LogicGate, an industry-leader that provides holistic Governance, Risk, and Compliance (GRC) solutions through its Risk Cloud® platform, has officially announced the launch of new Cyber Risk Suite and Operational Risk Suite offerings to help businesses conceive better risk management practices. According to certain reports, the stated offerings bring purpose-built integrated solutions that ensure complete optimization of your Enterprise Risk Management (ERM) and Cyber Risk programs. You see, we say so because each suite comes decked up with applications, integrations, licenses, and services to quickly implement a robust risk management program. This program, in turn, delivers improved visibility, streamlined collaboration, and efficient resource allocation using the LogicGate Risk Cloud platform. Talk about the two suite solutions on a slightly deeper, we begin from Operational Risk Suite, where ERM and Controls Compliance Applications work together to connect risks, controls, and evaluations across the enterprise, while simultaneously automating evidence collection and reporting. Next up, the suite provides a fully integrated Issues Management Application to help teams in streamlining issue scoring, prioritization, and resolution activities, so to proactively mitigate operational risk. Then, there is also available a prospect of enhanced visibility and agility that are further supported by one Policy & Procedure Management Application. You see, owing to the stated application, teams across the board can quickly identify and address compliance gaps by dynamically linking policies to controls and automating the entire policy review, revision, and acceptance process.
“Every enterprise has a different risk tolerance and security investments, however, what’s common across organizations is the need to show a holistic view of how your risk and compliance programs impact your business. We listened to our customers and packaged solutions that are quickly implemented, create immediate efficiencies, and produce data-driven narratives that allow you to proactively make decisions,” said Jon Siegler, Chief Product Officer at LogicGate.
Turning our attention towards LogicGate’s Cyber Risk Suite, it basically leverages a set of applications to achieve proactive cybersecurity measures, streamlined processes, and informed decision-making. Given its pledge to conceive interconnectivity between Cyber Risk, Controls Compliance, and Third-Party Risk Applications, the suite is able to assist cybersecurity teams in focusing on the most critical business risks, and at the same time, stay audit-ready with a near real-time assessment of security posture, including residual risk and control effectiveness. Next up, the suite puts to use an integrated Incident Management Application to streamline triage efforts and reach for more efficient response assignments and remediation tracking. Markedly enough, there is also a Risk Cloud Quantify® solution, which communicates risk in financial terms and identifies strategic investment opportunities across business units, functions, and geographies.
The development in question delivers a rather interesting follow-up to one study conducted by LogicGate, a study where it was revealed that its customers saw a 25% increase in task efficiency when leveraging automation tools available in the Risk Cloud platform. Another detail contextualizing the importance of such an effort comes from the G2 Winter 2023 Grid Report for GRC Platforms. This report revealed that nearly 60% of enterprises using Risk Cloud got their ROI within 14 months of implementation.
“Efficiency and standardization are paramount for any risk or compliance professional, so we made it easier for customers to quickly implement suite solutions that maximize risk and compliance programs and generate meaningful data to narrate business impact and easily report to stakeholders. GRC isn’t a cost center anymore, it’s a business enabler,” said Matt Kunkel, Co-Founder and CEO of LogicGate.