The Banking Solution bundles six purpose-built solutions that enable institutions to effectively
comply with evolving regulatory landscapes, manage cybersecurity and protect consumer data
CHICAGO, Nov. 14, 2024 /PRNewswire/ — LogicGate, the holistic GRC experts delivering leading solutions for cyber, governance, risk, and compliance leaders, today announced its new “Banking Solution,” designed to provide financial institutions with an interconnected approach to managing threats and compliance changes with a holistic view of a company’s risk exposure. Evolving regulatory requirements from state and federal agencies, third-party operational complexities, growing cyber security risk, and increasing data privacy protections have created wide-ranging challenges for banks to combat. The new LogicGate solution allows banks and financial institutions to centralize those concerns and limit surprises.
Available in Risk Cloud, LogicGate’s industry-leading GRC platform, the Banking Solution empowers risk and compliance professionals to be more efficient and agile when mitigating risks by taking predictive steps to ensure regulatory compliance and incident resiliency. Curated specifically for financial institutions, LogicGate’s Banking Solution takes the guesswork out of risk management by packaging the most critical information Chief Information Security Officers (CISOs), Chief Risk Officers (CROs), and Chief Compliance Officers (CCOs) need to successfully manage and mature their regulatory and risk management programs.
LogicGate’s Banking Solution offers these core benefits:
- Regulatory Compliance Solution – In the heavily regulated banking industry, compliance with governing bodies such as the OCC, SEC, CFPB, CFTC, NCUA, BSA/AML, and others is crucial to avoid financial penalties, sanctions, or reputational damage. To remain compliant with the alphabet soup of regulations – Gramm-Leach-Bliley Act (GLBA), CCPA, GDPR, FFIEC, and more – it’s imperative to centralize regulatory obligations, automate assessment workflows, and track corrective action status.Â
- Enterprise Risk Management Solution – Enhance your organization’s ability to identify, assess, and mitigate risks efficiently. Part of LogicGate’s Enterprise Risk Management Solution includes purpose-built RCSA workflows, streamlining traditionally time-intensive assessments scoping and keeping risk owners on track with automated assessment workflows, reminders, and notifications. Additionally, users can streamline risk assessments by leveraging pre-built assessment templates for frameworks such as CFPB, FFIEC, and OSFI. Get started quickly with pre-configured risk scoring and guidance to assess inherent and residual risk ratings, then instantly create and assign mitigations for critical banking risks.
- Controls Compliance Solution – Banks face unique compliance challenges that require connecting internal controls and frameworks to identify gaps and overlaps. Using predefined mappings across industry-specific frameworks, banks can streamline control activities to comply with frameworks such as NIST CSF, PCI DSS, and SOC 2®. Aligning internal controls with these frameworks improves operational efficiency, ensures audit readiness, and supports the secure management of sensitive financial data.
- Incident Management Workflows – Strengthening risk posture is essential for banks to quickly address incidents that may disrupt operations, affect data security, or infringe on compliance. A centralized incident management program allows banks to log, track, and remediate cyber-attacks, data breaches, or fraud events. By using a single source of truth, institutions can manage incident response across the organization, ensure timely reporting to regulators like the OCC or CFPB, and maintain transparency with stakeholders, including customers and shareholders.
- Policy Management Solution – From drafting, reviewing, and approving policies that comply with regulations like GLBA and the Fair Lending Act to tracking employee attestations, the Policy Management Solution helps you streamline and automate every aspect of your policy management program. Users benefit from quickly identifying and correcting compliance gaps as they emerge and support policy adoption year-round.
- Third-Party Risk Management Solution – Assessing a vendor’s risk profile against your institution’s accepted risk level is vitally important to preserving your brand and customer trust. Leveraging a TPRM solution helps streamline the vendor lifecycle, from onboarding to performing ongoing risk assessments. By automating risk reporting and resolution workflows, banks can ensure vendors meet and uphold their risk standards and that any potential third-party breaches or failures are swiftly resolved, thus protecting the bank’s reputation and customer trust.
“Few industries are as regulated and scrutinized as the financial sector, elevating the importance for banks and credit unions to have stringent risk and compliance standards that institutions and their vendor ecosystems uphold,” said Matt Kunkel, Co-Founder and CEO of LogicGate. “Instead of taking a disjointed, point solution-based approach to managing extensive risk responsibilities and requirements, we curated a comprehensive solution empowering financial institutions to take a more holistic approach to managing the sea of evolving regulations. By prioritizing efficiency, automation, and increased effectiveness, companies are better positioned to protect their data – and their brand.”
About LogicGate
LogicGate® is a global, market-leading SaaS company empowering customers to effectively manage and scale their cyber risk and control, third-party risk management, compliance controls, enterprise risk, and operational resilience programs. Recognized as one of four leading global GRC platforms, Risk Cloud® is built with usability in mind, including a no-code interface and graph-database management making the technology flexible, agile and scalable to support various levels of GRC maturity and bolster business outcomes. With an unwavering commitment to fostering business resilience in dynamic landscapes, LogicGate empowers customers to quantify risk, strengthen their security posture, and have visibility into information to create strategic advantages and support business objectives. Learn more about our solutions by visiting www.logicgate.com and/or join us on LinkedIn.