Applicability & Gap Assessment

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When it comes to regulatory and IT compliance, how do you know what needs to be done? LogicManager’s Applicability & Gap Assessment helps you proactively define your scope of work for aligning with a regulation or framework (all while saving you critical dollars and resources).

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Category: Solution Packages Tags: Information Technology, IT

Why a Risk-Based Approach is Important:

Identify important information.

Performing an Applicability & Gap Assessment through LogicManager helps you identify all of the people and systems that impact your alignment with a framework or regulation, as well as areas where you’re falling behind, to set yourself up for success.

Assess your current status.

Perform an in-depth assessment of your current alignment with a framework or regulation; What’s the difference between where you are today and where you want to be? How many gaps can you realistically tolerate? What are the consequences of leaving those gaps in place?

Mitigate for effectiveness.

Once you’ve properly identified and assessed gaps in your program, you can put in the policies and procedures to close and address those gaps. This could mean anything from training employees further on their roles to implementing new processes that adhere to certain requirements.

Monitor for success over time.

Let’s say you’re claiming to have implemented new policies. When was the last time you reviewed the audit logs that prove it? Have your policies been audited? Are your policies actually being followed? Testing through monitoring activities ensures that everything you’re saying is true.

Connect your departmental efforts.

Better define roles and responsibilities with LogicManager’s risk-based taxonomy. Easily view and control who is responsible for what, and align the efforts across various teams that may be governing your policies.

Report to gain critical insights.

Generate comprehensive insights through reports that can demonstrate your alignment with a framework or requirement YoY or QoQ to take your program from nothing to something (and then eventually, from something to great).

LogicManager’s Applicability & Gap Assessment Solution

Here’s what you’ll get with LogicManager’s comprehensive Applicability & Gap Assessment solution package:

Receive virtually any IT governance or regulatory compliance framework out of the box, ready to be implemented into your organization’s environment.
Our Content Hub allows you to instantly plug a control set or list of requirements into your environment. It’s also kept up to date by our team of risk and compliance experts.
Maintain a centralized repository of all your risks and controls so you can see where they’re impacting your various people and processes.
Leverage numerous pre-built reports and dashboards that have been successfully used by other clients to view high-level information and see how you’re trending over time.
Browse our Solution Library, which houses over 100 different solution packages to meet your specific needs, to stay on top of the latest standards as they’re being released.
Build a time-stamped audit trail of your work to prove compliance and avoid regulatory fines and negligence liabilities.
Map what you’re already doing to any particular control or requirement set using our One-Click Compliance tool: powerful AI that eliminates manual and duplicative work. For example:
- You’ve recently found out that you’re subject to Basel Compliance. With just one click, uncover all the areas where you’re already in line with those requirements.
- Need to evaluate your SOC 2 readiness? One-Click Compliance will tell you where you’re lacking the controls to pass your audit.
- New information security framework you’re looking to adhere to? Find out instantly if your NIST 800-53 controls are supporting that alignment.

What is an Applicability & Gap Assessment?

Regulatory compliance requirements and IT governance frameworks are constantly evolving. Not only is it difficult to stay on top of everything without proactively defining the scope of your work, but it sets you up for failure because you’ll inevitably spend too little or too much time getting aligned with a particular standard. Performing an Applicability & Gap Assessment helps you evaluate your alignment with requirements ahead of time. By answering “Yes,” “No” or “N/A,” you have an understanding of what needs to be done and can allocate time, resources and dollars accordingly.

Risks

Regulations and best-practice frameworks are there for a reason: to help businesses align with best practices. If you fail to be compliant with them, you’re lacking the benefits of those best practices. This opens you up to more risk; if you’re not properly mitigating cybersecurity threats, you could suffer a data breach, which could lead to a scandal and subsequent revenue and/or customer loss.

There are also hefty fines for noncompliance in the regulatory and IT governance world. And it doesn’t matter if you’re doing the things the frameworks suggest if you can’t prove it, so having software to track your efforts is critical (especially today, when regulatory bodies are more critical than ever before).

View our entire IT Governance Solution »

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Speak with one of our risk specialists today and discover how you can empower your organization to uphold their reputation, anticipate what’s ahead, and improve business performance through strong governance.

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