With LogicManager’s cutting-edge taxonomy technology, your team can choose from among around a hundred different package versions. This platform takes great satisfaction in improving corporate performance as a tool for operational risk management. In this article, I explained everything about LogicManager; the reviews, pricing, and competitors. Let’s hit the road!
What is Risk Management Software?
The goal of risk management software is to keep an eye on everything that could affect your company’s bottom line and to offer remedies to prevent a disaster. There is a wide spectrum of potential consequences, from a little decline in sales to a major data breach or noncompliance with rules. You could assume you have this covered with your regular team practices and analytics systems, and that these tools are more of a luxury than a necessity.
One of the most common pieces of advice for cutting costs across the board is to put money into risk management software. Your risk management platform has succeeded if it can detect and avert even a modest decline in sales. This device, like house, auto, and life insurance, may not be needed frequently but will be greatly appreciated when the time comes.
Evaluating Risk Management Software
Risk control tools are not all the same. Or worse, some remedies make grand promises but only produce dust. How can you determine which programs will perform above and beyond your requirements? Think about the following things first:
#1. Business Requirements
The best tool for you is the one that meets your specific needs. Do you want to make sure money doesn’t go missing somewhere? Forget about using a solution designed to detect and prevent compliance-related threats like HIPAA. Take into account the KPIs and business objectives you wish to concentrate on, and then narrow your search for risk management software accordingly.
#2. Budget and Agreement
A wide variety of tools are available for businesses of all sizes and budgets, but not all of them will be appropriate for every group. Naturally, the risk management software budget and goals of a major business company will be very different from those of a small agency or sole proprietor.
#3. Incorporation into Preexisting Software Systems
Make sure your solution works with the tools you already have. You could have found the holy grail of risk management software, but it could be a dealbreaker if it doesn’t work with your other programs. Make sure that your firewalls, endpoint detection and response, and user behavior analytics are all compatible with any modules, features, or plugins that a prospective new program might have. You should avoid vulnerabilities in security and major rewrites of software.
What Is LogicManager?
According to LogicManager, performance is the product of excellent risk management. Since 2005, LogicManager’s enterprise risk management (ERM) software has helped businesses maintain their credibility, make plans, and increase their bottom line through efficient risk management and corporate governance. To ensure the safety of their employees, customers, and shareholders, businesses may now use LogicManager’s SaaS software and advisory service to better integrate risk, governance, and compliance processes.
As of the most recent quarter, LogicManager was recognized as a Leader in “The Forrester Wave: Governance, Risk, and Compliance Platforms (GRC), Q1 2018” report by Forrester Research, Inc., a GRC Company of the Year by Quadrant Knowledge Solutions, and one of Insight Success’ 50 Most Valuable Technology Companies. It is also a global business success platform with locations in the US and EU.
LogicManager Product Overview
LogicManager is a comprehensive ERM software with features for risk-based governance, risk management, and compliance. Using enterprise risk management, businesses can identify potential threats, rank them in order of severity, and create strategies to reduce the impact of the most serious threats while keeping an eye on the others. With its adaptability, standardization, and pre-built content, this solution helps close the communication gap between frontline workers and upper management. Due to the solution’s emphasis on company objectives, operational goals, and essential processes, audit management is streamlined from planning to implementation.
LogicManager also lets you handle important vendors, keep track of contract reviews, keep a record of due diligence, and put top vendors in order of importance using assessments and key risk indicators. Exposure to third-party risk and enterprise-wide standards and goals can be easily viewed through the lens of a standardized procedure. An organization can stay abreast of changing rules and regulations with the help of automated alerts and notifications provided by a compliance management module, which also determines which rules and regulations apply. Having this level of visibility into potentially conflicting needs makes it much simpler to handle them. Organizations can record their processes for meeting compliance standards, assess their current level of compliance, and identify and fill any compliance gaps.
LogicManager Features
The following are the features of LogicMnager:
#1. Risk Management
Predefined, individualized risk criteria can help standardize the risk detection process. The upstream and downstream interdependence, duplication, and redundancy can be identified by doing a root cause analysis and identifying systemic weaknesses.
#2. Assessment
The use of a preconfigured risk library can help standardize corrective actions and provide a uniform risk language that can be used across different departments. To determine which risks are most pressing for your company to address, use industry-accepted guidelines, standards, and frameworks.
