Now you can see your institution’s fraud and security risks in a new way, with LogicGate Risk Cloud. Read our review here.
Governance, risk and compliance is a broad field that encompasses the policies, processes and systems that organizations use to manage their corporate governance, enterprise risk management and compliance with external regulations. GRC has become increasingly important in recent years as businesses have become more globalized and complex.
A well-designed GRC program incorporates GRC software such as LogicGate Risk Cloud. These tools help organizations navigate these challenges by providing a framework for making decisions, managing risks and complying with regulations. Furthermore, GRC tools improve organizational efficiency and effectiveness by streamlining processes and reducing duplication of effort.
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What is LogicGate Risk Cloud?
LogicGate Risk Cloud is GRC enterprise software that helps organizations automate their risk management processes and comply with various regulatory requirements.
Key features of LogicGate Risk Cloud
No coding required
Perhaps the most important feature is that customers get all the functionality without having to write a single line of code. This no code tool is important because it speeds up the deployment process and reduces the learning curve.
Over 20 pre-built applications are available in LogicGate Risk Cloud. Each application is tailored to a specific use case based on widely accepted standards and critical control architectures. Examples of some of these apps include:
- Business impact analysis
- Business continuity procedure tracking and plan management
- Environmental and social impact analysis
- CCPA compliance
- GDPR compliance
- ISO 27001
- Policy and procedure management
- Procurement and contract management
A control is an element of the governance, risk management or compliance function that helps to manage or mitigate risks or to achieve the desired outcome. For example, a control in governance might be a policy that sets out the expectations for Board behavior, a control in risk management might be a limit on exposure to financial losses and a control in compliance might be a procedure for ensuring employees comply with anti-bribery laws. A well-designed GRC program will have controls in all three areas that work together to help the organization achieve its objectives.
The growing controls repository within LogicGate Risk Cloud has over 300+ control families. This makes it easy for customers to find a control that meets specific needs.
All of the LogicGate apps can be customized using a drag-and-drop feature to allow a company to tailor the software to meet its specific requirements. In addition, the application allows users to create unique applications based on GRC information from other tools, such as spreadsheets.
LogicGate Risk Cloud automates risk-related processes and workflows across the entire organization. This feature helps organizations save time and resources by eliminating manual tasks. Automated workflows also improve accuracy and consistency by ensuring that all steps in a process are followed correctly.
Customizable dashboards give you complete visibility into your organization’s risks, controls and compliance status. The dashboards can be customized to show the information that is most important to you. You can also drill down into the data to get more details on specific items.
Connected view of assets, controls and risks
The Connected View feature gives you a holistic view of an organization’s assets, controls and risks. This makes it easy to identify, quantify and mitigate cyber risk, and users can see how issues are interconnected and identify potential areas of GRC weakness.
Translate risk into financial value
Money is a language every stakeholder understands. LogicGate makes it easy for organizations to translate risk into financial value. With this information, decision-makers know where to allocate resources and how to prioritize risks. By understanding the financial impact of risks, businesses can make informed decisions about how to protect themselves.
Pros and cons of LogicGate Risk Cloud
- No-code platform, thus easy to use and deploy
- Pre-built applications save time and resources
- Built-in scalability to scale the GRC program as the business grows
- Restful API that integrates well with other systems
- Hundreds of third-party integrations
- Easy to customize workflows and processes to fit unique business and regulatory requirements
- Simple pricing model where customers buy the applications needed to run the GRC program and Power User licenses for the staff that will run them.
- Overwhelming platform due to large number of features and applications
- Confusing user interface
What customers say about LogicGate Risk Cloud
LogicGate Risk Cloud is a fairly new company founded in 2015. However, in that short time, the company has managed to outdo its more senior competitors. The tool has favorable ratings on major rating sites: For example, at TechnologyAdvice, the company has 4.5 out 5 stars.
Customers generally rate this product positively, saying that it is user-friendly with great customer service. One final point is that when purchasing LogicGate Risk Cloud, carefully evaluate the applications you need to ensure you get value for money, as there are over 20 pre-built applications.