ERM vs GRC: Hear from our CEO Steven Minsky and our customers explain the advantages of taking a risk-based approach to GRC.
LogicManager’s flexible and intuitive governance, risk, and compliance (GRC) software is designed to take your business’s risk management to the next level.
We take GRC (Governance, Risk, and Compliance) seriously. Our powerful risk-based GRC software includes a comprehensive matrix of solutions that accelerate and perfect your risk management efforts. Regardless of your governance area, we have you covered.
Plus, we’ve engineered every enterprise risk management solution with the industry’s most robust, user-friendly, and cutting-edge technology. With LogicManager, you’ll always be ahead of the GRC curve.
VETTED BY THE BEST FOR GOVERNANCE, RISK & COMPLIANCE SOFTWARE
The Fundamentals of GRC
Governance, as it relates to your organization, refers to the framework of practices – both implicit and explicit – that drive all your business decisions. Poor organizational governance can almost always be tied directly to failures in risk management.
At LogicManager, we believe that utilizing GRC platforms are key to implementing and sustaining good governance, and our mission is to provide the tools and services that make this possible.
At its core, risk management is assessing the possibility of something bad happening; i.e. “If I take this action, will it result negatively?”
Oftentimes, risk-based decisions are made in this implicit, ad hoc manner without focusing on business continuity. However, implicit risk management is not enough to successfully operate a business– it should also involve a strategic and formalized process. With the right GRC tools, your risk management efforts position you for success by helping you prepare for tomorrow’s surprises today.
A company’s ethical standards are driven by the company mission and external regulations– and adhering to these rules and guidelines is the cornerstone of compliance. However, interpreting compliance can look very different across your organization.
It’s critical for the entire organization to have an end-to-end understanding of their compliance responsibilities. Operational risk management and compliance management should be viewed as an ongoing effort across the entire organization With intense pressure to stay compliant and ensure data integrity, LogicManager simplifies the process.
Capabilities of LogicManager’s GRC SoftwareLet us introduce you the GRC tools that address all of your pain points at once.
Reporting & Dashboards
Improve business performance with intuitive and accurate enterprise GRC dashboards and real-time reports. Confidently present to the board with pre-built, highly configurable reports featuring heat maps, risk summaries, and risk control matrices.
Create unique profiles that provide quick access to every user’s most important action items. House accurate and actionable data in one centralized platform that’s fully scalable to your organization’s specific needs.
Our built-in controls and control suggestions provide intelligent insights into your existing controls, allowing you to reduce the number of controls that must be tested and ultimately shrink your compliance burden.
Customizable workflows allow you to send automated tasks to decision-makers in the planning and scoping process, eliminating constant email chains. Monitor your responsibilities with easily accessible to-do lists.
Using our Custom Profile & Visibility Rules, you can easily configure your GRC form input fields to fit specific scenarios. This ensures you’re collecting only the information pertinent to each case. Risk managers can then dynamically track and document relevant details, all while restricting access to sensitive information.
Our Integration Hub allows for seamless, no-code integration with over 50 popular third-party applications, such as WorkDay to keep information about your available auditors up to date, and NetSuite for auditing third-party applications or vendors.
ERM Solutions to Bridge Your Risk Journey Across Silos
Your risks are all interconnected. Our governance area and point solution packages are built on a taxonomy platform, so they can be easily integrated into any department and support you throughout the entirety of your organization’s risk journey.
There are countless reasons why an organization should prioritize and invest in their GRC program:
GRC serves as a security blanket by helping companies with their various operations, specifically those involving finance and data.
It helps organizations proactively identify risks so they can be properly avoided or mitigated, significantly improving the company’s bottom line.
GRC practices encompass and improve on a variety of vital business processes, including regulatory reporting, liability protection, fraud prevention, credit risk assessments, and overall compliance across areas such as SOX and GDPR.
GRC compliant companies are better prepared for audits. This is particularly beneficial to finance companies, as it demonstrates confidence to their customers and partners.
Overall, GRC ties together a whole suite of critical departments, people, and processes. The insight that GRC provides is crucial in informing business decisions.
Through measuring GRC success, you’re able to subsequently measure the success of your business. That’s also why it is common for executives, the board, and other stakeholders to want to know who is managing their company’s GRC program and how.
Governance, Risk, and Compliance (GRC) software helps aggregate all of your governance, risk management, and compliance activities into one location. The right software makes it easy to adhere to regulations, promote good governance, and stay in compliance.
GRC is often synonymous with Enterprise Risk Management (ERM), however, ERM fosters more interdepartmental connections and involves all areas of the enterprise rather than focusing solely on governance, risk, and compliance. To learn more about GRC vs. ERM, check out this guide.
The best-in-class GRC software often includes tools such as centralized risk libraries, dashboards, risk intelligence reports, automated tasks, reminders, to-do lists, compliance management tools, risk control matrices, heat maps, and much more.
The price of GRC software varies greatly by the vendor. Some offer their platforms for approximately $50,000 while vendors that offer premium applications and services typically cost $100,000. Since software product offerings often vary greatly based on user needs, it’s important to meet with a customer representative to receive a customized quote. In most cases, the cost of professional services can be significantly more expensive than the cost of the actual software. Learn more about LogicManager’s pricing here.
If you’re currently managing governance, risk, and compliance separately, investing in GRC software can significantly boost your ROI. GRC software removes duplicative work and redundancies and helps to prevent risks from manifesting into costly disasters. If you’re looking to increase the overall efficiency and effectiveness of your governance, risk, and compliance programs, GRC software is right for you.
Request a DemoLearn How LogicManager’s GRC Software Can Help Transform Your Risk Management Program
Speak with one of our risk specialists today and discover how you can empower your organization to uphold their reputation, anticipate what’s ahead, and improve business performance through strong governance.
Submit your Favorites List and our experts will reach out to you with more information. You will also receive this list as an e-mail which you can share with others. Here are the solutions you've added to your list so far: