Philadelphia Gas Works selects MetricStream’s next generation Internal Audit Management Solution

MetricStream to provide end-to-end functionality to support entire internal audit lifecycle

Bangalore based MetricStream, the market leader in enterprise-wide Governance, Risk and Compliance solutions, has announced that Philadelphia Gas Works (PGW), the largest municipally owned natural gas utility organization in the United States, has chosen MetricStream’s next generation Internal Audit Management Solution to automate and streamline its entire internal audit program.

Founded in 1836, PGW manages a distribution system of approximately 6,000 miles of gas mains and service pipes supplying approximately 500,000 customers.

MetricStream’s Internal Audit Management solution will be implemented to automate, manage and track the progress of audits performed by PGW’s Internal Audit Department. With extensive capabilities including systematic risk assessment, detailed audit planning, comprehensive issue tracking, and administration, the MetricStream solution will help the PGW Internal Audit Department to standardize, automate and manage key aspects of their audit process.

“We are happy with the addition of PGW, the largest municipally owned gas utility in the US, to our strong customer base in the energy sector. The energy sector functions within a progressively complex risk and regulatory environment. Our robust solution helps companies in this space achieve complete compliance, risk management and audit capabilities to manage stringent regulations and industry mandates.” says Gaurav Kapoor, Chief Operating Officer at MetricStream.

MetricStream solution’s built-in library of standard templates will provide a framework for the Internal Audit department to drive audit initiatives consistently, adhere to processes approved by the PGW management and also facilitate compliance with the International Professional Practice Framework (IPPF) by the Institute of Internal Auditors (IIA).

PGW conducted a detailed evaluation of the responsiveness, responsibility and several relevant factors of various solution providers in the industry prior to selecting the MetricStream Solution.

MetricStream GRC Platform has been deployed by some of the largest public and private electric utilities, power companies, oil and gas corporations as well as regulatory agencies. MetricStream is positioned in the Leaders Quadrant of the Gartner Magic Quadrant for Enterprise GRC Platforms, 2010.