LogicGate, the holistic GRC experts delivering leading solutions for cyber, governance, risk, and compliance leaders, has officially announced the launch of first-of-its-kind Governance, Risk, and Compliance (GRC) Program Value Realization Tool, which is available to customers through the company’s Risk Cloud platform.
According to certain reports, the stated new tool arrives on the scene with an ability to automatically track key program initiatives in real-time, and therefore, generate remarkable visibility into the financial value of GRC.
More on the same would reveal how these initiatives can include resource efficiencies, tracking revenue enablement, and proactive risk reduction. This allows leaders to easily correlate risks with value and more effectively illustrate GRC’s impact on the organization’s bottom line, an industry need that has not been met until now.
To understand the significance of such a development, we must take into account how measuring GRC program performance is an industry challenge all across the globe due to a lack of standardized risk metrics, poor alignment across business units, and the perception of being a “cost center.” Such a limitation, like you can guess, significantly hampers leaders’ ability to benchmark progress over time, quantify ROI, and show alignment with broader business objectives.
In response, LogicGate’s new Value Realization Tool brings forth an uninterrupted access to real-time data and conservative financial values tied to vital program operations that seamlessly facilitate more effective communication with C-Suite Executives and Board Members.
Furthermore, it delivers a rather holistic view of program performance in one central dashboard by cross-mapping organizational strategic objectives and leveraging the power of Spark AI to seamlessly integrate insights from across all core GRC functions.
Talk about the given solution on a slightly deeper level, we begin from its resource system efficiency which allows you to calculate cost savings driven by GRC initiatives focused on the reduction in manual emails sent, the reduction in data points managed, and the reduction in time spent managing multiple systems.
“With cyber risks growing and the regulatory landscape evolving faster than ever, organizations today require the ability to closely track their GRC programs from all angles, including financial,” said Matt Kunkel, Co-Founder and CEO of LogicGate.
Next up, we have the solution’s revenue enablement facility, which makes it possible for users to generate estimated revenue stemming from markets opened due to framework compliance, as well as revenue enabled by board decisions and new revenue gained from customers requiring certifications such as SOC 2, GDPR, and PCI.
Another detail worth a mention here is rooted in the solution’s promise to provide proactive risk reduction. Here, you can basically subtract residual risk from inherent risk to measure the reduction in risk exposure, and easily monitor GRC priorities, such as enterprise risk, risk domains, covered policies, compliance across control frameworks, and risk reduction from managing third parties.
Among other things, we ought to mention that LogicGate GRC Program Value Realization Tool is a value-add resource only available for Risk Cloud customers. It converts program metrics into clear financial outcomes, making it easier for leaders to communicate the real value of GRC to stakeholders and successfully secure ongoing investment. These capabilities, once generated, will provide organizations with a complete and contextualized financial understanding of their GRC activities, thus enabling more strategic and informed decision making across the enterprise.
“Too many businesses are flying blind when it comes to quantifying the value of their programs and how that equates to tangible business impact. Now, they’re able to effectively measure the performance and financial impact of their GRC programs, tying outcomes directly to the business’ bottom line. This equips risk leaders with the financial understanding needed to elevate cost savings and justify additional GRC spend, ultimately transforming the dynamic between risk leaders and members of the C-Suite and the Board,” said Kunkel.