GRC Software Solutions to Improve Performance & Drive Efficiency

LogicManager’s flexible and intuitive governance, risk, and compliance (GRC) software is designed to take risk management in your business to the next level.

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Our Fully Integrated GRC Solution

LogicManager is powerful. We take GRC (Governance, Risk, Compliance) seriously and our software includes a comprehensive matrix of solutions that will accelerate and perfect your risk management efforts. Any governance area you need, we have it.

Plus, we’ve engineered every enterprise risk management solution with the most robust, cutting-edge technology in the industry so that you’ll always be ahead of the curve.

This has lead to LogicManager being recognized in the 2020 Gartner Magic Quadrant for Integrated Risk Management.

Governance

When we get behind the wheel of a car, we adhere to a certain set of rules. We stop when we see a stop sign, we give the neighboring lane the right of way when we see a yield sign, we stay on our designated side of the road…but what happens when someone ignores one of those rules? Sometimes, nothing; other times, fatal catastrophe.

Roads are an excellent microcosm of governance: the processes used to make and implement decisions. Governance, as it relates to your organization, refers to the framework of practices – both implicit and explicit – that drive all of 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.

View our Governance Solutions here

Risk Management

Curiously enough, uncertainty is the most certain part of life. The world will always be filled with uncertainty and with uncertainty inevitably comes risk. Managing risk can be as simple as packing an umbrella when the forecast predicts rain, and as complex as minimizing the chances of nuclear war. Risk management, in its simplest form, 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 set you up for success by helping you prepare for tomorrow’s surprises today.

Did you know that companies with mature risk management programs receive higher market valuations?

View our Risk Management Solutions here

Compliance

Since everyone experiences life through a unique lens, ethics naturally vary from person to person. In an environment like a business, however, the ethical standards that must be followed are driven by the company mission and external regulations. Following these rules and guidelines is the cornerstone of compliance. Interpreting compliance may feel like it should be subjected to your own personal set of standards – but from the standpoint of a compliance officer, there are rarely shades of grey.

It’s critical for everyone at your organization to have an end-to-end understanding of exactly what compliance means for them. Operational risk management compliance management should be viewed as an ongoing effort that touches every corner of every department, and is an integral subset of risk management from third party management to incident management.

Today, the pressure for organizations to stay compliant is higher than ever and between sky-high piles of regulatory guidelines and standards to follow, it’s easy to get overwhelmed.

View our Compliance solutions here

LogicManager is your ideal GRC software

Let us introduce you to a GRC solution that addresses all of your pain points at once.

Helpful Resources

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Why Is GRC Compliance Important?

While you may understand what GRC is and how to apply its principles to your organization, why is it important? There are countless reasons why an organization should prioritize and invest in their GRC program:

  • GRC serves as a security blanket by helping companies in the short and long term with their various operations, specifically ones that involve finances and data.
  • GRC helps organizations identify risks ahead of time so that they can be properly mitigated and avoided. This can have a significantly positive impact on a company’s bottom line.
  • GRC practices encompass and improve upon a variety of necessary business processes, including regulatory reporting, liability protection, fraud prevention, credit risk assessments and overall compliance across a range of areas including SOX and GDPR.
  • Companies that are considered GRC compliant are more likely to be audit-ready. That’s because they’ve alleviated the stress of being audited over a concern that was already detected in the course of their normal risk-based operations. This can be especially beneficial for financial companies because it demonstrates confidence to their customers and partners.

Overall, GRC plays an important role within an organization’s structure because it 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.

Because stakeholders are often invested in the status of your GRC efforts, it’s important that you invest in the right GRC software. This can help you demonstrate your efforts by automatically keeping an audit trail, deploying workflows and forms that streamline and record your work and offering easy to use reporting tools.

Frequently Asked Questions

What Is GRC Software?

Governance, Risk and Compliance (GRC) software helps you aggregate all of your governance, risk management and compliance activities into one location. Leveraging GRC software helps ensure that your governance activities are helping your organization prevent risk and adhere to regulations, while your risk management program is simultaneously keeping you in compliance and promoting good governance, and your compliance programs are supporting risk management and governance best practices, and so on and so forth. GRC is often synonymous with 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.  

What Are Some GRC Software Features?

GRC software may offer features such as centralized risk libraries, dashboards, risk intelligence reports, automated tasks and reminders, to-do lists, compliance management tools, risk control matrices and heat maps, and much more. 

How Much Does GRC Software Cost?

The price of GRC software varies greatly depending on which vendor you select. Some software vendors offer platforms for around $50,000, while others offer more premium applications and services that put their prices higher, in the $100,000 range. To determine the price of a GRC software vendor, since software product offerings often greatly vary based on user needs, you’ll usually need to meet with a representative from their company to receive a customized quote. It’s also important to note that in many cases, the cost of professional services that are needed to use a GRC platform can be significantly more expensive than the cost of the actual software.

How Do I Know If GRC Software Is Right For Me?

If you’re currently managing governance, risk and compliance programs separately, investing in GRC software and other GRC technology can have significant ROI for your business. It helps by removing duplicative work and redundancies, and also helps you better prevent risks from manifesting into costly disasters. GRC software is right for you if you’re looking to increase overall efficiency and effectiveness of your governance, risk and compliance programs.

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Want to make sure you’re working with the best of the best?
Request your free demo of our cloud based GRC software today!

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