Home > Risk Management Software > Workiva > Workiva vs MetricStream

Workiva vs MetricStream

Last Updated: November 18th, 2024

Our analysts compared Workiva vs MetricStream based on data from our 400+ point analysis of Risk Management Software, user reviews and our own crowdsourced data from our free software selection platform.

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Product Basics

Workiva is a cloud-based reporting platform that globally connects an organization’s workforce with its data sets and data sources. It combines all user data under a single digital roof to remove any errors and ensure complete transparency. Provides automatic and secure scheduling of repetitive tasks and recycles redundant data and reports into functional assets. It allows users to visualize data relating to ERP, consolidation, compliance, security, budgeting and more by connecting everything under one secure reporting module.

A live-updating dashboard with a code-free interface allows for easy analysis and data reporting. It auto-updates linked cross-organizational data for a seamless reporting experience.

MetricStream leverages a purpose-built platform to help organizations manage enterprise risk, cybersecurity, compliance and audits across various industries. Its AI generates deep domain expertise and actionable insights by analyzing embedded content and integrated data. Machine learning ensures its adaptability and scalability to future obligations. Its advanced reporting and analytics modules analyze business and market trends to generate practical, topical and real-time intelligence for agile business decisions and better stakeholder engagement.

It centralizes all data under one environment in a federated data model to remove information silos and enable data correlation and visualization. Users can create new APIs or integrate third-party ones through its intuitive dashboard. Provides predictive models for more intelligent threat detection. It automates incident evidence collection, document generation and corporate hierarchy mapping for streamlined task ownership and accountability.

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$75,000 Annually, Quote-based

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Small

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Large

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Large

Windows

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Chromebook

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Cloud

On-Premise

Mobile

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Product Assistance

Documentation

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Live Online

Videos

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Documentation

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Videos

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Phone

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Knowledge Base

24/7 Live Support

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Product Insights

Centralized Data Storage: Store all internal control tests and documents in one centrally accessible database.
Automated Reports: Save a ton of time and resources with built-in automation for regulatory and financial reporting processes.
Intuitive Accounting Interface: Employees can adjust faster to the accounting module due to the platform’s visual and functional similarity with Word and Excel.
Fast Data Access: Quickly access all necessary data and reports from anywhere within the U.S. Instantaneously update all changes throughout the server and eliminate inconsistencies in datasets.
Easy Data Sync: Automatically update data across multiple documents in real time by linking to each other. Save time spent on manual edits and deduplication.

Minimize Losses From Risk Incidents: Improve the accuracy of risk detection measures and accelerate growth using real-time risk intelligence.
Improve Brand Reputation: Eliminate the risk of non-compliance with round-the-clock tracking of regulatory requirements, compliance risks, controls assessments and mandates.
360-Degree Security: Cover all blind spots, especially third-party vendors and suppliers, with continuous performance monitoring, risk reports and lifecycle management.
Automated Control QA: Be the first to identify failing controls with autonomous and automated control testing, reporting and alerts.
Self-service Reporting: Create custom reports with access to cross-product Insights and the declarative data authorization framework.

