Matt Kunkel, PresidentMatt Kunkel, President of LogicGate, in his decade long experience implementing web-based solutions for fraud investigations, forensic accounting issues, and compliance and regulatory issues, has experienced the ever-changing nature of risks in business environment. “Organizations which traditionally weren’t involved in the risk identification and mitigation process are now being pulled into it,” expresses Kunkel. “Enterprise Risk Management (ERM) is becoming a much larger effort in most organizations.” He also notes that CIOs find it challenging to balance data security practices with data accessibility and analytics, along with their growing need for business agility. This is where LogicGate helps CIOs in minimizing the impact on the business by embedding risk activities into employee’s business processes. “We provide our clients with an agile platform and framework that evolves with the business to effectively manage the changing risk landscape,” extols Kunkel.
Kunkel and his team have developed the LogicGate platform to effectively manage the entire ERM lifecycle, from organizational risk identification to its review. It is an enterprise application creation platform that empowers business owners to customize and deploy Governance, Risk Management, and Compliance (GRC) solutions that connect people, process, and data across an organization—without needing to write a single line of code. Kunkel emphasizes that LogicGate ERM suite can be effective for several industries, be it government, retail, hospitality, or healthcare.
In one instance, LogicGate was helping a large organization with a risk management program that was disjointed due to lack of a central risk repository. Although the client had a framework in place, they were using e-mails, spreadsheets, and file shares to track, approve, and route the work of various departments. It made their process extremely inefficient and cumbersome for their internal ERM team.
“The transition to LogicGate’s ERM suite took less than one week,” states Kunkel. The ERM solution collected information from different stakeholders across the organization and relied on processes and workflow to review and remediate risks.
We provide our clients with an agile platform and framework that evolves with the business to effectively manage the changing risk landscape
This pre-configured solution completes the entire risk management task in a few steps. During the initial identification stage, the business units detect the types and categories of risks within their organization. “Next is the assessment phase where risks linked to specific lines of business are measured on the basis of impact,” he adds. After organizations have assessed the risk, internal poli-cies, procedures, trainings, and system controls help mitigate the risk factors effortlessly. Furthermore, the platform tracks periodic reviews, emerging risks, and ensures that controls are effective. Kunkel believes, “The beauty of LogicGate platform lies in its ability to allow organization collaborate with many different applications to solve a variety of operational issues on a single collaborative platform.”
While developing LogicGate, Kunkel found that executives across industries were looking for easy-to-use ERM solutions for their business. “This is what our ERM platform addresses. We believe our extensive customer service and the platform’s real-time accessibility set us apart,” articulates Kunkel. “We have invested a significant amount of resources into making the platform’s user interface intuitive.”
LogicGate’s ultimate vision is to empower business users by helping them take simple logical decisions in their day-to-day business processes. “The next big thing on the horizon for LogicGate is to implement machine learning in our ERM platform,” says Kunkel. This will assist businesses automate risk mitigation by drastically reducing manual processes.