Solution to provide a fully integrated, state-of-the-art system supporting the entire audit process, from risk assessment and planning to audit execution, including document management and remediation procedures.
Zurich, Switzerland and Palo Alto, California – UBS, a leading global financial services firm and MetricStream, Inc., the market leader in the enterprise-wide FOR IMMEDIATE RELEASE / PRURGENT
Governance, Risk, Compliance (GRC) and Quality Management solutions today announced that UBS has selected the MetricStream GRC platform to support its internal audit management processes. The MetricStream solution will provide UBS with a fully integrated and state-of-the-art system for managing the risk-based internal audit processes for its global operations spread over multiple countries world-wide.
UBS is one of the world's leading financial firms, operating in more than 50 countries. The MetricStream solution is expected to result in significant performance gains for the internal audit group through ease of use, efficient data capture, improved information flows and full integration across all processes.
MetricStream’s selection follows a rigorous evaluation process encompassing solutions proposed by leading vendors which were examined in detail for functionality such as risk assessment, audit inventory, operational planning, workpaper management, audit issue monitoring and follow-up as well as overall audit management processes. In addition to the functional assessment, the evaluation process also involved testing for security, access controls, scalability, integration and architecture compatibility to meet the stringent requirements of the complex IT environment in which global financial institutions operate.
"UBS Group Internal Audit supports the Board of Directors and its committees by independently assessing the effectiveness of UBS’ system of internal controls and compliance of the firm with statutory, legal and regulatory requirements. Therefore, it is important to the success of our business that internal audit processes are supported by a versatile, best-in-class system that helps us to maximize our effectiveness and efficiency," said Markus Baumann, COO of Group Internal Audit at UBS. "We believe that MetricStream will help us to streamline and optimally support our processes through its robust and yet configurable internal audit management system. We are excited to be partnering with MetricStream on this effort."
“UBS’ selection of MetricStream for its Global Internal Audit function speaks to our functional and technical excellence in helping banks and financial services companies meet crucial GRC challenges in critical areas such as internal audit, risk management, regulatory compliance and overall integration of these applications with business performance and corporate governance,” said Gaurav Kapoor, CFO and General Manager at MetricStream. ”In addition to application functionality, customers are increasingly focusing on technology and architecture when selecting GRC systems. MetricStream continues to lead the market with a robust and versatile platform that serves as the technology infrastructure for meeting risk and compliance management needs for global corporations.
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 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 www.complianceonline.com portal. MetricStream is headquartered in Palo Alto, California and can be reached at www.metricstream.com.
UBS is one of the world's leading financial firms, serving a discerning international client base. UBS is a leading global wealth manager, a leading global investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking.UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 37% of its employees working in the Americas, 34% in Switzerland, 16% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 75,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).