PALO ALTO, Calif.--(BUSINESS WIRE)--The largest private bank in Ecuador, Banco Pichincha, has selected MetricStream to provide a multi-lingual cloud-based solution for Business Continuity Management (BCM). MetricStream’s solution will help minimize the impact of business disruptions as well as aid in crisis and incident management planning by streamlining and automating the BCM lifecycle. It will also provide an integrated framework to collaboratively manage all BCM processes, including Business Impact Analysis (BIA), Business Continuity Planning (BCP), testing of plans, and issue management and remediation based on test results. The solution will be rolled out in Spanish to support local users.
Established in 1906, Banco Pichincha is the largest private bank in Ecuador with over 300 branches. The organization has 2.8 million customers, $9.1 billion USD in assets, and $7.2 billion USD in deposits. They also have over 6,100 employees and 800+ points of service across the country. The bank has subsidiaries in Peru and Colombia, as well as an agency in Miami, and eight representative offices in Spain.
“As Banco Pichincha continues to expand its operations in new locations, we needed a solution that could scale across the organization, and bring together all of our business continuity management processes and data into one centralized environment,” said Juan Carlos Beltrán, Operational Risk Manager at Banco Pichincha. “Our goal is to take our business continuity program to a new level of efficiency and efficacy using software as a service, so that we can proactively monitor and mitigate the threat of business disruption. We believe that MetricStream’s solution can help us achieve these objectives.”
MetricStream’s BCM solution will be used by over 200 users in Banco Pichincha, spread across Ecuador and other Latin American countries. The solution incorporates a range of BCM frameworks and standards such as ISO 22301, which can be clearly mapped to the bank’s plans and procedures to strengthen their approach to BCM.
The MetricStream solution will enable the bank to streamline the entire Business Impact Analysis workflow and lifecycle, thereby enabling stakeholders to efficiently identify the key recovery objectives and recovery processes. The solution will also enable a closed-loop, automated approach to the development and testing of BCP strategies and plans on an on-going basis. Users will be able to track the status of these processes in real time through powerful dashboards and reports. Any issues that arise during BCP testing will be flagged and routed through a systematic process of investigation and remediation.
The solution will also integrate with the bank’s ERM framework, importing data on organizational structures, processes, risks, and controls that are critical to BCM. It will export risk data based on the results of BCP tests and the status of action plans.
The solution will be deployed over MetricStream’s GRC Cloud using MetricStream’s agile implementation methodology, thereby accelerating time-to-value, and reducing the total cost of ownership.
“We are excited to collaborate with Banco Pichincha, and support their BCM objectives,” said Gaurav Kapoor, Chief Operating Officer at MetricStream. “MetricStream is rapidly expanding its presence in South America with both customers and partners across the region. Organizations of all sizes, across industries are looking to MetricStream solutions, which can be tailored to their unique business, cultural, and language requirements to help them build stronger, more efficient, and agile risk and compliance programs.”
MetricStream is a market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions. MetricStream solutions are used by leading global corporations in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-tech and Manufacturing to manage their risk management programs, quality management processes, regulatory and industry-mandated compliance and other corporate governance initiatives. MetricStream’s customers include Procter & Gamble, UBS, Societe Generale, Pfizer, Philips, Cummins, Kellogg’s, Mondelez International, SanDisk, and NetApp. MetricStream also owns and operates www.ComplianceOnline.com portal - the largest GRC advisory network and one of the largest GRC communities. MetricStream is headquartered in Palo Alto, California, USA (www.metricstream.com).