The Silicon Review
In the highly regulated world we live in, companies need to have a robust risk management solution in place to protect both their business and their reputation. A successful risk management solution enables an organization to consider a wide variety of risks, measure potential risk against subsequent impacts, and ultimately develop plans to mitigate risk. A strong integrated risk management strategy is also key to building resilience during the most challenging times.
MetricStream also aims to help organizations move beyond just resilience and turn risk into a reward. Organizations can thrive on risk by turning it into a strategic advantage in the form of new business developments, new innovations, faster time to market, and much more. Take a strategic approach to risk, whether financial, reputational, legal, regulatory, third-party, and even environmental, and you will reap the rewards. As the global market leader in governance, risk, and compliance (GRC), the company’s mission is to empower organizations to accelerate growth with risk-aware decisions. Consistent with a history of innovation, MetricStream has recently introduced industry-leading solutions around environmental, social, governance, and cyber risk quantification.
Enabling profit with purpose
Launched in September 2021, ESGRC is MetricStream’s newest product representing the industry’s most robust environmental, social, governance (ESG) solution, built on the company’s proven MetricStream Platform. Organizations are increasingly being held accountable for corporate practices regarding climate sustainability, social responsibility, and governance. ESG risk factors are also emerging as financial risks that carry significant impacts on a company’s bottom line and valuation. Investors and asset managers are shifting their investment appetite toward companies with sound ESG management programs. Companies are also beginning to experience intense external pressure to define a measurable performance around its environmental and social impact. ESG is the next frontier for global business and a natural progression for GRC.
Overcoming uncertainties with quantifiable metrics
Companies need a risk score that is based on consistent factors and grounded in the business context. A combined risk score that is based on a numerical dollar value helps cyber teams accurately weigh the cost-benefit of either a single risk mitigation strategy or a combination of them. It can also help increase the agility and speed of remediation efforts. The result is a targeted understanding of which cyber risks are most critical and require the most attention. This, in turn, facilitates optimum use of mitigation efforts to reduce risk exposures. The use of advanced software tools will allow for the phasing out of heatmaps (scoring risk in terms of red, yellow, and green) which are already a tool of the past.
MetricStream believes that customers should think of GRC as a journey and not merely a destination. This means partnering with customers wherever they are on their GRC journey and constantly driving value today and into the future. MetricStream can propel organizations from simply managing their environment to embracing and ultimately thriving. The customer journey is outlined below.
Manage Risk: In this stage of the journey, most customers consider a traditional risk management approach. The simple goal is to protect their business and to ensure they are meeting regulatory requirements. However, organizations need to break down silos to truly manage risk, bringing together compliance, risk, audit, and cyber teams to consider an integrated risk management strategy. This reduces redundancy and increases access to shared policies and data.
Embrace Risk: In this stage of the journey, risk management becomes more pervasive across the organization. Customers are asking more and more employees to participate directly in the risk management process, not only to govern across the whole enterprise top-down but also to detect lurking risks when they are observed. The whole organization embraces risk through improved visibility and collaborative actions.
Thrive on Risk: As customers begin to thrive on risk, they move from a posture of fear to a position of power. The traditional GRC mindset has focused on mitigating risks, managing regulatory and compliance pressures, and governing more effectively, all of which are critical to creating a resilient enterprise. When an integrated risk management strategy is embedded into an organization’s DNA, the result is increased business performance and growth.
When the Silicon Review asked Bruce Dahlgren about the company’s future he stated:
“What makes this business so exciting is that we are transforming how the world views risk and turning it into a strategic advantage for our customers. To take it a step further, that growth isn’t just creating a positive impact for our customers; it’s driving positive change for our world. We are proud to be a first mover of ESGRC, leveraging a history of innovation as industry leaders in GRC to help our customers grow with purpose.”
MetricStream connects governance, risk management, and compliance data across the extended enterprise with business objectives, providing customers the access, visibility, and data they need to thrive on risk.
Powered by MetricStream Intelligence, the company is a global GRC SaaS leader, providing deep domain products leveraging one integrated platform. The company’s software products help large and mid-size enterprise organizations turn volatility into order, build resilience, and grow. This includes software products focused on Cyber GRC, Third-Party Risk Management, Environmental, Social Governance, as well as Regulatory Compliance, Audit and Financial Controls, and Risk Management, all delivered from the cloud.
Headquartered in San Jose, California, MetricStream has operations, and a research and development center in Bangalore, India, and sales and operations support across the globe. MetricStream has been recognized as a GRC leader by major industry analyst firms.
Meet the leader behind the success of MetricStream
Bruce Dahlgren is a global technology executive with an exceptional record of growing and monetizing disruptive technologies, capturing multibillion-dollar business opportunities, and leading go-to-market strategy and operations at large public and small private companies. In July 2020, Bruce was named CEO of MetricStream, the global market leader of Integrated Risk Management and GRC solutions that empower organizations to thrive on risk. Before joining MetricStream Bruce brings a deep background in P&L management, go-to-market, and M&A, with earlier senior management roles at NCR, AT&T, and Lexmark.
He received an MBA and bachelor’s degree in business administration from Stetson University and he attended the Wharton Executive Education Program. He serves on the Board of Trustees for Stetson University. Throughout his career, Bruce and his family have moved many times, including living in Singapore for five years. He and his wife now reside in the Bay Area and have three grown children.