LogicGate brings risk management to individual business units

LogicGate is elevating its Risk Cloud platform with a new Operational Risk Management (ORM) Solution designed to allow organizations to prioritize risks based on process criticality and financial impact.

By helping minimize operational disruptions, such as failed internal processes, inadequate systems, and natural disasters, ORM helps ensure the resilience of the organization. With role-based dashboards tailored to specific stakeholders and lines of defense, LogicGate’s new ORM solution enables Risk Cloud users to quantify and visualize operational risk across different business units.

The new solution brings risk management to individual business units, ensuring day-to-day vulnerabilities are accounted for at the process level. Because risk teams don’t always have visibility into every department, this insight is a crucial aspect of a strong security posture.

The Risk and Control Self-Assessment (RCSA) workflow is at the center of this new solution, prompting individual business units to identify key risks, evaluate the effectiveness of existing controls, and document their findings for remediation. For many organizations, RCSAs are an important step in promoting a culture of awareness by giving departments ownership over their risk posture. With this, Risk Cloud’s new assessment scoping tool streamlines how RCSAs are scoped, created, and assigned.

The centralized ORM solution will help organizations more effectively quantify the potential losses resulting from operational risks. While the RCSA workflow is valuable for businesses in a wide range of different industries, it is a particularly critical feature for banking and finance institutions.

Regulations require large banks to hold sufficient capital to cover potential losses from operational risks, which are calculated based on factors that include financial activities and historical loss data. LogicGate’s RCSA workflow can help banks build an effective framework that includes the policies, procedures, and processes needed to identify, assess, monitor, and remediate risks that have potential to impact bank operations.

“Operational risk management has clear business and financial benefits, but most organizations don’t realize the impact ORM can have on day-to-day operations,” said Matt Kunkel, CEO of LogicGate. “The key to developing a resilient risk posture in the modern day is awareness. Our new ORM solution provides the simple, enterprise-wide visibility you need to truly understand the threat landscape your business operates in. This allows you to create insight-based risk programs and maintain the agility needed for both short and long-term business continuity.”

Along with the streamlined self-assessment capabilities, LogicGate customers who adopt the new ORM solution will gain access to the following features and capabilities:

• Hierarchy models: Develop templated yet configurable data hierarchy models to connect business units, processes, risks, and controls
• Automated processes: Automate workflows for risk and control assessments, key risk indicator (KRI) measurements, corrective actions, and issue management
• Proactive monitoring: Monitor risks and proactively act with automated KRI workflows that notify response teams when risk thresholds are exceeded
• Risk reporting: Generate reports that show processes with the highest impact on your risk profile, multi-department risks that could benefit from collaboration, and control gaps that affect multiple risks
• No active user limits: Enable broad access with users across multiple business units without the need for costly user-based licensing fees
• Suite of Spark AI features: Accelerate GRC program outcomes with time-saving technology and intelligent recommendations to identify linkages across risks, issues, and loss events, and generate corrective action plans when KRI measurements automatically trigger response workflows

ORM programs can strengthen overall business resilience and continuity efforts, but managing a truly comprehensive strategy can be challenging. LogicGate’s new ORM solution is bolstered by modern technologies already available in Risk Cloud, such as the suite of Spark AI features, no-code editing capabilities, aggregated insights, and real-time reporting.

Implementing ORM ensures that today’s businesses are prepared to identify, measure, and address risks at a tactical level across multiple business units, positioning them for success amid today’s evolving risk landscape.