South African-based MMI Holdings, one of the largest insurance-based financial services groups listed on the Johannesburg Stock Exchange, has selected MetricStream to provide an integrated and enterprise-wide GRC solution.
The solution will strengthen MMI Holdings’ Combined Assurance Framework by integrating assurance activities across the company, optimizing control efficiencies, and providing a holistic view of key operational and compliance risks.
Jan Lubbe, Chief Risk Officer of MMI Holdings said, "We chose MetricStream to be a strategic partner for MMI in our GRC Journey. We are confident that MetricStream’s global footprint and insights into leading GRC practices will enable MMI to embed our combined assurance model and thereby enhance our ability to have effective assurance processes across the organisation."
MMI Holdings was established in December 2010 post the merger of Metropolitan and Momentum, both sizable insurers in South Africa. In addition to its local operations, the company does business in 12 other African countries, as well as in the United Kingdom.
MMI Holdings’ core offerings include long-term and short-term insurance, asset management, savings and investments, healthcare administration, health risk management, employee benefits, and rewards programs.
Aadila Hashim, the Executive responsible for leading the MMI GRC Project said, "As South African financial services firms adopt a Combined Assurance Model, it has become imperative for us to effectively coordinate and integrate assurance activities across our Risk, Compliance, and Audit functions."
Commenting on MetricStream as a GRC technology partner, Kallie Kotze, MMI Risk and Finance CIO said, "The MetricStream GRC Solution is an important enabler on our journey to automate the combined assurance processes in MMI."
MetricStream’s Integrated GRC Solution project for MMI Holdings consists of the implementation of multiple applications to enable MMI’s risk management capabilities, including: Risk-Control Self-Assessments (RCSAs), Loss Management, Incident Management, KRI monitoring, GRC Intelligence and Internal Audit Management.
The integrated GRC solution will enable MMI Holdings to align their assurance activities, and also determine the level and type of assurance required from each of the three lines of defense.
"Having worked with some of the largest financial services companies across the US, Europe, and Asia-Pacific region, we’re excited to extend our footprint into South Africa," said Shankar Bhaskaran, General Manager of International Operations at MetricStream.
"An evolving risk and regulatory landscape in the region has compelled many banks and insurers to adopt MetricStream’s market-leading GRC solution in order to establish a holistic, efficient, and sustainable GRC program."