UBS Selects MetricStream to Manage Audits

UBS announced today that it has selected the MetricStream GRC platform to support internal audit management processes. The MetricStream solution will provide UBS with a system to manage risk-based internal audit processes for its global operations spread over multiple countries world-wide.

The MetricStream solution is expected to result in performance gains for the internal audit group through ease of use, efficient data capture, improved information flows and full integration across all processes.

MetricStream's selection follows a rigorous evaluation process encompassing solutions proposed by leading vendors that were examined in detail for functionality such as risk assessment, audit inventory, operational planning, workpaper management, audit issue monitoring and follow-up as well as overall audit management processes. In addition to the functional assessment, the evaluation process also involved testing for security, access controls, scalability, integration and architecture compatibility to meet the stringent requirements of the complex IT environment in which global financial institutions operate.

"UBS Group Internal Audit supports the Board of Directors and its committees by independently assessing the effectiveness of UBS' system of internal controls and compliance of the firm with statutory, legal and regulatory requirements. Therefore, it is important to the success of our business that internal audit processes are supported by a versatile, best-in-class system that helps us to maximize our effectiveness and efficiency," said Markus Baumann, COO of Group Internal Audit at UBS. "We believe that MetricStream will help us to streamline and optimally support our processes through its robust and yet configurable internal audit management system. We are excited to be partnering with MetricStream on this effort."