June 29, 2011 | Palo Alto, California: MetricStream Inc., the market leader in Governance, Risk and Compliance (GRC) solutions, today announced that Pacific Rubiales Energy (TSX: PRE; BVC: PREC), an Oil and Gas corporation headquartered in Canada with significant operations in Columbia and Peru, has gone live with MetricStream GRC solutions for Compliance, Risk, Audit, Issue and Policy Management. Built on MetricStream GRC Platform, the solutions are enabling Pacific Rubiales Energy (PRE) to integrate and establish clear workflows for risk, compliance and audit management across the enterprise. Consequently, operational redundancies can be eliminated, efficiency improved, and risks mitigated.
PRE is a Canadian and Colombian-listed producer of oil and natural gas. The company is one of the largest independent oil companies operating in South America with a successful track record in exploration. PRE has a robust corporate governance framework which demonstrates the company’s commitment to reducing risks and ensuring compliance. Rigorous processes for audits, control assessments and risk management have been developed and matured over years. Earlier, these processes were managed through isolated initiatives, manual processes, spreadsheets and email communication. But as business risks and regulatory compliance requirements became more numerous, complex and entwined, the company felt that managing and monitoring these developments as isolated activities would only result in redundancies, high risks and high costs.
“We were looking to upgrade our GRC system without compromising on our GRC vision and processes,” says Carlos Gomez-Pinto, Chief Corporate Auditor and Risk Officer at PRE. “MetricStream’s flexible solutions offered us that freedom along with the benefits of a tightly integrated GRC framework. Each of MetricStream’s modules demonstrated comprehensive, cutting-edge capabilities that were a perfect fit to our requirements. We now look forward to managing the complete spectrum of GRC programs from a common platform.”
MetricStream solutions are enabling PRE to define and streamline the management of risk, compliance and audits in accordance with policies and procedures. The solution eliminates isolated silos and instead, establishes a collaborative, transparent GRC framework across units, departments, operations and geographies. A centralized library of all risks and controls ensures quick, easy access to and sharing of information.
Using MetricStream solutions, PRE can adopt a risk-based approach to audits and compliance. Embedded risk heat maps and scoring cards clearly highlight risk metrics, enabling PRE to prioritize audits and focus on those risks and controls that have the greatest impact on the enterprise.
MetricStream solutions also provide a single point of reference to manage compliance with multiple regulations such as NI-52-109 (Canadian SOX), and adopt COBIT, COSO and ISO 27002 frameworks. If noncompliance issues arise, they are immediately routed through an investigation and remediation cycle.
“We are delighted to announce the success of this project,” says Gaurav Kapoor, Chief Operating Officer at MetricStream. “Our implementation team collaborated with the PRE team, ensuring that we met the project objectives and expectations, and completed it well within schedule.”
MetricStream has built a strong presence in South America, with customers and partners across Brazil, Argentina, Mexico, Chile, Venezuela and Colombia. Through its unique partner program, the company is expanding its reach within various South American countries, providing solutions for Corporate Governance, Enterprise Risk Management, Corporate and Regulatory Compliance, IT GRC, Internal Audit, Environment, Health and Safety (EH&S), Quality Management and Supplier Governance.
All MetricStream solutions are based on the MetricStream GRC platform which has multi-lingual capabilities. It supports the usage of multiple languages, including Spanish and Portuguese, based on user profiles and preferences.
MetricStream is positioned in the Leaders Quadrant of the Gartner Magic Quadrant for Enterprise GRC Platforms, 2010.
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 Pfizer, Philips, NASDAQ, UBS, SanDisk, Subway, Fairchild Semiconductor, Constellation Energy and Cummins in diverse industries such as Healthcare, Pharmaceuticals, Medical Devices, Automotive, Food, High Tech Manufacturing, Energy and Financial Services to manage their quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as by over a 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