Leading enterprise risk management (ERM) software company LogicManager introduces a host of innovative platform features that transform the way their users manage risk.
LogicManager, leading provider of ERM software solutions, is supporting the modern-day risk manager’s heightened need for robust technology.
LogicManager CEO Steven Minsky explains further: “The See-Through Economy will continue to expose companies without solid risk management practices. Risks are amplified across organizations as they react to the pressures from the pandemic; regulatory changes, ransomware threats, remote work digitization, privacy concerns, supply chain issues, HR challenges, tax changes and ESG pressures – just to name a few.” says Minsky. “But through an effective risk management program, 100% of liabilities due to a risk event can be avoided.”
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In their most recent quarterly product release, LogicManager launched numerous platform enhancements that add efficiencies and improve the effectiveness of users’ overall programs:
- Their new Risk-Based Analyzer capability uses artificial intelligence to automatically extract information from any document, such as a vendor contract, internal policy or regulation, then draws connections between its terms and an organization’s risks. With the click of a button, users can view pertinent information about that document – such as data breach notification requirements or liability details – to ensure they’re not acquiring undue risk.
- The LogicManager Content Hub allows users to implement controls for common risks, as well as requirements for compliance standards, frameworks and regulations quickly and easily. It houses control sets and requirements out of the box so users can search for what they need and instantly implement it into their environment. It will also tell them if they’re already meeting a requirement and provide insight into the ways in which other companies in their industry are mitigating similar risks.
- Customers can use LogicManager’s True Risk Calculator to pull in all of their vendor information and better understand the risk that a third party poses to their business. True Risk accounts for not only a vendor’s external risk rating, but its unique relationship with the organization: How critical is the vendor for carrying out daily operations? How many employees rely on this vendor? What applications does this vendor have access to? LogicManager’s taxonomy technology pulls in this context to present a True Risk score that helps users design more effective controls.
- LogicManager’s taxonomy-driven AI capability also powers a new feature called One-Click Compliance, which surfaces all relevant controls an organization has in place and immediately links them to a compliance requirement in just one click. It also works for auto-mapping controls to risks, and vice versa. This drastically eliminates duplicative work and human error.
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These new features can be utilized to support a broad ERM program, or aid in more specific use cases like vendor onboarding, audit planning or ESG disclosure preparation. For instances where customers are looking to streamline and strengthen an individual process, LogicManager offers out-of-the-box solution packages that can be implemented on an as-needed basis. Use cases are all inherently connected through LogicManager’s risk-based taxonomy, making it easy for users to draw connections and design more effective mitigation strategies.
On top of continually enhancing their product to facilitate smart risk management practices, LogicManager fosters best practices among their users through their highly acclaimed implementation services and complimentary customer support. Each customer is assigned a team of advisory analysts specializing in their industry who work with the end user to execute solutions aligned with their business needs. Should a risk ultimately materialize, their Customer Success Representative is there to help minimize impact.
LogicManager’s ability to execute is routinely recognized by third-party analysts; recognition they’ve received over the past 2 years includes:
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- Placed highest for Ability to Execute in the Challengers category in the 2021 Gartner Magic Quadrant for IT Vendor Risk Management Tools
- Placed highest for Ability to Execute in the Challengers category in the 2021 Gartner Magic Quadrant for IT Risk Management Tools
- Named a “Strong Performer” in The Forrester Wave: Governance, Risk, and Compliance Platforms, Q3 2021
- Placed highest overall for Ability to Execute on the 2020 Gartner Magic Quadrant for IT Risk Management Tools
- Named a “Leader” in The Forrester Wave: Governance, Risk, and Compliance Platforms, Q3 2020
- Placed highest for Ability to Execute in the Challengers category on the 2020 Gartner Magic Quadrant for IT Vendor Risk Management Tools
Governance, risk and compliance professionals looking to learn more can visit the LogicManager website for complimentary downloads of these analyst reports.
LogicManager is a firm believer that ERM software is the most effective way to anticipate what’s ahead, drive business performance and prevent liabilities. “Enterprise Risk Management helps you increase the effectiveness of your risk mitigation strategies by engaging all departments in your efforts,” says Minsky. “While new challenges may be unavoidable in today’s ever-changing world, negligence is 100% avoidable with sound ERM practices. By building a time-stamped audit trail and preventing human error, you’ll keep your organization better protected from threats and ultimately foster success.”
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