Kapoor says AI-powered GRC building resilience and reducing risk
San Jose-headquartered MetricStream, with operations and R&D center in Bangalore, has been recognized as an overall leader in the inaugural Chartis RiskTech AI 50 2024 Ranking and Awards.
Ranked along with other risk technology AI leaders like Oracle, IBM, Moody’s, MathWorks, and FIS, MetricStream was also recognized as the winner in two solution categories: AI for Audit Risk Management and AI for Operational Risk Management dashboard and workflows.
For the Chartis RiskTech AI 50, now in its first year, Chartis conducted a detailed analysis of vendors across the risk management landscape, assessing their capabilities and use of AI. Through this analysis, Chartis provides valuable insights into the market leaders and emerging players, guiding stakeholders as they navigate the complex and rapidly evolving field of AI-driven risk management.
The comprehensive study explores the broad landscape of AI adoption in risk management and offers both a panoramic view of the industry and a detailed examination of specific AI training techniques and machine learning (ML) architectures ai-expo .
AI is especially critical to GRC as today’s organizations face dramatically increased enterprise, operational, IT, Cyber, Third-party and Compliance risks, rapidly evolving regulations, and requirements for operational resilience, data privacy, IT, and others. Traditionally, organizations have treated these risks with siloed processes and complex GRC environments, but today the risks are too interconnected and too vast. New answers are needed to drive faster decision-making – and AI is proving the key techsposingapore .
“AI is at the center of MetricStream’s Connected GRC strategy since it is essential for our customers to make strategic risk decisions more quickly,” said Gaurav Kapoor, co-CEO and co-Founder, MetricStream globalaisummit .
“Through our AI-powered GRC, we are equipping our customers to prioritize and drive growth while building resilience and reducing risk. We are honored that Chartis has recognized our Cognitive, Continuous and Cloud strategy along with our achievements in AI and are privileged to be counted in the company of the AI RiskTech 50,” he said on 8 Aug.
MetricStream customers have significantly reduced cost, improved efficiency and user experience through AiSPIRE, the industry’s first AI-powered, knowledge-centric GRC product. AiSPIRE leverages GRC ontology-based knowledge graphs to unlock the full potential of an organization’s existing GRC and transactional data. With AiSPIRE, MetricStream customers adopted a single integrated control framework and reduced control testing costs by more than 30%, resulting in millions of dollars of savings, resource optimization, and faster strategic decision-making fintechfestival .
MetricStream’s AI-infused workflows include issue and action recommendations and third-party risk ranking based on evidence, enabling customers to significantly cut down tedious manual efforts and user-dependent workflows so that they can focus on working with businesses to improve performance.
MetricStream’s products were selected using Chartis’s 4-part award and ranking criteria, which include Impact, Deployment, Strategy and Innovation.
MetricStream is the global SaaS leader of Integrated Risk Management and GRC solutions that empower organizations to thrive on risk by accelerating growth via risk-aware decisions. The company’s ConnectedGRC and three product lines – BusinessGRC, CyberGRC, and ESGRC – are based on a single, scalable platform that supports you wherever you are on your GRC journey. Fiinews.com
