Boost Your Risk Management Strategy with Enhanced Metric Collection, Collaboration, and Accountability

Published: February 1, 2024

Boost your risk management strategy with LogicManager

LogicManager’s latest product release is designed to empower testing programs with improved metric collection and control validation, ensuring accuracy and reliability. Additional enhancements foster seamless collaboration between business process managers and the enterprise risk team to help strengthen oversight of potential risk and associated dependencies. Finally, enhancements will drive accountability by assisting teams in managing unassessed and unmitigated risk, fortifying your risk maturity and overall risk management strategy.

How Can You Improve Your Risk Management Strategy with These Enhancements?

Prioritize Risk with Precision

If you look at a series of failed test activities in silos you will never know where to start and why. A failed control that was close to its desired outcome and expected performance should not be prioritized over a failed activity that had a much larger deviation from its required goal. In addition, unmitigated risks for a critical process likely should be focused on first. Our latest enhancements emphasize efficient prioritization by providing a more comprehensive picture of risk. This includes using metrics to support control testing to focus on what's important and enabling proactive resource allocation to address unmitigated, unassessed risks promptly, and controls that have yet to be tested. 

Make Informed Business Decisions

Many organizations might be focusing their efforts on the wrong areas of the business. The enhanced features not only streamline risk management but also offer nuanced business insights. From granular control metrics to a comprehensive understanding of the control landscape, our solution caters to executives' need for depth and clarity. This ensures a more informed decision-making process.

Foster Frontline Engagement

For department managers, the focus is on organizing and managing risks seamlessly. The centralized approach fosters collaboration between risk owners and the enterprise risk team. This not only minimizes duplication of efforts but also ensures a cohesive risk management strategy, elevating frontline engagement and responsiveness. Risk Managers can now begin to delegate work that should be a priority.

Overview of the Latest Product Enhancements

Update Existing Monitoring Activities To Enable Tests & Metrics

Compliant Management Test & Metrics - LogicManager

As a risk or compliance manager, it is critical to establish robust monitoring activities that encompass thorough testing of controls alongside meticulous collection of key metric data. These metrics play a pivotal role in validating whether a control is operating as intended or if it is falling behind. In meeting executive expectations, it goes beyond a binary pass or fail scenario; providing insights into the degree of deviation from tolerance level will support where resources should be allocated. 

The enhanced capabilities surpass just metric collection and testing. They contribute to a comprehensive understanding of the control landscape, providing leadership with valuable insights into risk management. This holistic approach ensures that not only are key controls being tested but metrics are used to provide broader context for decision-making at the leadership level.

Top Solutions Enhanced: Departmental Risk Assessments, ESG, Enterprise Risk Management, Enterprise Risk Assessments, Compliance Assessments, Security & Privacy Risk Management 

Unify Business Processes with a Single Source of Truth

Business Processes - Indicators Added to Plans

As a department manager, organizing and managing risks connected to your department is crucial. This enhancement ensures a singular, easily accessible repository for all department-specific risk as well as the different resources which they rely on, such as vendors, applications, policies, and physical assets.

This consolidated approach eliminates the pitfalls of scattered risk repositories across the business, mitigating the risk of duplicated efforts and ensuring a cohesive risk management strategy. Department managers can now effortlessly identify and navigate through the risks pertinent to their domain, fostering improved collaboration between risk owners and the enterprise risk team.

By establishing this centralized "one source of truth," we aim to minimize the chances of mission-critical indicators being overlooked in assessments. This not only streamlines the risk identification process but also reduces the likelihood of duplicated efforts, contributing to a more efficient and comprehensive risk management framework.

Top Solutions Enhanced: Enterprise Risk Management, Enterprise Risk Assessments

Prioritize Resources and Close Gaps with the Completeness Checker

SOX Completeness Checker

Risk managers and SOX Program Managers need to have a full and accurate understanding of their current risk profile so they can plan ahead for the future. The completeness checker is a dynamic lens, swiftly identifying unmitigated and unassessed risks. This not only expedites the prioritization of resources but also ensures a strategic allocation to close critical gaps.

With the completeness check executives will benefit by increased visibility into potential threats to critical processes that can lead to fraud, waste, and negligence. By identifying and addressing unmitigated, unassessed risks, and controls that are not being monitored,  decision-makers gain valuable foresight into areas that might manifest challenges. This proactive approach enhances decision-making, fostering a robust risk management strategy that aligns with organizational objectives. In essence, the completeness checker is a catalyst for quicker responses, strategic resource allocation, and superior insights, elevating risk management practices to a new level of effectiveness.

Top Solutions Enhanced: Departmental Risk Assessments, ESG, Enterprise Risk Management, Enterprise Risk Assessments, Compliance Assessments, Security & Privacy Risk Management, Risk and Materiality Assessments, ICFR/SOX Control Testing

Gain a Strategic Advantage with Proactive Risk Management

Proactive risk management is not just a necessity but a strategic advantage. LogicManager is committed to empowering organizations to managing tomorrow's surprises today which is why we continually develop improvements. With enhanced metric collection, streamlined business processes, and a dynamic completeness checker, your risk management strategy will be more effective. Request a demo of LogicManager today to discover how you can empower your organization to uphold their reputation, anticipate what’s ahead, and improve business performance through strong governance.