Enterprise Risk: Get a 360-degree picture of risk with dedicated assessment and remediation capabilities. Generate reports and perform internal audits to make informed business decisions.
- Risk Assessment: Track and assess risks in real time. Prepare risk assessment spreadsheets and act on critical risk information first.
- Aggregation and Analysis: Correlate and analyze multiple data sources to find the complete context behind risk information. Categorize risks by datasets like historic risk ratings, risk owners, pillars and more.
- Risk Prioritization: Prioritize critical risk throughout the environment with key risk indicator (KRI) information.
- Risk Reporting: Create up-to-date risk reports with data visualization options. Combine information from KRIs and risk owners with heat maps, graphs and scatter and bubble charts to prepare reports on enterprise risk.
Internal Audit Management: Streamline the auditing process with custom templates and automated evidence gathering, certification, reporting and planning tools. Access relevant data, manage audits and follow up on tasks.
- Audit Analytics: Automatically populate audit reports in a no-code environment to highlight any exceptions.
- Templates: Process audits faster with over 3,000 purpose-built AuditNet templates.
- Audit Reporting: Increase stakeholder and audit committee engagement with personalized audit reports. Tailor reports accordingly by elaborating on specific details.
- Follow Up: Automatically drill down into complicated reports to elaborate on observations and recommended courses of action.
Policy and Procedure Management: Manage policies and procedures across the entire organization. Maintain an up-to-date inventory of auditable policies and procedures.
- Policy Indexes: Correlate policies with regulations, controls, processes and risks to create an interconnected and centralized master index. Standardize policies with templates and automatically update changes.
- Review Permissions: Review and edit documents directly from the platform. Streamline the review process with automated assessments and audits.
- Document History: Track all edits to policy documents with full version history. Send documents for bulk approval and leave comments and reviews within the content.
- Attestation Tracking: Track policy status, link current document versions and schedule deadlines. Sign and approve policies from any device and export records for auditing purposes.
Internal Controls: Improve the visibility and security of risk information with internal controls. Allow risk and control owners to make updates with full transparency.
- Documentation: Implement role-based permissions to control access to information. Review, edit and update files in their native formats with the Microsoft Office 365 integration. Instantly visualize updates by linking data fields to narratives and flowcharts.
- Testing: Perform random sampling tests with single or bulk tasks. Monitor test progress, attach samples and communicate results from the dashboard. Automatically corroborate evidence and track response.
- Reporting: Run convenient and tailored reports for data fields including issues tracking, COSO mapping, status reporting and more. Deliver accurate risk information to senior management, business partners and stakeholders.
- Certification: Leverage letter templates, customizable certificates and reminders to establish an efficient certification process. Sign and approve certificates from any device with an internet connection.
FERC Reporting: Meet the Federal Energy Regulatory Commission’s (FERC) standards with accurate and prompt XBRL tagging. Work on connected datasets in real time to eliminate errors. Supported forms include electric (Form No. 1, 1-F, 3-Q, 714), gas (Form No. 2, 2A, 3Q), oil (Form No. 6, 6-Q) and service companies (Form No. 60).
SEC Reporting: Streamline the preparation and filing of proxy statements, tax disclosures, 10-Qs, 10-Ks, 8-Ks, 20-Fs, Section 16 and more. Comply with European regulations like Solvency II, CIPC, IFRS and more. Link datasets to narratives and consolidate both structured and unstructured information with EDGAR and XBRL services.
Capital Market Transactions: Implement a greater degree of control over debt, equity, IPO and M&A deals. Prepare documentation for capital market transactions, mergers, acquisitions, debt-offerings and take-private deals with preconfigured workflows.
- Speed and Accuracy: Link numbers and texts across multiple files to process transactional documentation faster. Streamline the evaluation process by automatically creating review, sign-off and commentary tasks within documents and reports.
- Risk Reduction: Eliminate inconsistent numbers, version inaccuracy and certification errors with a single consolidated data source. Maintain accountability, security and transparency with complete version history and permission-based access.

Limitations

At the time of this review, these are the limitations according to user feedback:

Users located outside the US can experience latency issues in the SOX module.
The NextGen platform has a few incomplete features and bugs.
Involves a steep learning curve.
High subscription charges.

Suite Support

Visit the vendor’s support center to learn more about using the platform; online resources include patch notes, beginner’s guides, articles, hot topics and transition assets. The community forum hosts discussions, events, webinars and feedback.

Email: [email protected].

Phone: (800) 706-6526. Additional phone numbers for customers in other regions are available on the vendor’s website.

Training: Log in to the vendor’s website to access the Learning Hub. Online training is available in the form of guided courses, videos, newsletters and simulations.

Tickets: Visit the vendor’s website to submit a support ticket.

Centralized Risk Repository: Navigate enterprise risk with pre-defined relationships across incidents, assets, processes, regulations and more. Securely store all risk information in a centralized federated data framework and intelligent content libraries. Create and standardize an integrated risk taxonomy.
AppStudio: Create, extend and configure various applications and products to ensure flexibility and scalability of business processes.
APIs: Design new APIs in compliance with OpenAPI. Integrate with third-party applications via intuitive Business APIs.
Artificial Intelligence: Leverage predictive analytics and semantic search functionalities to anticipate future risks.
Continuous Control Monitoring: Automatically collect evidence in the event of vulnerabilities and workplace incidents. Set up controls to cover against manual assessments with a limited sample size.
Reporting and Analytics: Use the intelligent dashboard to run reports via preconfigured extensions or existing BI tools. Leverage in-depth insights and data visualizations to get a 360-degree view of risk. Define risk parameters and attach cautionary values to risks.
Hierarchy Mapping: Chalk out a map of the corporate ladder, geographies and business units. Provide risk owners with complete visibility over risk and compliance postures, risk preparedness and resilience.
Risk and Control Assessments: Run regular risk and control assessments according to preset schedules. Test the efficacy of risk control measures. Evaluate, aggregate and score inherent and residual risks.
Business Impact Analysis: Analyze the potential impact of disruptions on various business processes via BIA surveys. Utilize Map Recovery Time Objective and Recovery Point Objective to assign a criticality score to essential operations.
Risk Monitoring: Track KRIs, KPIs and control indicators for potential threats. Set up alerts based on risk thresholds.
Operational Loss Event Management: Manage risk incidents and losses across multiple organizations in compliance with regulations such as the Basel Accords.
Disaster Management: Turn early disaster data into actionable intelligence. Proactively monitor third-party suppliers and critical business processes for warning signs. Improve the organization’s situational awareness and resilience.

