Dubai Aluminium (Dubal), an operating subsidiary of Emirates Global Aluminium (EGA) and MetricStream, a leading provider of governance, risk, and compliance (GRC) solutions, have been jointly honoured with the GRC 20/20 Research “2014 GRC Value Award” in the category of risk management.

The annual GRC Value Awards recognise real-world implementations of GRC programmes and processes that have returned significant and measurable value to an organisation, said a statement.

The firms were recognised for implementing an enterprise resource management (ERM) architecture which provides an integrated view of risk in near real time, and enables a systematic and automated approach to the entire risk lifecycle.

Michael Rasmussen, chief GRC pundit, said: “Together, EGA and MetricStream have demonstrated measurable value in terms of GRC efficiency, agility, and effectiveness.

“EGA’s ERM framework, enabled and supported by MetricStream, spans the organisation like a central nervous system, mapping risk and control information, and rolling up data from across business units to provide a cohesive, enterprise-wide view of risk. These are signs of a mature risk management program that is able to protect and enhance shareholder value.”

The MetricStream ERM Solution has enabled EGA to streamline, automate, and harmonise their risk management processes, strengthening compliance with ISO 31000:2009 and other risk management standards, said the statement.

The solution spans across various organisational silos, improving co-ordination on risk management activities, while strengthening risk visibility and accountability. It also enables quantitative risk assessments and Monte Carlo simulations to help EGA quickly understand risk probability and impact.

Toby Shore, corporate treasurer and chief risk officer at EGA, said: “We are very pleased to be recognised by GRC 20/20 for a leading risk management programme, enabled by MetricStream

“By integrating and standardising our risk processes and risk language, we have been able to better quantify and articulate enterprise risks, drive more risk-intelligent business decisions, and ensure that resources and focus are directed to the areas of greatest risk.”

Shankar Bhaskaran, GM and VP of International Business Operations at MetricStream, said: “We are delighted to receive the 2014 GRC Value Award with EGA. Organisations today face unprecedented risks related to distributed business operations, virtual and mobile technologies, mounting regulatory pressures, and the explosion of big data.

“Overcoming these challenges is far from easy, but with MetricStream’s ERM solution, leading organisations like EGA have successfully transformed their ERM programs to become more streamlined and pervasive across the organisation, transforming their risk data into meaningful insights that enable them to mitigate threats proactively.” - TradeArabia News Service