Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact email@example.com.
The MetricStream solution will integrate, automate and streamline the Bank's risk management and internal audit processes
PALO ALTO, Calif., Sept. 25, 2013 /PRNewswire/ -- Farmers & Merchants Bank has chosen MetricStream to provide an integrated cloud-based solution for Enterprise Risk Management (ERM) and Internal Audit Management. The solution will enable the bank to consolidate and map all ERM and internal audit processes and data in a single, cohesive system. This integrated approach will improve enterprise-level visibility into risks and control effectiveness, enabling the bank to make more risk-informed decisions, and enhancing compliance with banking regulations.
With a rich history that spans more than 100 years, Long Beach-based Farmers & Merchants Bank currently operates 21 offices across Los Angeles and Orange Counties and offers a wide variety of financial services for individuals, businesses and communities – with a particular emphasis on commercial and small business banking.
"In today's high-risk markets, our stability as a bank is an important part of our competitive edge. Maintaining that stability involves embracing new and more advanced risk and audit management technologies," said Kathleen Salmons, Chief Risk Officer at Farmers & Merchants Bank. "After evaluating several top risk and audit solution vendors, we believed MetricStream remained unique in its ability to offer a truly integrated solution that would help us gain deeper and more real-time visibility into our risks and controls, and also help us forecast risk with greater accuracy."
The MetricStream solution will provide a single point of reference for identifying, assessing, ranking and mitigating risks, as well as documenting and testing controls, and tracking and remediating issues. Many of these workflows will be automated for optimal resource-efficiency. The solution will also help create a tightly integrated risk and control library where each control is mapped to the associated risks, regulations, policies, frameworks and assets. Powerful risk heat maps and charts will support in-depth risk analysis, while executive dashboards and reports will enable real-time tracking of the bank's risk posture and control effectiveness.
Based on the risk data in the solution, the bank's auditors will be able to adopt a risk-based approach to internal audits wherein they first identify high-risk areas, and accordingly prioritize their audit efforts and resources. The solution will enable and streamline these processes, as well those around audit planning, scheduling and work paper management.
Farmers & Merchants Bank will accelerate the solution rollout by adopting MetricStream Cloud which is architected to simplify the deployment of GRC applications and deliver the benefits of reliability, security, and flexibility.
"We are delighted that Farmers & Merchants Bank has selected MetricStream to support its risk management journey," said Gaurav Kapoor, Chief Operating Officer at MetricStream. "Having worked with several leading community banks, we understand the unique market and business challenges they face, such as increased competition from larger global banks. Many leading community banks are adopting and using MetricStream's cloud-based solutions, which help them achieve faster time to value for their Governance, Risk and Compliance programs.
About Farmers & Merchants Bank
Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank has 21 branches in L.A. and Orange Counties. The Bank specializes in commercial and small business banking along with business loan programs. Farmers & Merchants Bank of Long Beach is a California state chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender. For more information about F&M, please visit the website, www.fmb.com.
MetricStream is a market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions for global corporations. MetricStream solutions are used by leading corporations such as UBS, Barclaycard US, P&G, Constellation Energy, Pfizer, Philips, United Technologies Corporation, SanDisk, Cummins, and Autogrill in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-tech and Manufacturing to manage their risk management programs, quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as several 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.
Mr. Vinay Bapna
Read more news from MetricStream.
©2012 PR Newswire. All Rights Reserved.
2362 U.S. Hwy 11