LogicManager has advocated for an integrated approach to risk management since its founding in 2005. In fact, LogicManager is the only vendor in the Integrated Risk Management or Governance, Risk, and Compliance sector that was initially developed as a risk-based, integrated solution. Most other vendors in the space began as compliance solutions.
Our intent was to empower front-line employees, risk managers, and security professionals to take a risk-based approach throughout departments and across silos in their organizations. Our technology is built on the very idea that managing risk within silos hinders success. An integrated approach to risk management is the only way companies can succeed in today’s era of ever-increasing transparency.
The traditional GRC model just isn’t compatible with today’s risk management landscape. The label “GRC,” or “Governance, Risk, and Compliance” creates silos rather than transcending them. As a concept, GRC is too limiting. Integrated risk management or enterprise risk management programs, when implemented properly, are inherently inclusive.
IRM brings together information across all departments and silos within a company. Risk management covers every business function at every level of an organization; compliance and governance are just two components of a multi-faceted risk management program.
At LogicManager, we’ve always felt that risk management is entirely about empowering better decision making, optimizing performance management and revenue generation, and identifying risks to an organization’s intangible assets, which are often their most valuable.
Studies conducted by Queens University have repeatedly found that companies with risk management programs that fail to bridge silos and transcend company hierarchy are, on average, 25% less valuable than those who practice truly integrated risk management.
From the very beginning, LogicManager has considered itself to be a truly integrated risk management solution with our industry-leading taxonomy technology, earning the highest position in the ability to execute axis of the 2018 Gartner Magic Quadrant for IRM.