LogicManager’s ERM software suite creates a risk taxonomy—a set of libraries, relationships, and standards—to help utilities with creating information connectivity across business levels in an accessible and actionable manner. The ERM solution allows utilities to identify risks from pre-built libraries of industry specific risks, goals and regulatory, legal and standard requirements. This patent-pending Taxonomy technology allows users to create centralized repositories and information profiles of vendors, assets, applications, and processes while managing the connection between them. Additionally, the suite offers users the options to create repositories of mitigation activities, controls and standard operating procedures based on specific use-cases.
Combined with mentoring services, LogicManager provides a risk-based framework and methodology to direct a company's risk management and governance functions.
To further the utilities' sustainable GRC (Governance, risk management, and compliance) endeavors, LogicManager equips their workforce with easy-to-use engagement tools such as task wizards, email integration and automated reminders. The centralized ERM software platform consolidates feedback and information from across the utilities' departments. The output is then offered through the powerful dashboards and reporting tools for the stakeholders or regulators to view and leverage. Coupled with a value-based pricing options, LogicManager ensures that utilities get optimal levels of content, functionality and licensing needed to match their program cost-effectively.
To help utilities build a sustainable enterprise risk management (ERM) program that connects business value and performance, LogicManager has also formulated a unique Risk Maturity Model (RMM), which is donated to the Risk and Insurance Management Society (RIMS) as a best practice framework and free risk maturity assessment tool. Available as an online resource for free risk maturity assessment, RMM allows organizations to evaluate their risk programs on a five-level scale. The result is provided through a downloadable report that not only provides information on current maturity levels but also offers ideas on what it may take to achieve a higher level of maturity in each of the seven attributes. “A successful ERM program must be repeatable and measurable,” enunciates Steven Minsky, CEO of LogicManager. “The RMM enables organizations to evaluate the effectiveness of their risk management programs to avoid surprises and achieve their goals with confidence.”
LogicManager’s commitment towards assisting organizations in maturing their ERM processes is evident from their dedicated advisory services. The firm assigns each client with an advisory analyst who assists with in-house training and mentoring followed by ongoing-support. In a bid to encourage the growth of the ERM discipline LogicManager has also collaborated with RIMS to pioneer a Risk Maturity Model Recognition Program that recognizes the contributions made by the firms in the enterprise risk management space.