LogicManager expands risk management software AI capabilities
LogicManager, a provider of ERM software solutions, has introduced a host of new platform features. The enhancements aim to add efficiencies and improve the effectiveness of users' overall programs.
They include a new Risk-Based Analyzer capability that uses artificial intelligence to automatically extract information from any document, such as a vendor contract, internal policy or regulation, then draws connections between its terms and an organisation's risks.
The LogicManager Content Hub allows users to implement controls for common risks, as well as requirements for compliance standards, frameworks and regulations quickly and easily. It houses control sets and requirements out of the box so users can search for what they need and instantly implement it into their environment. It will also tell them if they're already meeting a requirement and provide insight into the ways in which other companies in their industry are mitigating similar risks.
Customers can use LogicManager's True Risk Calculator to pull in all of their vendor information and better understand the risk that a third party poses to their business. LogicManager's taxonomy technology pulls in this context to present a True Risk score that helps users design more effective controls.
LogicManager's taxonomy-driven AI capability also powers a new feature called One-Click Compliance, which surfaces all relevant controls an organisation has in place and immediately links them to a compliance requirement in one click. It also works for auto-mapping controls to risks, and vice versa. This helps to eliminate duplicative work and human error.
These new features can be utilised to support a broad ERM program, or aid in more specific use cases like vendor onboarding, audit planning or ESG disclosure preparation. For instances where customers are looking to streamline and strengthen an individual process, LogicManager offers out-of-the-box solution packages that can be implemented on an as-needed basis. Use cases are all inherently connected through LogicManager's risk-based taxonomy, making it easy for users to draw connections and design more effective mitigation strategies
LogicManager CEO Steven Minsky (pictured) said: "The See-Through Economy will continue to expose companies without solid risk management practices. Risks are amplified across organisations as they react to the pressures from the pandemic; regulatory changes, ransomware threats, remote work digitisation, privacy concerns, supply chain issues, HR challenges, tax changes and ESG pressures – just to name a few. But through an effective risk management program, 100 percent of liabilities due to a risk event can be avoided."
On top of continually enhancing their product to facilitate smart risk management practices, LogicManager fosters best practices among their users through its implementation services and complimentary customer support. Each customer is assigned a team of advisory analysts specialising in their industry who work with the end user to execute solutions aligned with their business needs. Should a risk ultimately materialise, their Customer Success Representative is there to help minimise impact.
"Enterprise Risk Management helps you increase the effectiveness of your risk mitigation strategies by engaging all departments in your efforts," said Minsky. "While new challenges may be unavoidable in today's ever-changing world, negligence is 100 percent avoidable with sound ERM practices. By building a time-stamped audit trail and preventing human error, you'll keep your organisation better protected from threats and ultimately foster success."
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