LogicGate, the holistic GRC experts delivering leading solutions for cyber, governance, risk, and compliance leader, has officially announced the launch of its latest innovation i.e. Banking Solution, which is designed to provide financial institutions with an interconnected approach towards managing threats and compliance changes.
Available in Risk Cloud, LogicGate’s industry-leading GRC platform, the stated innovation will reportedly will make it possible for risk and compliance professionals to be more efficient and agile when mitigating risks, and it will do so through predictive steps that are going to ensure regulatory compliance and incident resiliency.
More on the same would reveal how the solution will take guesswork out of risk management by packaging the most critical information Chief Information Security Officers (CISOs), Chief Risk Officers (CROs), and Chief Compliance Officers (CCOs) need to successfully manage, as well as mature their regulatory and risk management programs.
To understand the significance of such a development, though, we must acknowledge how the ever-changing regulatory requirements from state and federal agencies, third-party operational complexities, growing cyber security risk, and increasing data privacy protections have created substantial challenges for banks. Hence, against that, LogicGate’s latest brainchild will centralize those concerns and limit surprises so to birth a streamlined operation.
Anyway, talk about the given solution on a slightly deeper level, we begin from its Regulatory Compliance capabilities. You see, the banking industry of today mandates compliance with governing bodies like OCC, SEC, CFPB, CFTC, NCUA, BSA/AML, and more, to avoid financial penalties, sanctions, or reputational damage. Hence, by centralizing regulatory obligations, automating assessment workflows, and tracking corrective action status, LogicGate’s Banking Solution simplifies that aspect to a significant degree.
Next up, we must dig into the solution’s Enterprise Risk Management capabilities that will enhance your organization’s ability to identify, assess, and mitigate risks efficiently. At launch, LogicGate’s Enterprise Risk Management solution includes purpose-built RCSA workflows, thus fine-tuning traditionally time-intensive assessments scoping and keeping risk owners on track with automated assessment workflows, reminders, and notifications. Furthermore, users can leverage pre-built assessment templates for frameworks such as CFPB, FFIEC, and OSFI to optimize efficiency. This means you can get started quickly using pre-configured risk scoring and guidance to assess inherent and residual risk ratings before creating and assigning mitigations for critical banking risks.
“Few industries are as regulated and scrutinized as the financial sector, elevating the importance for banks and credit unions to have stringent risk and compliance standards that institutions and their vendor ecosystems uphold,” said Matt Kunkel, Co-Founder and CEO of LogicGate. “Instead of taking a disjointed, point solution-based approach to managing extensive risk responsibilities and requirements, we curated a comprehensive solution empowering financial institutions to take a more holistic approach to managing the sea of evolving regulations. By prioritizing efficiency, automation, and increased effectiveness, companies are better positioned to protect their data – and their brand.”
Another detail worth a mention here is rooted in the solution’s Controls Compliance capabilities. As banks tend to face unique compliance challenges that require connecting internal controls and frameworks to identify gaps and overlaps, the technology in question relies upon predefined mappings across industry-specific frameworks to help banks streamline control activities. Once that bit is done. They can easily comply with frameworks such as NIST CSF, PCI DSS, and SOC 2®. In essence, aligning internal controls with these frameworks should be able to improve operational efficiency, ensure audit readiness, and support the secure management of sensitive financial data.
Moving on to the new Banking Solution’s Incident Management facility, it brings to the fore an all-encompassing incident management program which allows banks to log, track, and remediate cyber-attacks, data breaches, or fraud events. This single source of truth will guide institutions in managing incident response across the organization to achieve timely reporting to regulators like the OCC or CFPB and maintain transparency with stakeholders.
Then, there is a Policy Management feature, which takes care of tasks, such as drafting, reviewing, and approving policies that comply with regulations. Beyond that, it can also come in handy to track employee attestations, all for the purpose of automating every aspect relating to your policy management program.