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NewswireToday - /newswire/ -
Redwood Shores, CA, United States, 11/11/2008 - Executives from over 300 Fortune 500 companies, including 20 of top 25 global banks, participate in the discussion on how best to tackle the current financial turmoil and avoid such crisis in the future.
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MetricStream Panel Discussion on Risk Management Draws Overwhelming Response from Companies Across the Industry Spectrum
MetricStream, Inc., the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management solutions, today announced the strong participation at its online panel discussion “Risk Management in Banking and Financial Services” on October 21, 2008.
Executives from over 300 Fortune 500 companies participated in this panel discussion including representatives from commercial banks. investment banks, energy and utility industry, life sciences companies, venture capitalists and risk consultants from within the US and abroad. This diverse representation provides validation on the significance of this topic in the current economic scenario.
The panel discussion, structured on a roundtable format, featured prominent experts on risk management including David R. Koenig, Founding Partner of Ductilibility and Past Chair of the Board of Directors of the Professional Risk Managers’ International Association (PRMIA); S. Jean Hinrichs, Former Chief Risk Officer at Barclays Global Investors (BGI); Dr. Robert Mark, CEO of Black Diamond Risk and Former Chief Risk Officer at the Canadian Imperial Bank of Commerce and Charles Goldenberg, Vice President of GRC solutions at MetricStream, Retired Partner, Deloitte and Former Partner, KPMG. The moderator for the discussion was Gaurav Kapoor, CFO and General Manager at MetricStream. Some key questions that emerged from the discussion included:
1. Why did risk management fail so spectacularly in the current financial crisis in terms of extremely high-risk concentration level and board oversight?
2. Are the measures taken by the US Federal Reserve in the right direction or is it just postponement of the crisis that can cause more damage in the months to come?
3. What tips could be offered to help incorporate risk management more broadly into the corporate culture?
4. What are the principal components needed to implement an effective and practical stress-testing framework?
The feedback received from the panel discussion brought forth key learnings from the expert panel.
1. The scope and complexity of markets and products make it extremely challenging to quantify the overall risk exposure of financial institutions;
2. Organizations need to build an integrated framework for deploying best governance and effective risk management processes that address changing business needs and enhance the ability of financial institutions to react rapidly to adverse events;
3. Best practices in organizational structures, roles and responsibilities and risk scenario planning and analysis need to be put in place.
“The recent financial crisis has brought into focus the need for strong discipline in risk management and corporate governance,” said Gaurav Kapoor. “The thought leadership provided by the expert panelists along with the focused questions and comments from attendees made it very clear that GRC will occupy increasing mindshare across the corporate world and impact companies of all sizes for the foreseeable future.”
About MetricStream
MetricStream ( metricstream.com) 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 Pfizer, Philips, NASDAQ, SanDisk, BP, Entergy, Subway, Fairchild Semiconductor, Hitachi and TaylorMade-Adidas Golf in diverse industries such as 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 ComplianceOnline.com portal. MetricStream is headquartered in Palo Alto, California.
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