incorporate best practices in their business conduct and compliance programs.
"By implementing compliance programs for Clause 49, Indian companies are demonstrating their sincerity in following good governance and business ethics and this will surely raise their ability to compete in the global market," said Ghanshyam Das, MD APAC of NASDAQ Stock Market. NASDAQ and MetricStream have partnered to offer MetricStream compliance products and solutions to NASDAQ-listed companies globally. MetricStream's products and solutions enables companies to better manage their governance, risk and compliance processes and potentially reduce their overall costs related to compliance efforts.
Organizations that are relying on paper and spreadsheet-based processes to implement their control framework and document and test internal controls to comply with Clause 49 are realizing that such an approach is excessively resource intensive and increases the cost of compliance. MetricStream's solution enables companies to achieve and sustain Clause 49 compliance at significantly lower costs and reduces the risk of non-compliance by seamlessly integrating the design and testing of internal controls, enabling the automation of testing of controls, tracking and managing activities to correct deficiencies and weaknesses, streamlining change control to ensure processes and their documentation always stays in sync, and providing complete visibility and control over the compliance process through dashboards and risk heat maps.
In addition, MetricStream provides a library containing over 1500 tests for automating the testing of application level controls within standard ERP systems in key financial processes. The solution also supports procedures for surveys and certifications for affirming the strength of the internal controls and adherence to policies. This information rolls up to the executive management who can review and certify overall risk and control assessment for the enterprise.
The Clause 49 solution is built on MetricStream's Enterprise Compliance Platform, a robust infrastructure for web-based applications that drive enterprise process management for governance, risk, compliance and quality. It also leverages best practices and domain knowledge from ComplianceOnline.com, MetricStream's training and content portal dedicated to regulatory information and issues.
Through its broad suite of applications, MetricStream provides a common framework and an integrated approach to meet cross-industry mandates and regulations such as SOX, OSHA, EH&S, FCPA, and ISO standard as well as the industry focused regulatory guidelines from FDA, FERC, FAA, HACCP, OMB A-123, AML, Basel II and Data Retention laws.
"Our success with extending our market leading solution suite to include Clause 49 compliance demonstrates the value of our solutions for Indian companies looking to adhere to regulatory compliance" said Shankar Bhaskaran, Head Ė Asia Pacific of MetricStream. "By enabling our customers to adopt a single platform for managing the multiple GRC initiatives, we significantly improve the effectiveness of their compliance programs while lowering the associated costs."
MetricStream is a market leader in Enterprise-wide Governance, Risk, Compliance (GRC) and Quality Solutions for global corporations. MetricStream solutions are used by leading corporations such as Fairchild Semiconductor, Hitachi Computer Products (America), Pfizer, Subway and TaylorMade-Adidas Golf in diverse industries such as Automotive, Food, Pharmaceuticals, Manufacturing and Electronics 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 ComplianceOnline.com portal. MetricStream is headquartered in Redwood Shores, California.