Risk Mitigation
Mitigation, Procedures and Control Activities
After identifying key risks, LogicManager enables organizations to define and document the controls and procedures to mitigate those risks. Through simple drag-and-drop, the system formally links each control activity to the risk it is aiming to mitigate, so that when changes in the threat levels of risk occurs, the control owner knows exactly which activities are impacted.
LogicManager enables documents to be attached to each control activity and accessed based on roles and responsibilities, along with task functionality to ensure that the right people are looking at the right information at the right time.
Risk Mitigation activities are organized within the business processes in which they operate and are connected to the
resources they depend upon. Automatic notifications are even sent to key stakeholders when key resources supporting that mitigation activity change. Now the operating impact of changes is easy to understand. Mitigation activities can be connected to both risk indicators which they act upon and performance indicators that they are helping to achieve, enabling organizations to better leverage risk-reward tradeoffs in every activity.
Identifying gaps and redundancies
LogicManager helps risk managers reduce existing work by identifying low risk impact areas and uncovering controls that can be consolidated to leverage existing work and eliminate redundancies. LogicManager’s templates allow you to consolidate control activities found throughout the organization. These activities become a mitigation activity library, meaning, based on permissions, others throughout the organization can search for existing controls that may meet their requirements, which streamlining governance activities and reduces redundant controls and duplicative testing activities.With a click of a button, dashboards and reports can automatically identify gaps and misalignment of activities, all across the enterprise and within each business process, with a priority for follow-up. The result is a 30 to 60 percent reduction of the total hours the organization currently spends assessing, mitigating and monitoring activities.
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