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The MetricStream solution helps Kaydon implement a systematic and automated approach to controls assessments and audits, and enables real-time tracking of SOX compliance
PALO ALTO, Calif., Oct. 4, 2013 /PRNewswire/ -- Kaydon Corporation, a leading designer of custom engineering solutions, is successfully enhancing their SOX compliance and internal audit processes with the support of MetricStream. The MetricStream solution, which is built on a centralized GRC platform, is enabling Kaydon to streamline, automate, and improve visibility into their internal audits and controls management, assessments, monitoring, and reporting processes.
Headquartered in Michigan, Kaydon designs and manufactures custom-engineered and performance-critical products for a range of industrial, military, aerospace, medical, semiconductor, and alternative energy equipment and after-market customers. The company's offerings span friction control products, velocity control products, and other industrial products, including the world's lightest and thinnest bearings, and largest precise-tolerance bearings. Since being incorporated in 1984, Kaydon has emerged as one of the world's leaders in specialty bearings.
"An important part of our strategic agenda is to enhance stakeholder trust. And we believe that reporting of our internal and financial controls plays a critical role in achieving the same," said Vance Allen, Director - Internal Audit at Kaydon. He continued, "We wanted a solution that would not only provide broader and deeper visibility into the entirety of our SOX compliance and controls processes, but would also help automate and facilitate controls testing. We're able to achieve our objectives and demonstrate immediate value with MetricStream's robust solution, which we could deploy quickly through MetricStream's cloud model."
The MetricStream solution enables a systematic and closed-loop approach to the entire process of assessing and testing internal controls, documenting findings and gaps, and initiating and managing remediation activities in compliance with SOX regulations. The solution also integrates SOX compliance with internal audit processes, data, and entities in a centralized framework, facilitating increased collaboration, efficiency, and visibility.
All controls assessments and audit findings are consolidated in a common repository where they can be easily searched, retrieved, and provided as evidence to external auditors and stakeholders that a control was tested to the satisfaction of the internal audit team. Powerful dashboards and reports deliver real-time insights into SOX compliance, enabling Kaydon to proactively identify areas of concern, and reduce the risk of non-compliance.
"We are pleased to support Kaydon in their SOX compliance and internal audit efforts," said Gaurav Kapoor, Chief Operating Officer at MetricStream. He continued, "Leading and visionary companies are enhancing their controls processes not just to meet regulatory compliance expectations, but also to build a culture of risk-resilience and transparency. MetricStream solutions are designed with these broad goals in mind, enabling organizations worldwide to enhance business performance, and derive immediate value from their SOX compliance processes. Moreover, for rapidly growing mid-market organizations such as Kaydon Corporation, MetricStream offers the added benefit of accelerating and simplifying GRC solution deployment through the secure and reliable GRC Cloud."
MetricStream is a market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions for global corporations. MetricStream solutions are used by leading corporations such as UBS, Barclaycard US, P&G, Constellation Energy, Pfizer, Philips, United Technologies Corporation, SanDisk, Cummins, and Autogrill in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-tech and Manufacturing to manage their risk management programs, quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as several million compliance professionals worldwide via the www.ComplianceOnline.com portal. MetricStream is headquartered in Palo Alto, California and can be reached at www.metricstream.com.
Mr. Vinay Bapna
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