The tool will empower the bank to combine the aforesaid tasks including risk, compliance, and audit management programs on a single, centralized GRC platform.
The integration will enable the bank to improve coordination across various assurance groups, gain real-time risk-control intelligence, and eliminate operational redundancies, claims Columbia Bank.
Columbia Bank enterprise risk manager Christine Eagan said MetricStream offers a centralized platform that will streamline risk management processes across multiple business units and help to eliminate redundancies.
"It is a scalable solution with many potential applications that will enable our risk management function to grow and evolve over time," Eagan added.
The MetricStream solution will strengthen Columbia Bank’s risk management efforts and streamline the complete audit lifecycle, and enable closed-loop issue management, the bank said.
Additionally, the solution will also offer a centralized IT risk management framework to simplify IT risk identification and analysis, control design, control monitoring and issue management.
Columbia Bank is a full service commercial bank, headquartered in Tacoma, Washington, US, which manages $4.8bn in assets and 102 banking offices across Washington and Oregon, US.
