Today, most organizations rely heavily on third-party applications to operate their businesses. Whether it’s a platform that helps you manage payroll, keep track of projects, onboard new employees or manage your risks, they’re there to make your job easier. In order to provide quality support and effectively safeguard customer information, it’s critical to stay on top of all of the risks posed to you, your stakeholders and your customers that are associated with using these applications. The only way to effectively understand those risks is by completing proper risk assessments.
An Applications Risk Assessment allows you to protect your organization by ensuring that your third-party applications align with your risk tolerance and ultimately, your own best practices. But when you feel like you rely on more applications than you can count, how can you effectively stay on top of all of those risks? Read on to find out how LogicManager’s Applications Risk Assessments solution can help.
Here’s what you can expect when you use LogicManager to complete your Applications Risk Assessments:
Our Applications Taxonomy gives you the ability to determine the criticality of each of your third party applications. A standardized assessment helps you measure them against your unique processes and needs.
Recurring tasks can help streamline your reassessment processes for each application. Staying up to date on their potential risks will help you determine if a more granular assessment needs to be conducted. It also guarantees that you’re always referencing the most up to date information.
For your most critical applications, our Application Risk Assessment Template can be leveraged to gain key insights. It’s built with best practices and can be used as a foundation for all application assessments moving forward, ensuring consistency across the board.
LogicManager’s Taxonomy Insights suggests mitigations using innovative AI technology. See what your colleagues are doing to mitigate risks and meet regulation requirements and leverage their work to better complete yours.
Our reporting functionalities include a Risk Control Matrix, Plan Report, Risk Assessment Dashboard and more.
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Complete your Applications Risk Assessments with LogicManager
Reference a centralized risk library
Compare prevalent risks across multiple applications. This also allows you to identify systemic risks with users pulling from the same repository.
Visualize hypothetical scenarios
Create links and references from your assessments to the various areas of your organization to see which areas of your organization could be impacted by potential implications.
Take a root-cause approach to your risks
LogicManager helps you uncover upstream and downstream dependencies on an enterprise-wide level, which means you can detect trends and determine the root cause of your risks. You can then design more effective and centralized controls.
Standardize your processes
Use a standardized scoring system to ensure everyone at your organization is measuring on an apples to apples basis. From there, leverage the scoring criteria to understand the reasoning behind scores and provide additional context.
Application Risk Assessment Risks
Completing risk assessments for your applications is a critical component of any ERM program. Without a comprehensive understanding of your applications’ risks, your organization faces the same risks they do. Should a scandal or serious incident take place at the hands of the application you’re working with, lacking the evidence to prove that you weren’t involved can land you into trouble; and negligence claims can have costly implications.
Take the example of Target, who in 2013 suffered significant financial and reputational damages as a result of a hack in their POS application: the same vulnerability that allowed hackers into the third party application posed an equal threat to up to 110 million Target shoppers.
Request a DemoLearn How LogicManager’s Applications Risk Assessment Software Can Transform Your Risk Management Program
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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