Philippines-Based Aboitiz Group Streamlines and Integrates Internal Audit Processes with MetricStream’s Cloud-Based Internal Audit Management App
MetricStream, an industry leader in Governance, Risk, and Compliance (GRC) Apps and Solutions announced today that the Aboitiz Group is using the MetricStream Internal Audit Management App to streamline, standardize, and automate their audit processes. Deployed over the MetricStream GRC Cloud, the App offers a single point of reference to manage and track a wide range of internal audit activities. The App cuts across organizational siloes, strengthening visibility into audit data, while enabling auditors to easily collaborate and share information.
Established in the late 1800s, the Aboitiz Group is a highly diversified group of companies with major investments in power, banking and financial services, food, land, construction, ship-building, and infrastructure. The group includes Union Bank one of the Philippines’ largest commercial banks, as well as AboitizPower — which operates 39 generation facilities across the country, and Pilmico — one of the largest manufacturers of flour and wheat by-products in the country.
“Implementing an audit management system was a major initiative for us this year, as we seek to continuously improve the quality of our services,” said Marie Y. Tanate, VP Group Internal Audit Head, at Aboitiz Equity Ventures, Inc. “We were looking for a GRC solution that would enable us to achieve a highly integrated, repeatable, and scalable approach to our internal audit processes. We chose to deploy the Internal Audit Management App over the MetricStream GRC Cloud, a high-performance and highly secure private cloud environment that enabled us to go live in just six weeks. Today, with MetricStream’s cloud-based Internal Audit Management App, we’re driving better business performance through a more productive, efficient, and collaborative audit program.”
The MetricStream Internal Audit Management App has enabled the Aboitiz Group to streamline the entire audit process — from conducting risk assessments, to planning audits, allocating audit resources, managing work papers, tracking audit activities, and resolving any issues that may arise. Through a risk-based approach, the App supports the development of targeted audit plans with well-prioritized audit resources. Dynamic reports and dashboards provide real-time visibility into the audit process, helping audit managers make more informed decisions.
“We’re delighted to have the Aboitiz Group as a valuable customer,” said Shankar Bhaskaran, General Manager of International Operations at MetricStream. He continued, “With internal audit activities growing more complex and challenging to manage, companies are looking to MetricStream to provide fully-integrated solutions that can simplify audit tracking, automate resource-intensive tasks, and proactively address emerging issues and risks. Today, MetricStream’s Internal Audit Management App is used by customers across North America, Europe, Australia, and the Middle East, and we are rapidly extending our footprint into South-East Asia. We look forward to maintaining a long partnership with the Aboitiz Group and serving other leading organizations in the region.”