LogicGate, the modern, enterprise-grade provider of cyber, governance, risk, and compliance solutions, has officially confirmed the news of its banking solution winning the “Best Risk Management Platform” award at 9th annual FinTech Breakthrough Awards program, conducted by FinTech Breakthrough.
In case you weren’t aware, FinTech Breakthrough happens to be an independent market intelligence organization known for recognizing top companies, technologies, and products dominating the present-day FinTech market.
As for LogicGate’s Risk Cloud platform, it is specifically designed to provide financial institutions with an interconnected approach towards managing threats and compliance changes through a holistic view of their risk exposure.
Talk about the whole value proposition on a slightly deeper level, we begin from its regulatory compliance capabilities that translate to centralizing regulatory obligations, automating assessment workflows, and tracking corrective action status.
Such measures help users remain compliant with governing bodies, such as the OCC, SEC, CFPB, CFTC, NCUA, and BSA/AML, as well as regulations like Gramm-Leach-Bliley Act (GLBA), CCPA, GDPR, FFIEC, and more.
Next up, we must dig into LogicGate’s enterprise risk management capabilities that pack together purpose-built RCSA workflows to streamline traditionally time-intensive assessment scoping, while simultaneously keeping risk owners on track with automated assessment workflows, reminders, and notifications.
Beyond that, users can also streamline risk assessments through pre-built assessment templates for frameworks such as CFPB, FFIEC, and OSFI. Hence, users can leverage pre-configured risk scoring and guidance to assess inherent and residual risk ratings before instantly creating and assigning mitigations for critical banking risks.
“LogicGate’s Banking Solution simplifies regulatory compliance, enhances operational efficiencies, and bolsters risk management for risk and compliance professionals. Whether it’s state and federal agencies, third-party operational complexities, data privacy protection, or the sheer amount of cybersecurity risks, it’s hard to get a centralized handle on it all,” said Steve Johansson, Managing Director at FinTech Breakthrough. “LogicGate exemplifies innovation and sets a new benchmark for risk management, empowering institutions to navigate today’s regulatory complexities while remaining prepared for future challenges.”
Another detail worth a mention is rooted in LogicGate’s controls compliance mechanism, which allows for you to rely on predefined mappings across industry-specific frameworks and make lightwork of control activities to better comply with frameworks like NIST CSF, PCI DSS, and SOC 2®.
To understand the significance of this particular development, we must take into account how banks of today are up against a major compliance challenge when connecting internal controls and frameworks to identify gaps and overlaps. Hence, being able to align controls with these frameworks should improve operational efficiency, achieve audit readiness, and support the secure management of sensitive financial data.
Then, we have incident management workflows coming into play. Here, users can basically come expecting a centralized incident management program which allows banks to log, track, and remediate cyber-attacks, data breaches, or fraud events. With this single source of truth, institutions can seamlessly manage incident response across the organization to facilitate timely reporting to regulators like the OCC or CFPB and maintain transparency with stakeholders, including customers and shareholders.
Joining that would be a cutting-edge policy management solution. This particular solution is well-equipped to help you in the context of drafting, reviewing, approving policies that comply with regulations like GLBA and the Fair Lending Act, and tracking employee attestations.
Furthermore, the given setup also supports quick identification and correction of compliance gaps as they emerge.
Rounding up highlights would be the availability of a third-party risk management solution. The stated technology enables you to call upon a TPRM solution to streamline the vendor lifecycle, from onboarding to performing ongoing risk assessments. Not just that, by automating risk reporting and resolution workflows, banks across the board can also guide vendors in upholding their risk standards, and at the same time, solving all potential third-party breaches or failures.
“We purposely designed this solution with input from financial institutions to provide a holistic strategy to managing enterprise-wide risks, versus a short-sighted point-solution approach. Our customers appreciate the flexibility and scalability of the Risk Cloud platform, and the packaged Banking Solution further helps them centralize data and limit surprises in the ever-evolving banking sector,” said Matt Kunkel, Co-Founder and CEO of LogicGate.
