Rely on a centralized risk library
LogicManager provides a centralized risk library where your risk management team can conduct a risk assessment on the proposed product or service prior to giving approval. Organizations may choose to use the suggested risks or add their own, but the benefit of the centralized risk library is that risks are considered from a holistic view, without separating them into departments or single areas. This will enable your organization to consider risks from their root cause to the highest level.
Take a risk-based approach
Your time and resources are limited and valuable, and taking a risk-based approach to your product or service assessment program ensures that you’re spending them wisely. Taking the time to conduct an assessment on all the potential risks of a product or service allows your organization to proceed with only the best planned and lowest risk initiatives. Streamlining this process will not only help prevent wasted efforts, loss of revenue and market instability, but it helps you prove to stakeholders that you’re doing your due diligence on all business decisions and approving the least risky models.
Align new initiatives with strategic goals
Part of approving the release of a new product or service is considering whether or not it aligns with the overall strategies or goals of your organization. In your current process, who determines that? Can multiple stakeholders weigh in? Is it a requirement of the individual proposing the new initiative to demonstrate how it aligns with overall company strategies and goals during the formal submission of the proposal? Having a well-documented and formalized new product or service assessment process allows you to determine strategic worth from the start.
Leverage automated processes
Using LogicManager’s product or service risk assessment solution reduces the potential for losing important information through email chains or shared spreadsheets. It also frees up time that your FTEs may normally spend on manual or task-based activities. Our ready-made new product or service request form automatically asks the requesting employee to provide specific information about the proposed service. It’s then automatically submitted to any group of your choosing. Furthermore, our automated workflow aligns with the assessment process so that everything is streamlined for all parties involved.
When you operate within silos – especially when you work with multiple departments and stakeholders – those responsible for managing certain tasks may not know what others are doing. Having a formalized process for assessing the proposal of a product or service allows all involved parties to do their job effectively and efficiently. The best part? With LogicManager, you don’t just get access to a streamlined product or service assessment process – you also get all the benefits of working with a GRC platform. We understand that there are many different risks involved with the offering of a new product. How can you do due diligence before approving the offering of a new product or service and also show evidence to stakeholders that you’ve done so? By using a GRC platform, you’ll be able to assess the risks in a holistic manner and automate the process so that time and information remains intact.