To LogicGate's Customers, Extended Family, and Fans,
Like many of you, we've spent the last couple months turning inward and reflecting on how we can better serve customers amid this global crisis. We've thought long and hard about where the needs of the GRC industry are going—as well as the ways in which our role in fulfilling those needs will evolve.
It’s involved months of hard work, lots of brainstorming, and plenty of time spent with customers—listening to their struggles with risk and understanding the untapped opportunities that risk managers feel lie before them.
The result of this reflection has culminated in what I'm incredibly proud to reveal to you today: the LogicGate Risk Cloud™.
While Risk Cloud is a new name for our end-to-end suite of risk management applications (and you'll notice we've refreshed our look), it’s also our compass to where we believe GRC is headed over the next decade and beyond.
Let me explain.
The Modern Risk Reality
My cofounders and I founded LogicGate in 2015 to help risk professionals do their jobs better. That purpose is as true today as it was back then.
Another thing that’s still true: the growth of the GRC market. It’s a $35 billion industry, predicted to grow to $64 billion by 2025—a compound annual growth rate of 12.9%. This is faster than cloud CRM (2%) and ERP (10.5%) platforms.
Yet even though the industry is that big and growing that fast, it’s coming up short in a lot of ways. Companies still lack the technology they need to be truly, transformationally effective. For this change to happen, there needs to be a paradigm shift from risk reactivity to proactivity—from mitigation to recognizing the opportunities in risk and using them to generate revenue.
Risk Cloud is how we are continuing to shift in that direction.
The New Frontier of Risk
There are few things I enjoy talking about more than the direction risk is going—what I call the New Frontier of Risk.
Why? Because the world has fundamentally changed from the GRC of the past. Globalization and the rise of cloud computing means companies must manage increasingly complex risk in an increasingly complex environment. Every day, companies grapple with hundreds of thousands of risk vectors (individual risks) in categories such as regulatory compliance, third parties, and information security, among others. And there’s a lot at stake. Instead of dealing with things exposure to a data breach, fines, erosion of trust, or even insolvency, Risk Cloud offers a better way. We’ve listened to you, our customers and supporters, and heard the cries for help.
We see a world in which…
The Chief Information Security Officer, Chief Risk Officer, and Chief Compliance Officer have a seat at the table to help shape the future of the company.
Risks are quantified and prioritized at the business level
The CEO and Board have confidence in the risk posture of their company to take on more strategic risk.
The culture of risk is a key predictor of profit, shareholder value, and customer loyalty