#3. Contingency Planning
Keep a close eye on potential threats and the internal processes and safeguards put in place to mitigate them. Streamline processes and keep risk managers updated on developments on the ground. Identify redundant or unnecessary safeguards, misaligned processes, and other vulnerabilities in a streamlined, automated process.
#4. Risk Monitoring
Integrating control solutions allows you to keep an eye on both KPIs and KRIs (key performance indicators and key risk indicators). Set up your own personal incident reporting procedures, risk criteria, and automated workflows. Apply consistent frameworks to risk evaluations across the board. It is important to keep an eye out for new dangers so that you can fix any holes in security right away.
#5. Risk Reporting
Use the smart dashboard to generate reports on audits, incidents, compliance, vendor management, SOX, business continuity, and more. Heat maps and data matrices can be used to increase participation from key stakeholders. Make it so that fresh information is reflected in reports and data visualizations automatically.
#6. Click-and-Comply Technology
Pick from a large library of pre-built safeguards that have already been validated for compliance with relevant policies, guidelines, and standards. Integrate taxonomy-driven AI into the linkage of controls and compliance.
#7. Integrations
Use a straightforward, template-based design to easily incorporate external programs. Jira Software, DocuSign, Slack, Office 365, Google, etc., are just a few of the most widely used connections.
Read Also: IT RISK MANAGEMENT: What Is It & Why Is It Important?
LogicManager Pros and Cons
The following are the pros and cons of ogicManage:
Pros:
- Excellent assistance from account experts
- A centralized hub for trustworthy, usable information
- Updates to products allow businesses to develop and thrive.
Cons:
- Its feature set may not be as useful for large enterprises.
- There is room for development in pre-built reports and integrated workflows.
Benefits of Using LogicManager
Those who shop with them have seen success firsthand. Risk experts in various fields have used LogicManager to improve their vendor management processes, reporting abilities, cybersecurity protocols, and much more. Their clients are able to take on greater challenges, maintain their credibility, and contribute to the growth of their businesses because of the assistance they provide. The nine core solutions that make up their ERM software can be used in tandem or on their own. The system can be adjusted to fit your business’s requirements and grow with your program.
They match you with a group of advising analysts at LogicManager who are just as committed to your success as you are when you sign up with us. They provide one-on-one training to get you started, import your existing data into the platform, guide you through the process of creating the reports you require, and remain on call to answer any technical or best practices issues you may have for the duration of your subscription. Intriguing, right? Not only are they free, but they’re also quite useful.
Their product is simple and affordable because it is a SaaS solution. Their clients never have to worry about dealing with technology or paying for unnecessary upkeep or expert assistance. There is no need for protracted rollouts, as they are immediately useful. Their prices are tailor-made to meet your requirements, so you know you’re receiving the best value possible. If your needs change, you can switch to a more suitable plan at any moment.
Logicmanager Reviews
The following are the reviews of LogicManager from reputable sites:
- Glassdoor Rating: 3.6 out of 5 stars
- G2 Rating: 4.5 out of 5 stars
- Capterra Rating: 4.5 out of 5 stars
- Trustpilot Rating: 4.8 out of 5 stars
- PeerSport Rating: 4 out of 5 stars
Logicmanager Pricing
Please kindly get in touch with LogicManager for pricing details.
Logicmanager Competitors
The following are the LogicManager competitors you can go for:
#1. MaintainX
MaintainX is a CMMS that can be accessed from any internet-connected device. Its purpose is to boost team collaboration and efficiency in completing tasks. It’s useful for both large and small enterprises’ operations teams. Users can manage an unlimited number of assets and service requests with this solution. A built-in messaging feature is also included to help cut down on emails and speed up processes.
Users of MaintainX can quickly and simply make their own unique procedure and checklist templates. Furthermore, users can attach annotated images to inspections to further clarify the condition of a given asset or area. It is one of the best LogicManager competitors you can go for. Subscription fees are billed on a per-user, per-month or per-year basis. Assistance can be accessed via a website or real-time chat.
