Q3 Product Enhancements: Explained
Expand any of the tabs below to learn more details about the functionality and value-adds of latest and greatest product enhancements we shared in this issue of the Product Team’s quarterly newsletter.
Platform Enhancements
One of the most exciting enhancements you’ll read about in this email, the Content Hub houses hundreds of assessments, frameworks, best practices and regulatory requirements that are up to date and available for you to instantly import into your environment in just one click.
We’ve got an entire page dedicated to this one. Click the button below to learn everything there is to know about our Content Hub.
Risk Assessments
To most accurately automate the assessment of control effectiveness in your risk assessments, you need a healthy mixture of both subjective and automated measures. LogicManager allows risk managers to capture subjective assessments of control effectiveness from their risk owners, who are the subject matter experts in how well existing controls address their particular risks, but these subjective assessments are balanced by automated reviews and adjustments that account for real-time data collected about your controls.
This real-time adjustment is called the “Assurance Index,” and it’s LogicManager’s adjustment of a risk owner’s subjective assessment that accounts for the tests and metrics performed against a control. The Assurance Index allows risk managers to automate their assurance calculations, while still keeping the end result grounded in real-world scenarios. When a control fails a test or its metric falls out of tolerance, the Assurance Index will intelligently reduce the assessor’s control effectiveness rating for any associated risks. When the control is retested or its performance is improved, the reverse is true and the rating improves.
Risk managers can improve their programs by incorporating automation into their measurement of control effectiveness. The best programs can account for both control data and risk owner input to assess the confidence that risks are appropriately mitigated.
Centrally capture all relevant risk information – including controls, test results, quantitative data, open issues, risk descriptions and more – to enable more accurate assessments of risk.
Slice and dice your risk data by business process, risk category, strategic goal, or other cross functional lens to contextualize risk reporting based on your unique audience.
Automate your risk assessment review process with tasks and reminders sent to managers as soon as risk owners have submitted their assessments.
Contract Management
This one is a gamechanger… Time is no longer a constraint on your ability to get contracts into LogicManger. Our new Contract Analyzer auto-extracts key contract terms like renewal dates, notification requirements, liability limits and dispute resolution terms so you can automatically send reminders, kickstart reviews or trigger workflows to stay on top of things.
It’s easy as 1, 2, 3:
- Click the “Contract Analyzer” button on the Documents tab in the Relationships area.
- Select a contract to analyze and choose what terms you would like to extract by mapping them to profile fields. Click “Analyze” and give us a few minutes to do the analysis.
- Review and save your results.
Vendor Management
This is a new landing page for all your vendors that summarizes and surfaces actionable information. This might include:
- Contract expiration date
- The vendor’s True Risk, which accounts for all of its risk factors and their respective weighted scores
- Any open tasks or vendor events
There’s no longer a need to manually review your vendor information and then manually calculate a risk rate. Streamline your vendor risk assessment by having the vendor’s risk factor scores automatically update as due diligence questions are completed.
Want to quickly share a vendor summary with your colleagues? Some people (i.e. your manager) may prefer to look at data on a clean, printable PDF. Satisfy their request easily; no need to go to Reporting, simply use the “Export to PDF” feature to take profile sections of data and transform it into a PDF. Maybe even print it out and put it on their desk if you feel like earning bonus points.
External users (i.e. your vendors) are now able to reassign tasks by simply providing the name and email of the individual they would like to assign the task to. This reduces back and forth between you and your vendors by giving them the autonomy they need to pull in any internal resources necessary to complete your request. Talk about a win-win.
Business Continuity
You’re now able to customize the way you store your BCP information more than ever before with the flexibility to add and delete rows from tables. You can also add Integrated References with those tables, which allows you to link elements and uncover interdependencies.
