Jacksonville, Florida, March 29, 2006 - LogicManager, the innovator in process-driven Enterprise Risk Management software, announced today that Blue Cross and Blue Shield of Florida (BCBSF), has chosen the LogicManager toolset to automate their Enterprise Risk Management processes. Blue Cross and Blue Shield of Florida, the largest health insurance plan in the state, will use the LogicManager Enterprise Risk Manager solution to provide a robust framework for supporting risk management thinking across their enterprise.
Enterprise Risk Management [ERM] has become best practice within today’s increasingly competitive business environment. It gives corporate executives a solid understanding of the threats and opportunities within the unique set of risks their industry faces and provides a framework to address risks within multiple functions, from the boardroom to the mail room.
According to John Phelps, director of risk management at Blue Cross and Blue Shield of Florida, "Like many companies our size, our Enterprise Risk Management process grew to a point where we could not manage it with our own home-grown tools. We selected LogicManager because they were willing to take the time to understand our company’s needs from the perspective of an Enterprise Risk Manager and thus develop a next generation tool created by risk managers for risk managers."
"Historically, risk management has focused on specific functions rather than incorporating risk management as a discipline into the business culture. Enterprise Risk Management helps all levels of management understand the many internal and external issues that impact risk, like supplier relationships, internal processes, technology, organizational issues and so forth," Phelps said. "LogicManager was able to take our vision of Enterprise Risk Management and embed it in an easy to use, customizable system that allows us to incorporate all those risk factors into our decision making at all levels of the company. With the LogicManager system, we can easily prioritize activities for risk mitigation and improve operational performance." Mr. Phelps is also Chair of the ERM Development Committee for the Risk and Insurance Management Society (RIMS), a not-for-profit organization dedicated to advancing the practice of risk management including the application of enterprise risk management.
"LogicManager is proud to serve Blue Cross and Blue Shield of Florida and we have built on the expertise of John Phelps both at Blue Cross and Blue Shield of Florida and from his insights working with risk managers in multiple industries from his position at RIMS," said Steven Minsky, CEO for LogicManager.
"Our highly configurable Enterprise Risk Management solution provides a process-driven framework for companies interested in starting or improving their Enterprise Risk Management program. It’s a way to spread best practices within the risk management community and represents the next level of evolution within the Enterprise Risk Management context."
LogicManager Enterprise Risk Management software enables risk managers to assess risk and performance from multiple levels of operational managers, provide consolidated reports for senior management to allocate capital and monitor action plan activities to mitigate risk and achieve corporate objectives. Developed with risk managers, for risk managers, the LogicManager ERM toolset provides a consistent and objective best practices approach to risk, compliance and performance management. LogicManager is based in Boston, MA. For more information please visit www.logicmanager.com.
Blue Cross and Blue Shield of Florida is a leader in Florida’s health industry. BCBSF and its subsidiaries serve more than 8.3 million people. Since 1944, the company has been dedicated to meeting the diverse needs of all those it serves by offering an array of choices. BCBSF is a not-for-profit, policyholder-owned, tax-paying mutual company. Headquartered in Jacksonville, Fla., BCBSF is an independent licensee of the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. For more information concerning BCBSF, please see its Web site at www.bcbsfl.com.