Home > Risk Management Software > LogicGate > LogicGate vs Riskonnect

LogicGate vs Riskonnect

Last Updated: November 18th, 2024

Our analysts compared LogicGate vs Riskonnect based on data from our 400+ point analysis of Risk Management Software, user reviews and our own crowdsourced data from our free software selection platform.

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Product Basics

LogicGate provides scalable GRC solutions and automates daily surveillance activities, verifications and test processes for an airtight risk posture. The Risk Cloud module puts together an end-to-end package of enterprise, IT and third-party risk, incident management, audit and controls, governance, compliance, and regulation management portals.

It provides complete visibility over the entire process, from risk identification to mitigation. Create, test and assign controls to common issues and run automated audits. Stay compliant with state standards and data privacy regulations. The policy management offering simplifies understanding and adoption of company policies. Prepare contingency plans for potential disasters and be prepared for any crisis.

Riskonnect is a cloud-based solution to manage enterprise risk, improve efficiency and boost performance. Its reporting and analytics modules integrate insurable and non-insurable risks to correlate their associations and prevent future occurrences. Users can automate routine processes, break down information silos, drive cross-platform collaboration and coordinate risk mitigation. Provides intuitive data visualizations to propel data-driven decisions and transformation.

It compiles all data securely under one roof and provides detection, analysis and response modules against third-party risk, enterprise risk and health and safety risk. Users can monitor the administration of claims, handle legal and corporate compliance, and manage audits and healthcare from one interface.

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Product Insights

Simplify Processes: Streamline the risk management process with visual maps created with a drag-and-drop interface.
Automation: Automatically perform a large chunk of daily tasks with pre-defined logic, set rules and workflows.
Minimum Time to Market: Hit the ground running immediately after implementation with a range of prebuilt process apps designed specifically for governance, risk and compliance.
Versatility and Scalability: Quickly adapt to sudden changes in the business environment with customizable processes.

Enhanced Decision Making: Riskonnect provides real-time data and analytics, enabling businesses to make informed decisions quickly. This leads to better risk management strategies and operational efficiency.
Comprehensive Risk Visibility: The software offers a 360-degree view of risk across the organization, identifying hidden exposures and interdependencies. This holistic perspective helps in mitigating risks more effectively.
Streamlined Compliance: With Riskonnect, organizations can easily adhere to regulatory requirements and standards. The software automates compliance tasks, reducing the likelihood of errors and penalties.
Improved Risk Response Time: The platform's proactive alerts and notifications system ensures that potential risks are identified and addressed promptly, minimizing their impact on the business.
Cost Reduction: By identifying and mitigating risks early, Riskonnect helps in avoiding costly incidents. This proactive approach results in significant savings on potential losses and insurance premiums.
Enhanced Collaboration: Riskonnect fosters collaboration among teams by providing a centralized platform for sharing information and strategies related to risk management. This improves coordination and the execution of risk mitigation plans.
Customizable Reporting: The software offers flexible reporting tools that allow businesses to create tailored reports. These insights can be used to track progress, identify trends, and make strategic adjustments.
Increased Operational Resilience: By managing risks effectively, Riskonnect helps businesses to become more resilient. This resilience enables organizations to withstand shocks and adapt to changes in the business environment.
Strategic Risk Management: Riskonnect not only helps in operational risk management but also aligns risk management with strategic objectives. This alignment ensures that risks are managed in a way that supports long-term goals.
Scalability: The platform is designed to grow with your business, accommodating new risks and compliance requirements as your organization expands. This scalability ensures that Riskonnect remains a valuable tool over time.

