San Francisco, CA, May 18, 2020 --(PR.com
)-- MetricStream, the independent market leader in enterprise cloud applications for GRC and quality management, and Compliance.ai, a modern regulatory change management platform for financial services companies have enhanced their regulatory change management solution for Banks and Financial Institutions. MetricStream offers its users a seamless integration of Compliance.ai’s comprehensive, customized and financially focused regulatory content, helping compliance teams to proactively manage regulatory changes.
The number of individual regulatory changes banks must track on a global scale has more than tripled since 2011, while banks and other financial institutions have spent nearly $321 billion on compliance enforcement actions (from 2007 until 2016). A recent survey by Compliance Week found that 45 percent of companies did not have a plan in place to address a pandemic, while 55 percent of compliance officers reported that they are now spending between 25 and 100 percent of their time on crisis-related activities. As regulatory compliance becomes increasingly burdensome and costly to manage, all financial organizations are feeling immense pressure to update resource-intensive manual compliance programs. Organizations need technology-driven solutions that leverage automation and can be easily integrated into existing processes and software.
"We're excited to give MetricStream’s customers direct access to Compliance.ai's curated regulatory content, including millions of rules, proposed rules and enforcement actions — all across multiple jurisdictions in the U.S. and internationally with the key document attributes already extracted,” said Kayvan Alikhani, co-founder and CEO of Compliance.ai. “This integration will help compliance teams to gain agility, build confidence creating structured processes, automate changes, reduce costs and provide comprehensive coverage of relevant regulatory changes."
“Our joint offering with Compliance.ai provides financial institutions of all sizes a premier regulatory intelligence solution, within the top GRC offerings in the market,” said Sanjay Sinha, CMO, MetricStream. “We’re thrilled to offer an integrated solution for regulatory content within a single, unified system to manage, coordinate, and track multiple types of GRC activities.”
Compliance.ai will be participating in the MetricStream GRC Summit on May 18 - 20, 2020. For further details, please visit: https://www.grc-summit.com/us/2020/.
MetricStream is the independent market leader in enterprise cloud applications for governance, risk, compliance (GRC), and quality management. MetricStream apps and software solutions improve business performance by strengthening risk management, corporate governance, regulatory compliance, audit management, vendor governance, and quality management for organizations across industries, including banking and financial services, health care, life sciences, energy and utilities, consumer brands, government, technology, and manufacturing. MetricStream is headquartered in Palo Alto, California, with an operations and GRC innovation center in Bengaluru, India, and sales and operations support in 12 other cities globally (www.metricstream.com).
Compliance.ai is transforming the way highly regulated organizations address compliance risk. Its modern Regulatory Change Management (RCM) solution empowers banks, financial services and insurance companies to proactively manage the growing volume and velocity of regulatory changes as they occur, and makes it simple to implement the correct steps to remain in compliance. Modern RCM by Compliance.ai delivers relevant content with personalized insights, obligation analysis and risk monitoring. With Compliance.ai, organizations can intelligently assess and mitigate compliance risk, avoid supervisory actions and safeguard their corporate reputations without increasing headcount.