Risk and Compliance Management: Differences, Similarities, and How to Integrate Them
We often hear risk and compliance management bundled together as a single discipline. While it’s true that risk…
The beginning of a new year is the time for resolutions, reflection, and recharging. All of this introspection allows us to see things with new eyes and get energized for the future. In the world of risk, this means taking an inventory of your risk program and making sure you are prepared for the year ahead.
At LogicGate, we get energized by seeing how Risk Cloud helps GRC professionals get proactive about their risk management programs, which in part means future proofing your business for what lies ahead. As we learned in 2020, risks can come from virtually anywhere. For 2021, there is a growing sense of the interconnectedness of risk. A seemingly distant disruption at a vendor, such as a bankruptcy or data breach, can ripple into your supply chain, operations, and customer experience that, in the end, can negatively impact your bottom line.
Interconnected Risks in 2021
Intertwined risks can start to be unfolded everywhere we look. Individuals are making a larger impact on government and industry regulations as their voices get amplified on social media. These amplifications are also influencing brand reputation and awareness, and new connections between types of risk are surfacing everywhere we look. Digital risks around big data are transforming the way we approach so many aspects of doing business. The scope of data risk is not limited to the loss of data, but now includes data integrity and the manipulation of data that spans across an enterprise.
New trends in digital risk also overlap with your vendors. Common third-party risk management tactics focus on the financial security of your suppliers, but third-party risk management deserves the same holistic lens to understand the interconnectedness of your vendors’ risks and yours. Having a more comprehensive program that includes your vendors’ environmental security, employee safety, data security and more can all be part of that future proofing plan.
Make Your Risk Resolution for 2021
Recognizing that risk is more interconnected than ever can give you a fresh perspective on developing your risk goals for 2021. Fortunately, you won’t have to do this alone. LogicGate is proud to introduce Risk Cloud Exchange. Risk Cloud Exchange is an ecosystem that is designed to inspire your risk program in Risk Cloud by giving you that holistic look into the interconnected world of GRC. Risk Cloud Exchange can support you as you shape your ideal risk strategy and set your 2021 resolution goals.
“We built Risk Cloud Exchange with the purpose of supporting our customers and prospects with their risk journey. The Risk Cloud Exchange helps paint a vision of the ways our platform can be used create a holistic and proactive risk program,”
- Amrutha Sivakumar, Sr. Product Manager at LogicGate
Risk Cloud has always been the platform that sits at the center of your risk program and dynamically links your use cases together for a holistic approach to GRC. Risk Cloud Exchange was built to help you realize the full potential of using Risk Cloud in your risk program and how the pieces are connected.
Here’s your guide to getting familiar with Risk Cloud Exchange:
- Find Gaps in Your GRC Program: Search by “Solutions” to get a broad overview of a challenge you are trying to solve and all of the pieces that can be applied to your goal. Broken down by use case, “Solutions” can include pre-built Risk Cloud Applications, Controls and Frameworks, or Integrations that are relevant to what you are solving.
- Solve a Specific GRC Use Case: Search by “Applications” to explore all of the pre-built Risk Cloud Applications that are available and right at your fingertips. These use case specific Applications are built and maintained by our GRC experts to include everything you need for success, including content, workflows, forms, questionnaires, and more.
- Connect Your GRC Program: Search by “Integrations” to understand how you can plug Risk Cloud directly into your existing processes and software to improve communication and adoption of your risk program.
- Find Applicable Frameworks: Search by “Standards and Regulations” to find Risk Cloud’s curated list of standards and regulations that can be applied to your Applications. The most widely accepted and popular frameworks are available to help get you compliant and aligned with industry standards.
- Build Your Own Process: Each business is unique in their approach to GRC. Risk Cloud Exchange introduces you to the flexibility of Risk Cloud where you can create your own customized program, without the need for IT or vendor support. Risk Cloud puts you right in the driver’s seat to execute your vision.
Resolutions are notoriously hard to keep, but we hope that Risk Cloud Exchange provides the inspiration and organization you need to reach your goals and see risk more holistically. Risk Cloud Exchange takes what can be a very complicated and messy group of siloed systems and streamlines them into an effective program that is greater than the sum of its parts. Happy New Year from all of us at LogicGate!
