Frequently Asked Questions (FAQ)
Enterprise Risk Management (ERM) encompasses all concerns and risk exposure across the entire organization. Bringing together financial, operational, legal, and compliance or regulatory based risk, ERM helps uncover the overlapping, systemic concerns within an organization and ensures nothing gets overlooked.
To effectively accomplish this, all departments, silos and levels within the organization must coordinate through a standard ERM framework: identifying, assessing and managing risk. With the tools to conduct analysis on information gathered, as well as share information and responsibilities, infrastructure is critical in sustaining true ERM. Read more about LogicManager’s risk-based process or download our complimentary eBook, ‘5 Steps for Better Risk Assessments’.
All governance activities — managing a compliance concern, conducting an audit, assessing a vendor, etc. — involve risk. Uncovering the interdependence between the various risk and governance departments or activities within your organization is critical in reducing cost, time and effort spent.
LogicManager is built on our patent-pending Taxonomy structure. This allows for the sharing of information where necessary and separation where it is not. Connecting risk, compliance, resource and process information, LogicManager’s approach allows you to reduce overlapping activities and free up time and resources to focus on strategic decisions. Visit our solutions overview page to learn about the areas of functionality we offer!
Not only do spreadsheets lack authentication, audit trails, and integrity, but they fail in producing an enterprise wide picture of risk. This creates a barrier to fully understanding systematic, critical concerns across areas of the organization. The presence of spreadsheets is a symptom of gaps between processes, and are typically both expensive and error prone.
All the time, resources and effort used to sift through spreadsheets and track change across business silos and levels could be refocused on more important decision making and strategic planning when utilizing a software. LogicManager provides an efficient alternative, instantly generating meaningful heat maps and reports, tracking historical progress and providing interactive dashboards for strategic planning and analysis. Learn more at our solutions homepage!
This is a question we address in our eBook, 7 Ways to Build the Business Case for ERM Software. ERM software solves the problem of how to best allocate resources to improve business performance and reduce the cost of capital. Providing a set of standard processes, industry-specific content and the tools needed for success, the LogicManager solution guarantees ERM and governance success.
Anecdotal evidence of the business value of ERM is abundant, but organizations and their management teams have been looking for hard dollar measurements. In 2014, an independent research study, The Valuation Implications for Enterprise Risk Management Maturity, scientifically proved that each of the 5 levels of ERM capability, as defined and measured by the RIMS Risk Maturity Model (RMM), delivers a 5% increase in an organization’s net worth and collectively a 25% increase for obtaining all 5 levels of RMM maturity.
LogicManager authored the RIMS Risk Maturity Model and our software is designed as a framework to help organizations achieve the best practices outlined in the model. Learn more on how your organization can achieve greater ERM maturity.
Historically, companies were required to buy, build, and maintain their IT infrastructures despite escalating costs. However, software-as-a-service provides a cheaper, faster and more efficient alternative. Below are some key benefits of LogicManager’s SaaS solution:
- Flexibility – LogicManager’s solution is accessible from any internet connection — anytime, anywhere. Our all-in-one SaaS pricing was developed to be cross-functional and includes all consulting, training, features and functions.
- No Large Up-Front Investment – With LogicManager, customers avoid the large initial investment of an IT infrastructure as well as the day-to-day responsibility of maintaining that infrastructure. Short-term, flexible licensing contracts and our 90-day satisfaction guarantee also ensure lower initial costs.
- Shorter Implementation – You are up and running in 5 business days, with a full implementation (including uploading and retrofitting all your existing data) in typically less than 45 days.
- Quick Adoption & Customization – LogicManager enables customization capabilities to meet your specific needs as well as integration with your organization’s existing systems through APIs and web services.
- No IT Involvement – All customization, system changes and maintenance is accomplished by LogicManager or an administrative user, not your IT department. Our subscription-based SaaS pricing model keeps IT budget costs consistent with or lower than packaged or homegrown software.
- Seamless Updates & Maintenance – No fees and no wait time; LogicManager provides continual maintenance and rolls up feature enhancements based directly on customer requests, without taking you offline.
As risk management professionals, data security is a top priority; we use best-practice protocols to ensure flawless coverage. Starting with our application technology, LogicManager has chosen to work with the highest quality providers such as Adobe Flex, to prevent attack vulnerabilities and incorporate the latest technological advancements into our product.
Additional security protocols include redundant data protection and daily back-ups to a remote location, yearly SSAE16 certified audits, secure connections through SSL3 protocol and 256-bit encryption, Multi-Factor Authentication and LDAPS Integration for end-user security, as well as continual risk assessments, penetration testing and business continuity monitoring.
Subscriptions are based on short-term commitments, flexible pricing and a continual 90-day satisfaction guarantee. Our quarterly subscriptions offer several pricing models to fit your unique needs and help with user engagement, without burdensome costs. Check out our pricing page to learn more!
LogicManager’s consulting services provides each LogicManager customer an assigned business analyst, or team of analysts, who are there during implementation and training, followed by unlimited, on-going consulting for the lifetime of the subscription.
Paired based on industry and relevant experience, these analysts ensure your team meets their unique goals and timelines, continually increasing the value of the ERM/Governance program.
Our implementation is focused on a strategic content set-up versus a technical configuration and requires no IT involvement in the process. Your business analyst works closely with you to identify key challenges, major dates and milestones, short and long term goals, and ensures your full implementation within the first 6-12 weeks –our 90-day satisfaction guarantees it!
Within any 90-day period, you are able to terminate your subscription and receive a full refund of any unused prepayment. Why? It’s our promise to you that the LogicManager team is dedicated, accountable and continually focused on customer satisfaction.
LogicManager, from inception, has been focused on a risk-based approach with no separate fees or licensing for departmental functionality. On day one, all of LogicManager’s functionality is seamlessly integrated to enable aggregation and reporting of information at and across all levels of the customer’s organization, automatically providing insights that can’t be seen on the front line.
Investment in Technology
LogicManager has patent-pending risk Taxonomy technology that makes LogicManager software highly configurable and flexible. Customer driven and committed to their satisfaction, LogicManager continually releases enhancements, updates and new software features based directly on requests and feedback from customers.
LogicManager is a leader in our field, recognized by business analyst firms like Gartner and Forrester for “price, ease of use, and flexibility“. LogicManager is also the highest ranked vendor for customer satisfaction.
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