LogicManager: GRC Vendor Overview and Insight

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Company Description

LogicManager began in 2005. Its SaaS software and advisory service helps businesses integrate GRC activities, so they can protect their employees, customers, and shareholders. With offices in the U.S. and Europe, LogicManager is privately held.

Product Description

LogicManager uses the term Enterprise Risk Management, in line with Gartner’s IRM concept. It features integrated GRC tools that enable organizations to make decisions based on comparable data and established goals. Applications include enterprise risk management, IT governance and security, compliance management, third-party risk management, audit management, incident management, policy management, business continuity, and financial reporting compliance. The core functionalities of the software that extend across solution areas are identifying, assessing, mitigating, monitoring and reporting on risk.

LogicManager has a central governance structure that shares information where necessary and makes relationships explicit. This approach to GRC enables users to reach out to stakeholders across departments and levels and uncover common root causes and dependencies. A built-in business intelligence reporting engine is included, as well as automated workflow capabilities.

“Traditionally, approaches to GRC entail responding to published, well-established and legally binding regulations,” said LogicManager CEO Steven Minsky. “However, the social and technological climate is changing at a rate that regulators can’t keep up with. Approaches to governance, risk management, and compliance must now consider the company’s consumer and investor base view of reputation and ethical conduct.”

New Features

Integrations and Time Savers: LogicManager released an initial set of native APIs that allow customers to integrate with other systems internally to streamline data and reduce manual processes. Common API examples include collecting and categorizing vulnerability data from scanning tools such as Nessus, Qualys and Rapid7, or connecting with Oracle Accounts Payable systems to make sure the vendor management solution captures how much each vendor has been paid over the course of a year.

Workflow Updates: The LogicManager workflow engine now incorporates a more robust set of tasks. The workflow that drives the approval of a new vendor, incident, or other organizational resource can now be configured with information gathering profile tasks and risk assessment tasks.

Automation Rules Engine: In early 2018, LogicManager released its Automation Rules Engine, an initial step into the world of artificial intelligence. Automation rules allow users to define rules within the system that prompt various types of actions once triggered.

Use Cases: A GDPR compliance suite includes a GDPR audit readiness checklist, a data library assessment, and a security incident form.

Markets and Use Cases

LogicManager serves many industries and use cases.

Analyst View

Forrester classifies LogicManager as a Leader in this market, its top rating signaling a strong product and strategy. It was also named 2017 GRC Company of the Year by Quadrant Knowledge Solutions, one of Insight Success’ 50 Most Valuable Technology Companies, and was awarded GRC 20/20’s GRC Value Award in Risk Management.

Metrics

On average, risk managers spend 62% of their time on tactical activities. In a 40-hour work week, that’s more than 24 hours spent aggregating and mining data, building reports, and tending to spreadsheets and SharePoint files. Users of LogicManager are said to spend about 6 hours per week.

Delivery

LogicManager is a multi-tenant SaaS solution, which enables deployment within five business days.

Pricing

LogicManager is offered as an annual subscription with two costs: the annual licensing subscription and a one-time getting started fee. The annual licensing subscription is based primarily on usage, for which there are several packages available. The start fee covers all implementation, training, on-boarding, maintenance, and unlimited training for the lifetime of a subscription.