Here’s what you can expect with LogicManager’s Application Management solution package:

• LogicManager’s centralized application library compiles your organization’s software solutions into one spot with an area to store and report on the information regarding each application’s contract terms, licenses, specifications, annual review results and more.
• Our application risk assessments reveal which of your software solutions impose the most risk to your organization. Standardize this process with LogicManager’s out-of-the-box risk factors and common scoring criteria.
• LogicManager provides numerous out-of-the-box fields built off of industry standards like NIST, ISO and many others. Leverage these questions to identify common areas of concern, such as the security protocols an application has, what type of data they have access to and more.
• Organizations in the early stages of developing an application management program can use our turnkey workflow process for initiating the use of a new software solution. The workflow facilitates assigning ownership over the application, initially risk rating the application, and finally, requesting approvals from InfoSec and other relevant departments.
• For your most critical applications, LogicManager has a formal critical application risk assessment that your ERM team can include in their risk reporting for executives, the board or any other key stakeholders. Consider the impact of specific risks, how likely they are to manifest and the effectiveness of controls in place.
• LogicManager also provides a number of dashboards and reporting tools:
  • The Application Inventory is a table style report that presents all applications and the relevant information behind them.
  • Task Reports aggregate all action items that pertain to applications; from reviews, to approvals, outstanding tasks and more.

The Application Criticality Rating report presents all applications by criticality tier, quickly showing which applications are critical relative to those that are not. This can be presented in an over-time manner to determine if your organization is depending on more and more critical applications over time.

Related Integrations:

Take a risk-based approach

Conducting risk assessments on your applications will reveal which are most critical to your business operations. This helps you determine where controls need to be in place, which areas of your BCP should be reinforced and which processes and procedures need to be enhanced to account for the varying levels of criticality.

Maintain a centralized repository

Having a centralized repository of applications should be a central aspect of any IT Governance program. This enables your organization to standardize the oversight process and understand the exact benefits and costs of each and every application, in addition to any potential risks associated with it.

Identify dependencies & increase efficiencies

Having one list of applications makes it easier to identify which applications are truly critical to operations and which your company perhaps just forgot to cancel a contract on. Are teams using duplicative or similar tools? Can aspects be consolidated? This is all much easier to view when working in one area with consistent fields of information.

Businesses everywhere, every day, rely on technology to perform a variety of business functions. Business applications, sometimes referred to as software, are used to help with things like:

• Increasing productivity
• Tracking project progress
• Streamlining customer relationships
• Calculating financial figures
• Aggregating and presenting data
• And more

Application management involves ensuring that these platforms are well-designed, cost-effective, secure, necessary and resilient. The objective is to determine – on an ongoing basis – that the application is a good match for your organization. A comprehensive application management program considers aspects like data security, application age, reputational risk and more. These insights will have a direct impact on your business’s bottom line.

You can outsource processes, but you can’t outsource risk. If your applications store PII or other sensitive information, it’s crucial to hold those applications to the same standard as your own internal data security practices. Otherwise, a breach traced back to their system impacts your company just as much as theirs; compromised customer information can lead to hefty legal fines, liability accusations and irreversible reputational damage. Your reputation, fairly or unfairly, is tied to the applications that you incorporate into your operations.

 View our entire IT Governance Solution »