Product Ranking

#9

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#49

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Analyst Rating Summary

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User Sentiment Summary

92%

of users recommend this product

Workiva has a 'excellent' User Satisfaction Rating of 92% when considering 587 user reviews from 3 recognized software review sites.

80%

of users recommend this product

MetricStream has a 'great' User Satisfaction Rating of 80% when considering 37 user reviews from 1 recognized software review sites.

4.6 (58)

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Awards

Synopsis of User Ratings and Reviews

Functionality: 69% of users who reviewed this aspect were satisfied with the platform’s functionalities, including internal controls and issue Testing, SOX narratives, auditing, and policy management.

Ease of Use: According to 61% of users mentioning this element, the platform’s intuitive UI makes it easy to use.

Sharing and Collaboration: All the users who mentioned this element said the platform made it easier to share documents and collaborate on projects.

Service and Support: 83% of users reviewing customer support said it’s highly responsive and knowledgeable.

Automation: 100% of reviewers mentioning automation found it helpful to learn and apply new formats and automate financial and regulatory processes.

Centralized Platform: MetricStream provides a single platform for managing various GRC activities, including risk management, compliance, audit, and policy management. This can help organizations to streamline their processes and improve efficiency.

Flexibility and Customization: The platform is highly configurable, allowing organizations to tailor it to their specific needs and requirements. This includes the ability to create custom workflows, reports, and dashboards.

Scalability: MetricStream is a scalable solution that can grow with an organization's needs. This makes it a suitable choice for both small and large organizations.

Reporting and Analytics: The platform provides robust reporting and analytics capabilities, allowing organizations to gain insights into their GRC activities and make data-driven decisions. This includes the ability to generate custom reports, dashboards, and heat maps.

Speed and Performance: 100% of users mentioning performance said they experienced bugs, glitches and slow upload and export speed on the NextGen platform.

Cost: All the users who reviewed this aspect found the system’s subscription charges higher than its competitors.

Training Resources: 60% of users mentioning this element said the platform requires more training material to compensate for its steep learning curve.

Steep Learning Curve: MetricStream's interface can be overwhelming for new users due to its complexity and extensive features, often requiring significant training and onboarding time.

Customization Challenges: While MetricStream offers customization options, implementing them can be technically demanding and may necessitate specialized IT skills or external consultants, potentially leading to increased costs and implementation timelines.

Reporting Limitations: Generating specific or ad-hoc reports can be cumbersome, as the platform's reporting capabilities may not always align with the unique needs of every organization, requiring additional effort to extract and manipulate data.

Workiva is a cloud-based comprehensive reporting platform that provides unrestricted global access to FERC and SEC reporting modules, internal controls, and audit and policy management tools for complete in-house risk management. The platform can be difficult to learn initially, but a responsive support team makes it easier to understand the functionalities. In addition, automated reporting processes add a lot of value to the platform. However, the NextGen platform has a few performance issues. Updates can cause temporary glitches and bugs, resulting in unforced errors in datasets. All in all, Workiva is a safe bet for vulnerability management software. In spite of high subscription costs, it’s an excellent candidate if you can fit it into your budget.

MetricStream has emerged as a popular choice for organizations seeking a comprehensive solution. User reviews from the past year highlight its strengths in ease of use, flexibility, and scalability, making it a valuable tool for managing various risks, including compliance, governance, and operational risks. The platform's intuitive interface and customizable features allow users to tailor it to their specific needs, while its ability to handle large amounts of data ensures it can grow alongside the organization. However, some users have pointed out that MetricStream's implementation process can be complex, requiring careful planning and potentially additional resources. Additionally, there have been reports of slow support response times, which can be frustrating for users facing urgent issues. Despite these drawbacks, MetricStream remains a strong contender in the GRC software market, particularly for organizations with complex risk management needs and the capacity to invest in proper implementation and ongoing support. Its ability to centralize risk data, automate workflows, and provide real-time insights empowers businesses to make informed decisions and proactively mitigate potential threats. For organizations seeking a robust and adaptable GRC solution, MetricStream offers a compelling option, but careful consideration of its implementation and support aspects is crucial for a successful experience.

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