Product or Service Risk Assessment
Want to position your organization to effectively manage risks surrounding the release of any new product or service? Start with LogicManager’s comprehensive Product or Service Risk Assessment solution package.
LogicManager’s Product or Service Assessment Solution Package
Here’s how LogicManager’s product or service assessment process helps you work smarter, not harder:
- Our online request form that’s simple and easy to use allows individuals at your organization to fill out and submit a proposal for a product or service to be offered. To facilitate the review process, you can attach relevant documentation like quotes, applicable regulations and more directly onto the form.
- Workflows automate your new product or service assessment process by assigning tasks automatically. The initial proposal will automatically be sent to your Risk Management team (or a team/individual of your choosing). You also have the ability to automate additional reviews by other teams and stakeholders. Our workflows are easily configurable to help teams understand protocols and make it easy to report to regulators.
- Predetermined risks, controls and monitoring activities mean that your organization only needs to sift through what’s already been suggested based on the best practices of many customers before you; there’s no need to start from scratch and compile a list of risks and controls.
- Our robust reporting engine keeps all the information you need at your fingertips. You can easily run ready-made reports to show your board or other stakeholders a heatmap of where all the risks of any given product or service lie, top 10 risks per plan or top risks enterprise-wide. Report on mitigations, the results of monitoring activities and so much more.
Assess Risks of New Products or Services with LogicManager
Rely on a centralized risk library
LogicManager provides a centralized risk library where your risk management team can conduct a risk assessment on the proposed product or service prior to giving approval. Organizations may choose to use the suggested risks or add their own, but the benefit of the centralized risk library is that risks are considered from a holistic view, without separating them into departments or single areas. This will enable your organization to consider risks from their root cause to the highest level.
Take a risk-based approach
Your time and resources are limited and valuable, and taking a risk-based approach to your product or service assessment program ensures that you’re spending them wisely. Taking the time to conduct an assessment on all the potential risks of a product or service allows your organization to proceed with only the best planned and lowest risk initiatives. Streamlining this process will not only help prevent wasted efforts, loss of revenue and market instability, but it helps you prove to stakeholders that you’re doing your due diligence on all business decisions and approving the least risky models.
Align new initiatives with strategic goals
Part of approving the release of a new product or service is considering whether or not it aligns with the overall strategies or goals of your organization. In your current process, who determines that? Can multiple stakeholders weigh in? Is it a requirement of the individual proposing the new initiative to demonstrate how it aligns with overall company strategies and goals during the formal submission of the proposal? Having a well-documented and formalized new product or service assessment process allows you to determine strategic worth from the start.
Leverage automated processes
Using LogicManager’s product or service risk assessment solution reduces the potential for losing important information through email chains or shared spreadsheets. It also frees up time that your FTEs may normally spend on manual or task-based activities. Our ready-made new product or service request form automatically asks the requesting employee to provide specific information about the proposed service. It’s then automatically submitted to any group of your choosing. Furthermore, our automated workflow aligns with the assessment process so that everything is streamlined for all parties involved.
When you operate within silos – especially when you work with multiple departments and stakeholders – those responsible for managing certain tasks may not know what others are doing. Having a formalized process for assessing the proposal of a product or service allows all involved parties to do their job effectively and efficiently. The best part? With LogicManager, you don’t just get access to a streamlined product or service assessment process – you also get all the benefits of working with a GRC platform. We understand that there are many different risks involved with the offering of a new product. How can you do due diligence before approving the offering of a new product or service and also show evidence to stakeholders that you’ve done so? By using a GRC platform, you’ll be able to assess the risks in a holistic manner and automate the process so that time and information remains intact.
What is a Product or Service Risk Assessment?
Keeping your organization’s product and service offerings current is a natural business consideration. Regularly reviewing those products and services is an extension of that, and that process is commonly referred to as a Product or Service Risk Assessment. These risk assessments ensure alignment of new or existing products or services with your organization’s goals.
LogicManager’s Product or Service Risk Assessment solution package helps you proactively complete this critical due diligence. It’s a turnkey solution that’s at the same time entirely customizable to meet your organization’s unique needs. No matter how you choose to leverage the tools and resources provided in the package, you’ll be empowered to make some of your most important business decisions with more confidence than ever before.