Sonic Automotive Selects MetricStream GRC for Internal Audit & SOX Compliance
MetricStream GRC Solution to automate and manage the Internal Audit and SOx Compliance program for the Leading Fortune 500 Automotive Retailer.
- (1888PressRelease) June 22, 2011 - Palo Alto, California: MetricStream Inc., the market leader in enterprise-wide Governance, Risk and Compliance (GRC) solutions, today announced that Sonic Automotive (NYSE:SAH), one of the largest and most successful automotive retailers in the United States, has chosen MetricStream Internal Audit Management and Sarbanes-Oxley Act (SOx) Compliance Solutions to automate, streamline and centralize its entire internal audit system and related processes across the enterprise.
MetricStream Internal Audit Management Solution is supported by MetricStream's scalable GRC Platform which provides enhanced workflow, reporting, documentation and tracking capabilities.
Sonic Automotive, a Fortune 500 company and a member of the Russell 2000 Index, provides comprehensive automotive services, including sales of both new and used cars and light trucks, sales of replacement parts, vehicle maintenance, warranty, paint and collision repair services, and arrangement of extended warranty contracts, financing and insurance to its customers. Sonic Automotive operates over 100 dealerships spread across 15 states and 26 major metropolitan markets, making it crucial to have consistent and robust internal audit system. The company represents approximately 30 different automotive brands with the majority of its dealerships being luxury and import brands.
Expressing his views on the selection, Michael Egan, Chief Audit Executive, Sonic Automotive said, "Due to the rapid changes in the economic and regulatory environments, our need to keep management and the Board of Directors aware of risks and provide relevant information through internal audits has become more important than ever; therefore we were on the lookout for smarter options to automate internal audit management effectively and improve SOx compliance. Being the industry leader in the GRC area with special expertise in the internal audit space, MetricStream was the first name among the shortlisted solution providers. MetricStream's ability to automate, aggregate and quantify audit results to our needs will enhance our auditing competency and help us comply with SOx by managing risks and controls more efficiently."
"We are delighted to add Sonic Automotive to our wide-spread customer base," said Gaurav Kapoor, Chief Operating Officer at MetricStream. "MetricStream Internal Audit Management Solution addresses the complete range of challenges in the internal audit area including assured SOx compliance and provides automation, integration and central repository capability to help Sonic Automotive efficiently manage their entire internal audit piece."
MetricStream's internal audit management solution will be deployed to automate, manage and track the audits conducted by Sonic Automotive's Internal Audit Department. The SOx Compliance module will help the company design, assess and improve internal controls under the COSO framework, monitor their SOx compliance processes and provide evidence to the external auditors that an internal control was tested to the satisfaction of the internal audit team. The solution quantifies and consolidates the results on an integrated platform where auditors can also search for previous audit results and work offline using the MetricStream Briefcase option.
About MetricStream
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 Pfizer, Philips, NASDAQ, UBS, SanDisk, Subway, Fairchild Semiconductor and Cummins in diverse industries such as Pharmaceuticals, Medical Devices, Automotive, Food, High Tech Manufacturing, Energy and Financial Services to manage their quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as by over a 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
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