#2. Safetica
Safetica is an inexpensive and straightforward DLP system. It conducts audits to maintain security, stops sensitive information from leaving the company, guarantees regulatory compliance, and provides insight into operational matters. Safetica may be set up and protecting your data in a matter of hours. Data is the lifeblood of your business. Financial loss, reputational harm, or an uptick in competition are all likely outcomes should your information leak.
It is one of the best LogicManager competitors you can go for. Safetica enables secure remote work and digital workspaces by protecting confidential information at all times. Data security is an investment in the future of your company, its reputation, and its employees.
#3. EZOfficeInventory
For businesses of any size, EZOfficeInventory provides a dynamic asset and maintenance management solution. The program in the cloud can be accessed from any device and will function in the same way as you do. You can also manage all your users and vendors from a single interface, keep track of inventory at all of your stores and in all of your departments, and even scan barcodes with your phone. Using QR codes and barcode labels, users can monitor stock with the inventory management module.
EZOfficeInventory has a mobile app that can scan barcodes and QR codes, allowing you to keep tabs on your stock no matter where you are. It is one of the best LogicManager competitors you can go for because users can also keep tabs on their assets and other valuables with the use of GPS tracking.
#4. Hyperproof
Automating mundane compliance operating activities with Hyperproof frees up your team to focus on the bigger picture as you focus on building out and administering your information security frameworks. With Hyperproof, your team can easily collaborate on projects, collect evidence, and communicate with auditors all from a centralized hub. There is no longer any doubt in regard to the auditing and compliance management procedures.
#5. UpKeep
The UpKeep Asset Operations Management system equips every Maintenance and Reliability team with the data and tools they need to operate Operations smoothly and efficiently, allowing businesses to expand. UpKeep’s CMMS may be accessed from any device, including desktop computers, mobile phones, and tablets. Your company will operate more smoothly than ever before thanks to your mobile app’s ability to create work orders while on the road, keep you apprised of task updates, and send you instant alerts when assets fail.
UpKeep also provides essential maintenance features like asset, inventory, and work order management in addition to preventative maintenance to plan out service visits. Users can examine an overview of impending jobs, complete with due dates, criticality ratings, and asset lists.
What Should I Know About LogicManager?
When it comes to managing crucial IT assets and maintaining compliance with security regulations, LogicManager’s governance software is invaluable. Companies can keep their data safe if they keep an eye out for threats, follow all regulations, and use an objective ranking system to determine which issues are most pressing. Having a plan in place for business continuity helps with uptime maximization and catastrophe recovery. Assessments based on a Business Impact Analysis (BIA) can guarantee that essential business functions will continue to run smoothly in the face of adversity or tragedy.
In order to improve reporting efficacy and accuracy, financial reporting (SOX and MAR) keeps tabs on operational activities, financial attestations, and accountability. Organizations may keep track of their policies, procedures, and documents in one central location with the help of policy management software. Configurable features and workflows allow incident management reports to resolve and track a wide variety of problem types.
What Is LogicManager Used For?
Beyond the capabilities of conventional GRC tools, LogicManager offers solutions for Governance, Risk, and Compliance (GRC) based on the management of potential risks. LogicManager’s ERM software is built to be a hub, delivering a more holistic approach to risk management than other risk management firms that only focus on GRC.
Who Is the CEO of LogicManager?
Steven Minsky is the chief executive officer and founder of LogicManager. He is also a frequent speaker at conferences and a trusted counsel to corporate boards in the areas of enterprise risk management (ERM) and risk management strategy.
What Is the Difference Between ERM and ERP?
ERM is concerned with the proper utilization of in-house resources like equipment, supplies, employees, and technology to accomplish organizational objectives. However, enterprise resource planning (ERP) is the automated integration of all corporate functions (including production, accounting, sales, and marketing) into a single system.
Final Thoughts
We’ve been able to explain everything you need to know bout about LogicManager. We also do hope the competitors listed above will help you navigate your choice of risk management software. Did you find this article helpful? Let’s hear from you in the comment section below!
- Security Frameworks: Best security frameworks
- TOP INFOSYNC COMPETITORS AND ALTERNATIVES 2023
- COMPLIANCE SOFTWARE: What Are the Best Software 2023?
- KINTONE: Features, Pricing, Reviews & Competitors
- TOP 13 BEST DATA GOVERNANCE TOOLS FOR 2023
References
