Interview with Bruce Dahlgren, CEO of MetricStream


Importance of RiskTech in Financial Services: Interview with Bruce Dahlgren, CEO of MetricStream

By Joy Dumasia

March 15, 2022

  • Bruce Dahlgren
  • CompanyRCMP
  • Compliance

Bruce Dahlgren, CEO of MetricStream

MetricStream, the independent market leader in enterprise and cloud applications for governance, risk, compliance (GRC) and quality management, simplifies GRC. MetricStream applications improve business performance by strengthening risk management, corporate governance, regulatory compliance, vendor governance, and quality management for hundreds of thousands of users in the financial services industry .

GRC as an acronym stands for Governance, Risk and Compliance, but the term GRC means much more than that. Governance, risk management and compliance have long been key elements of business management. But the concept of CRM has only been around since around 2007.

IBS Intelligence spoke with Bruce Dahlgren, CEO of MetricStream to discuss governance, risk and compliance in the financial services industry.

What are the offers and services of MetricStream and its customers?

MetricStream is the global SaaS leader in integrated risk management and GRC solutions that enable organizations to thrive in the face of risk by accelerating growth through risk-aware decisions. We connect governance, risk management and compliance across the extended enterprise. Our ConnectedGRC solutions, which include three product lines BusinessGRC, CyberGRC and ESGRC, are based on a single, scalable platform that supports businesses wherever they are in their GRC journey.

MetricStream enables organizations to achieve operational resilience with actionable insights to respond faster in a crisis. A unified and integrated platform enables institutions to connect operational risk, regulatory compliance, cybersecurity, supplier risk and ESG data to turn risk into strategic advantage in the form of new business developments, innovations , faster time to market, and more. While we serve all industries, Banking, Financial Services and Insurance (BFSI) accounts for over 60% of our customers.

How to turn risk into advantage?

By controlling risk, resilience can be created. But even beyond that, it’s time for organizations to learn to thrive on risk by turning risk into strategic advantage in the form of new business developments, innovations, faster time to market fast and much more. Taking a strategic approach to risk, whether financial, reputational, legal, regulatory, third-party and even environmental, will enable organizations to reap the rewards.

Although the risks should not be taken lightly, they should not be viewed negatively. We believe that well-transformed operational risk management functions provide insight into hidden opportunities and the various risks they bring. For example, an in-depth analysis of a new product risk can provide insight into process improvements, unidentified new markets/segments, and increased profit margins, providing users with a competitive edge and business return. valuable information from the front line enabling companies to make strategic decisions.

Traditionally, market and credit risks have grown in importance due to their direct financial impact and managing them effectively has proven beneficial to businesses. However, organizations, especially large financial institutions, seek to quantify non-financial risks using various analytical methods to achieve measurable results and gain strategic advantage from these risks.

Additionally, risk can be converted into benefit through quantification to make sense of disparate sets of inputs. By measuring non-financial risk exposure in monetary terms, quantification helps determine which risks to focus on first and where to allocate cybersecurity resources for maximum impact increasing your risk ROI.

The importance of ESG and cybersecurity for investors?

Organizations are increasingly being held accountable for corporate practices in climate sustainability, social responsibility and governance. ESG risk factors are also emerging as a financial risk that has a significant impact on a company’s bottom line and valuation. Investors and asset managers are shifting their investment appetite to companies with strong ESG management programs. Companies are also starting to come under intense external pressure to define measurable performance around their environmental and social impact. ESG is the next frontier for global business and a natural progression to GRC.

Cybersecurity is one of the top priorities and existential threats to organizations today. Concerns about ransomware, malware and other attacks are mounting at the board level. A company’s cyber risk posture is also critical for investors, as even a single risky event such as an attack or data breach can cause enormous damage, ranging from financial consequences to chain disruptions. of supply and the impact on reputation.

Describe the technology and methodology used in the MetricStream platform and why is it crucial for organizations to adopt such a platform?

MetricStream is uniquely positioned to solve governance, risk and compliance (GRC) issues for organizations. Our products and solutions provide a 360-degree view of risk and compliance to empower decision-making while accelerating risk response and mitigation. This enables organizations to improve business resilience and agility and build trust with regulators, investors and customers. These include operational risk management, compliance, cybersecurity, vendor risk management, operational resilience and business continuity management. With support for AI-powered recommendations, mobility, real-time reporting, advanced risk analytics, and regulatory notifications, MetricStream solutions are fully designed to meet the GRC needs of today’s complex ecosystem. of all industries, especially global banks and financial services institutions.

The MetricStream platform brings together data from all departments, giving organizations greater visibility while helping them move from reactive risk management to proactive resilience building. The platform also enables organizations to respond to changing business and market needs and accelerate decision-making with real-time, contextual information delivered through advanced reporting and analytics. It provides a single, integrated data model that removes friction between functional silos and serves as a single source of truth for real-time, risk-aware decision making.

What is planned for 2022?

In January, we announced ConnectedGRC solutions addressing the most pressing business challenges related to risk, compliance, audit, cyber risk, and environmental and social governance (ESG). Over the past 24 months, organizations have faced rapidly increasing cybersecurity risks, business disruptions, regulatory pressures, and an ever-evolving need to demonstrate responsible business practices.

The old siloed, compartmentalized and manual methods of risk management are no longer effective or efficient. The risk is omnipresent and extends to the whole company. Our goal for 2022 will be to empower leaders to manage, accept and thrive on risk by breaking down silos and implementing a connected GRC strategy that becomes a single source of truth for making more strategic business decisions.

ConnectedGRC is powered by MetricStream Intelligence which includes built-in best practices, deep domain capabilities, real-time insights powered by artificial intelligence (AI), and risk quantification capabilities. Designed to address the key challenges of today’s GRC professionals, ConnectedGRC offers three distinct product lines with fast time to value: BusinessGRC, CyberGRC and ESGRC.

ALSO READ: 2021 Report on Risk Management Systems and Suppliers

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