Eliminate Liabilities and Reduce Unnecessary Spend
LogicManager's Spend Risk Management solution empowers you to cut liabilities and trim excess spending by pinpointing fraud, waste, and negligence risks in your expenditure data. Gain clarity on vendor expenses, evaluate critical partnerships with objective risk assessments, and seamlessly integrate various ERP systems.
Our Spend Risk Management solution allows you to:
Identify how much you are spending on vendors
Identify critical vendors– and their associated risks using intuitive, objective risk assessments.
Easily integrate disparate ERP systems, including Workday and Deltek Costpoint.
“We’ve been able to create a centralized place to house multiple review processes that were previously handled via email. This has enabled tracking, reporting, and visibility to processes that wasn’t available before LogicManager. The Customer Support team has been amazing! Everyone I’ve interacted with has offered positive solutions and offered assistance.”
“I have implemented LogicManager across four organizations and believe it to be the best product out there for ERM. The company listens to the feedback from end users and incorporates that into system enhancements and upgrades. The Advisory Analysts are like having an add to staff, as they assist in identifying and sharing ideas to address customer use cases.”
“The overall experience has been very positive. The implementation team has done a great job of walking us step by step through the set up process. The initial introduction to the software was overwhelming, but through careful guidance and instruction, the system has become much easier to navigate. Continued familiarity with the product is creating more confidence in using the system.
The software allows you to centralize processes and create efficiencies throughout the organization. Once the processes are built out, they system allows you to automate reminders to ensure on-going compliance with federal regulatory requirements.”
SVP, Senior Compliance Manager Banking
The LogicManager DifferenceA Holistic Approach to Spend Risk Management
Business Decision InsightsFocus on What’s Important
Through our ERM software, we allow our customers to spend more time strategically managing risks– and less time on tedious administrative activities, like data cleansing and manipulation. Eliminate repetitive reconciliation between systems.
Customer ExperienceStreamline Your Risk Management Program
Unlike other software that requires IT professional customization, our solution allows customers to control engagement through an end-user configuration. Link risks and controls to the business areas and resources they impact with our taxonomy technology. This approach enables faster time-to-value and allows organizations to evolve their programs over time, not to mention a quicker return on investment.
Risk-Based ApproachPrepare for Tomorrow’s Surprises Today
We believe success is a result of effective risk management. Taking a risk-based approach to your risk program allows your organization to prioritize time and resources appropriately, determine functional areas that pose the greatest threats, and identify the most critical controls.
Free eBook5 Steps for Better Risk Assessments: Financial Edition
Learn how to make your assessments comparable across departments and levels, aggregate the information in a way that adds value to your financial organization, organize your risk assessments to comply with the big regulators like the OCC and FFIEC in this free eBook.
Use our robust reporting system to aggregate all accounts payable information to see any outstanding payments, trending patterns, or mismanaged vendors in custom, comprehensive reports with an easy-to-use, drag-and-drop interface.
Use LogicManager’s References capability to automatically connect your internal resources (like vendors, applications, and other assets) and make associations that help you understand all of the ways a vendor touches your organization.
Customizable workflows allow you to automatically engage process owners to confirm contract renewals and flow information into your ERP system to ensure the accounts payable team is not fulfilling invoices for canceled services.
LogicManager has robust risk ratings assessments that provide a holistic view of your vendor risk, including credit rating changes, security, financial impact, technology, business continuity, and data integrity among others.
Without linking your vendor management and accounts payable processes, you are setting your organization up for overpaying vendors, missing renewal pricing discounts, or missing key compliance elements. The same is true for Accounts Receivable with under collections and missed opportunities for contractual term negotiation and realignment at renewals.
Consultants and additional FTEs are required to run a due diligence and contract program in the absence of software. Once you factor in the cost of unintended auto-renewals, overpayments, and poor expense management of contract terms, expenses, and liabilities due to gaps between those in the organization that rely on the vendor, procurement and finance become high. In organizations, avoidable duplicate payments represent about 0.5% of all payments. Although 0.5% doesn’t sound like much, it does reflect significant sums at scale. For example, 0.5% of $1B in AP is $5M in duplicate payments going out each year.
Companies are increasingly being required to report on their spending with diverse suppliers, including minority, veteran, disabled, and women-owned businesses. Regulators often require companies to report quarterly on their diversity data, from the number of contracts in place to how much is spent.
The risks of waste, fraud, abuse, and noncompliance in financial transactions increase unnecessarily when finance lacks transparency and accountability; accountability with vendors, and on behalf of the many stakeholders across the organization that those vendors serve. This can result in preventable financial reporting misstatements, cash flow inaccuracies, contract disputes, or even regulatory liabilities.
Vendor Spend Compliance is more than just the contractual money owed by a business to its suppliers. Managing financial transactions of an organization and their accounting means identifying the sources of risk in vendor management. These risks are controlled by integrating an Enterprise Risk Management (ERM) system to provide a supervisory umbrella over your Enterprise Resource Planning (ERP) system. ERP systems record risks that have already happened, while LogicManager’s ERM system manages all the risks that have not yet happened. That way, you can prevent the negative impact of risks by providing better governance over financial controls within your operations.
When conducting business with vendors, there are a variety of risks your business faces, from financial to reputational. Procurement risk management software helps your business keep compliant while protecting your organization’s reputation by identifying and mitigating risks before they become an issue.
Request a DemoLearn How LogicManager’s Spend Risk Management 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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