MetricStream, a specialist in integrated risk management (IRM) and governance, risk, and compliance (GRC), has announced new native capabilities for advanced cyber risk quantification and simulation to measure cyber risk in monetary terms, along with intuitive risk assessments, expanded compliance risk management capabilities, and enhanced visibility into third and fourth-party risks.
MetricStream’s latest software release features analytics that allow customers to quantify cyber risk in terms of actual currency, as opposed to measuring risk using red, yellow and green heatmaps. Equipped with precise cyber risk quantification, CISOs, chief risk officers, chief compliance officers and boards can understand, analyse, and act on cyber risk. Using Monte Carlo simulation, risk scenarios can also be run to prioritise action plans and investments.
The new Cyber Risk quantification is built on MetricStream Intelligence, an analytical and AI engine that enables multiple scoring models and data science tools. Unlike companies that focus only on the FAIR risk quantification model, MetricStream Intelligence allows creation of any type of models and variables.
“Customers need advanced GRC software solutions that enable them to dig deep into quantifiable metrics and risk assessments for cyber, ESG, compliance and third party, while identifying and addressing gaps in their risk posture,” said Prasad Sabbineni (pictured), chief technology officer, MetricStream. “MetricStream Intelligence, the backbone of this new release, is a simulation-based risk modelling and decisioning framework that supports various risk taxonomies, enabling an integrated view of risk.”
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MetricStream, Integrated Risk Management, Risk Management, GRC, Cyber Risk, Insurance, Reinsurance, Prasad Sabbineni, North America