MetricStream announced new native capabilities for Advanced Cyber Risk Quantification and Simulation to measure cyber risk in monetary terms, along with intuitive risk assessments, expanded compliance risk management capabilities, and enhanced visibility into third and fourth-party risks.
Enterprise and mid-size businesses need intelligent tools to measure, manage, and see risk holistically, gaining valuable insights to make more strategic decisions.
MetricStream’s latest software release features powerful analytics that allow customers to quantify cyber risk in terms of actual currency, as opposed to measuring risk using red, yellow and green heatmaps. Equipped with precise cyber risk quantification, CISOs, Chief Risk Officers, Chief Compliance Officers and boards can understand, analyze, and act on cyber risk. Using Monte Carlo simulation, risk scenarios can also be run to prioritize action plans and investments.
The new Cyber Risk quantification is built on MetricStream Intelligence, an advanced analytical and AI engine that enables multiple scoring models and data science tools. Unlike other companies that focus only on the FAIR risk quantification model, MetricStream Intelligence allows creation of any type of models and variables.
“Customers need advanced GRC software solutions that enable them to dig deep into quantifiable metrics and risk assessments for cyber, ESG, compliance and third party, while identifying and addressing gaps in their risk posture,” said Prasad Sabbineni, Chief Technology Officer, MetricStream. “MetricStream Intelligence, the backbone of this new release, is a simulation-based risk modeling and decisioning framework that supports various risk taxonomies, enabling an integrated view of risk.”
MetricStream’s latest software release also includes the following new capabilities:
- Intuitive risk assessment – With a rapidly changing risk landscape, organizations need to capture and assess emerging and evolving risks faster than ever. New capabilities enable agility and risk-based decision-making through a single view of the top risks faced by the organization across the first and second lines of defense.
- Regulatory change & compliance risk management – In today’s complex environment, businesses need help managing compliance with constantly changing regulations. This release strengthens compliance risk assessment and risk-based control testing functionality. Organizations can also easily understand the impact of regulatory changes on policies, risks and controls. In addition, policy exception, communication and attestation capabilities have been enhanced, driving efficiency, effectiveness and compliance.
- Third party risk management – Risk managers can now get deeper visibility into risk exposure at the third and fourth-party level. Additionally, this release includes added content integration for deeper insight, including security, ransomware, financial health and ESG ratings.
- ESGRC – This latest release also provides enhancements to MetricStream’s ESGRC software solution, leveraging standardized ESG disclosure reporting frameworks and automated information gathering.