May 10, 2012 | Palo Alto, California: MetricStream, the market leader in enterprise-wide Governance, Risk and Compliance (GRC) solutions, participated in the Blue Cross Blue Shield Large Plan Audit Group Meeting. The conference was held on April 29-May 01, 2012 in California. MetricStream Vice President of Customer Advocacy, Thomas Ludwig and Vice President of GRC Solutions, Mike Milton joined senior executives (risk and compliance experts in the health insurance industry) from a number of BCBS plans, to share their perspectives on the current fluctuating regulatory scenario and best practices that will help health insurance organizations build an effective GRC framework.
In the face of stricter regulatory norms health insurance companies have benefited from adopting a systematic GRC framework to execute compliance requirements. As numerous new regulations hit the industry, health insurance organizations need to discard manual processes, ad hoc and siloed monitoring, and upgrade to a more integrated and automated GRC framework to manage compliance requirements and mitigate risks.
The MetricStream GRC Platform and solution suite is inbuilt with process automation, best-practice workflows, data integration, reporting, analytics and regulatory content that enables health insurers to streamline and synergize processes through a unified and adaptable system.
Being a strictly regulated industry, it is crucial to stay updated on laws, regulations, standards and guidelines, and translate this information into actionable tasks. MetricStream's integration with proprietary content repositories and external information creates a unique environment which ensures quick responsiveness to changes in the market. The platform provides a single point of reference to integrate the complete spectrum of compliance requirements, ranging from HIPAA, to NAIC MAR, to other CMS mandates. The solution also documents, tracks and manages GRC initiatives at all organizational levels for business functions as well as IT processes thus fulfilling insurance regulatory compliance requirements and implementing effective risk strategy with a reliable control systems and internal auditing activities.
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 NASDAQ OMX, UBS, Constellation Energy, Pfizer, Philips, BAE Systems, SanDisk, Cummins and Sonic Automotive in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, Government and Manufacturing to manage their risk management, 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.