Assessments – Identify, Assess & Evaluate
With LogicERM, all of your business performance, risk, and compliance assessment information is in one place, making it easy for you to use standards and collaborate with others.
How to Get Started – Scoping
To make effective ERM simple and practical, you need to take complex material, break it down, and make it accessible for anyone in your organization. First, LogicERM identifies and determines the risk of each resource in the enterprise, such as vendors, customers, IT applications, and physical assets.
Next, LogicERM links these resources to the processes they support. Finally, each process is evaluated to produce a score that prioritizes it among all of the processes. The result is a score based on operational readiness or vulnerability, and dependencies on resources. We call this “scoping through assessments.”
Scoping reveals the combinations of processes and the resources they use. With this information, you can prioritize and focus your ERM efforts. LogicERM’s built–in reports give boards, regulators, and committees the information they are looking for relative to their oversight and compliance needs.
Managing Risk, Performance and Standards– Deeper Dive
With scoping, you’ve identified the key processes and resources that need monitoring. Now, you can use LogicERM to look inside your processes to assess the key risks, goals, and standards within each process, and display the results in real time on an easy–to–read heatmap. You’ll clearly see the 20 percent of the major risks areas that pose the greatest risks to and opportunities for your organization.
LogicERM’s scoping, assessment, and reporting capabilities make it easy for risk managers to engage the experts throughout your organization. These experts are in the best position to assess the impact and likelihood of risk and the effectiveness of the mitigation activities in place.
Customized surveys and assessments are easily created using LogicERM’s robust pre–built unified library of best practice risk, compliance and balanced scorecard indicators. You can add to your library over time, as well as receive updates on emerging risks or new standards. Because everyone in your organization uses this common library, everyone using LogicERM can quickly discover upstream and downstream dependencies automatically, including from colleagues they’ve never met. That’s the power of a common ERM platform. Redundant or overlapping activities are identified automatically in the same way. You’ll see exactly where duplicated work can be eliminated.
Process owners see the value in using LogicERM because it requires no training and actually reduces the work required to do an assessment through easy–to–use wizards. Standardized scoring criteria used in measuring data gathered by process owners ensure results are comparable and repeatable across the enterprise. LogicERM’s robust analysis tools–including voting, weighting of factors, and what–if scenarios–help managers understand the value of the information collected.
LogicERM eliminates the disconnection of spreadsheets. Using LogicERM’s common ERM infrastructure, you’ll locate and use the existing data throughout your enterprise to pull together a complete picture of risk and opportunity. You’ll provide to senior management the right information at the right time, enabling them to interact with that information in a way that works for them as they make and implement decisions critical to your organization.