Founded 2005 | ||
LogicManager, Inc. is an Enterprise Risk Management software provider, and the author of the RIMS Risk Maturity Model for Enterprise Risk Management. LogicManager is based in Boston, Massachusetts and was listed as a top vendor in ERM and eGRC software by Forrester Research in 2014 and 2016.
Contents
History
Founded in 2005 by CEO Steven Minsky, LogicManager offers a Software-as-a-Service ERM/eGRC platform of scientifically validated Enterprise Risk Management decision and diagnostic tools for corporate governance, risk and compliance. Their patent-pending taxonomy technology is used by thousands of customers worldwide.
Platform and Services
LogicManager's ERM software aids risk professionals in identifying, mitigating and monitoring their organization's risk portfolio. The company's patent-pending taxonomy technology allows users to view existing relationships between risks in order to identify root causes of risks and how they affect strategic goals. LogicManager offers a range of point GRC solutions, as well as complete eGRC or ERM platforms, along with ERM consulting and support services.
The software is designed to identify redundant or overlapping activities automatically, and provide direct connections to performance management through the adoption of standards and reuse of information. As reported by The CIO Review, users can expect to see results within 90 days.
RIMS Risk Maturity Model
The RIMS Risk Maturity Model for Enterprise Risk Management was co-developed by LogicManager and the Risk and Insurance Management Society in 2008. The RMM is an online assessment that helps users benchmark the progress of their ERM program. Scores on the RMM range from 1-5, with scores of 3 and above representing the presence of a mature ERM program. Scoring is based on a company's performance along 7 key performance attributes, which consist of 25 success factors and 71 key competency drivers.
In 2008, a research study concluded that, at the 95% confidence level, there was a positive correlation, which indicated the existence of a direct relationship, between higher RMM scores and higher business.
In 2014, a study of RMM data, entitled "The Valuation Impact of Enterprise Risk Management Maturity," was published in The Journal of Risk and Insurance by a research team from Queen's University. This study provided statistical evidence of up to a 25% public valuation premium for firms that reach mature levels of enterprise risk management, as measured by the Risk Maturity Model.