Enterprise Risk Management: Continuously monitor critical processes for any sign of vulnerability. Perform customizable calculations to predict the potential impact of a disaster.
- Workstreams: Set up automation-driven workflows for document collections, notifications, deadline-triggered requests and transparent tracking.
- Assessments: Stakeholders can assess the risk register across multiple business domains. Use assessment data to prepare effective mitigation strategies.
- Questionnaires: Prepare dynamic questionnaires to process data from interview and survey inputs.
- Risk Alignment: Convert assessment data into task items with deadlines and notifications and assign them to individual risk owners. Track the status of ongoing remediation activities and send alerts to related stakeholders.
- Visual Data: Run custom analytics and reporting for a real-time heat map of critical risks across the program.
COSO Framework: Integrate the Committee of Sponsoring Organizations (COSO) framework guidance on risk strategy and performance. Automatically calculate risk scores and perform risk assessments based on enterprise and operational risks, impact, likelihood, and vulnerability rubrics.
- Centralized Tracking: Eliminate information silos and track logged risks and remediation measures from a centrally accessible location. Run built-in reports with complete transparency.
- Analytics: Study the relationship between the organization’s operational and functional level goals and available risk scores. Notify risk owners of pending tasks and deadlines.
Issues Management: Prioritize issue mitigation based on automatically calculated issue urgency scores and track progress with built-in reporting and dashboard. Send in-app and email notifications to keep risk owners informed.
- GRC Initiatives: Track and manage issues, remediation strategies and risk ownership via one central location.
- Visibility: Get granular details on logged issues and mitigation responses with out-of-the-box reporting and status reports.
Regulations: Leverage a regulatory inventory index to define regulatory categories. Run compliance assessments to identify potential non-compliance risks and sanctions. Create plans to incorporate regulatory changes and assign task ownership to relevant personnel.
- Tracking: Use the corrective action plan (CAP) module to solve existing issues, track previous violations and minimize negative publicity.
- Regulation Partnership: Partner with Ascent to track compliance using AI. Get access to over 125 regulators, gain insights from new markets, products, industries and regions, and identify coverage gaps. Available regulators include SEC, FDIC, OCC, FINRA, CFTC, FinCEN and more.
- Obligations: Use AI to identify important obligations. Automatically update regulators and get granular data on all obligations, including laws and standards.
IT Security: Protect IT assets and infosec risk processes with effective controls in compliance with industry standards.
- ISO 27005: Track risks in the framework with content designed for ISO/IEC 27005:2018(E)’s information security risk management process. Identify, assess and mitigate risks and record all vulnerabilities in a secure database. Calculate risk scores of assets with NIST 800-206 guidance following ISO 27005 recommendations.
- Real-Time Protection: Continuously update residual risk reports, assessments and controls testing activities. Assign risk tolerance thresholds and automatically administer mitigation measures on crossing over. Eliminate ineffective controls and processes.
- Evaluation: Evaluate critical procedures for vulnerabilities. Use a flexible data model to record elements and identify threat actors and events. Follow up on evaluations with reports and remediation plans.
- Controls Register: Prepare a custom risk assessment methodology with personalized controls and rules. Apply appropriate control frameworks, including ISO 27002, NIST 800-53 and NIST CSF.
- Vulnerability Management: Prioritize mitigation of vulnerabilities with the most impact on critical business processes. Keep a record of essential assets, assessments, vulnerabilities and treatments with built-in workflows. Run reports to map the company’s vulnerability status and import records from Risk Cloud Tenable.io integration, third-party integrations or CSV files.
Third-Party Risk Management: Access templates and applications to manage relationships from the same portal.
- ISO 27001: Map relationships with third-party vendors with pre-built questionnaires aligned with Annex A information security requirements framework. Record proprietary data, financial information, intellectual property and employee details according to ISO/IEC 2700 family of standards.
- SIG Lite: Optimize vendor relationships with a questionnaire created by Risk Cloud’s third-party risk management SIG Lite app. Quickly verify all incoming vendor information, automate daily tasks and collect vendor responses for maximum visibility. Get significant insights into third-party relationships with 329 questions covering 18 domains.
- Procurement and Contract Management: Monitor service level agreements (SLAs) and vendor contracts and schedule due diligence on all associations. Send automated notifications for key events and maintain a central database of vendor data, including billing information, contract details, SLAs and payment terms.
- Compromise Assessment: Measure the impact of third-party vulnerabilities to manage risks. Use automated workflows and templates to initiate impact assessments, link vulnerabilities and register information for complete visibility into vendor relationships.
Audit Controls Management: Use comprehensive reports and automated workflows to track audits and control processes. Assess internal controls and policies against AICPA’s five Trust Services Criteria and obtain SOC 2 compliance. The platform is HITRUST approved and includes SOX compliant financial reports. Run CMMC compliant self-assessments. Audit management frameworks include PCI DSS, FedRAMP, HIPAA, FFIEC CAT, NIST 800-171 and more.
- Controls Management: Set up automated control assessments at custom intervals. Run real-time auto-generated reports and link controls to the Risk Cloud Controls repository.
- Audit Management: Regulate the internal audit process with audit-control testing, reporting and due date reminders. Create and execute a centralized Audit Universe and plan for the entire company. Maintain a central evidence database and prepare in advance for external audits.
Compliance: Provides clearly defined regulatory categories and an inventory index. Automatically assign ownership, stay up-to-date on laws and perform risk assessments to identify potential non-compliance penalties. Implement and collaborate on corrective action plans.
- Employee Compliance: Maintain a centralized inventory of employee information and policy acknowledgments. Schedule automated reminders and due date alerts for policies. Automatically assign policy acknowledgments and certification requests and get status updates. Create customized workflows to keep up with training requirements and policy attestations.
Policy Management: Leverage process automation to request, write, approve and update policies, eliminate duplicate policies, and set up reminders. Centralize the policy administration system to directly link policies and procedures and eliminate information silos. Create hierarchical maps connecting risks, regulations and business units.
Incident Management: Build a single incident repository to respond faster and standardize the incident playbook. Automate processes with conditional workflow logic and custom rules handling, alerts and activity routing. Identify vulnerabilities, bottlenecks and compliance failures by auditing incident management procedures.
Privacy: Stay compliant with consumer privacy laws, including GDPR and CCPA.
Business Continuity: Carefully document and execute crisis response tasks in the event of a major crisis or disaster. Set up workflows to identify and safeguard crucial processes and physical, intellectual and financial assets.
- Disaster Response Resource Repository: Create a standardized repository of instructions and procedures for reference in an emergency. Store important company information such as asset locations, processes, passwords and business functions in a centrally accessible database.
Security: Encrypt all end-user data both during transit and at rest using best-practice services. Provides fine-grained access controls and Single Sign-On (SSO) delivered via SAML 2.0. Protect the entire infrastructure with firewalls.
Integration: Integrate with third-party apps via a secure RESTful API. Application Programming Interface requires OAUTH 2.0 authentication.

Risk Management Information System: Consolidate system, risk and people data from multiple sources into a single source of truth. Streamline and automate regulatory, risk and incident management processes with custom workflows. Investigate the shifting risk landscape to discover unprecedented insights, hidden relationships and actionable information.
Claims Administration: Integrate incident entry, claims data, people information and compliance status under the same platform. Automate intake processes, documentation management, data entry and validation. Manage indemnity-based benefit plans and return-to-work initiatives in accordance with Official Disability Guidelines.
- Electronic Report of Injury: Follow workers’ compensation guidelines in creating and filing the First Report of Injury (FROI) and Subsequent Report of Injury (SROI). Automatically populate entries with existing data. Submit electronic data interchange reports in accordance with standard IAIABC EDI requirements, including SIEDRS.
- Data Transformation Services: Clean, process, transform and validate data from multiple external sources used by carriers and TPAs.
Internal Audit: Perform internal audits for operational, compliance, IT and financial processes. Automate task assignment, document management, data deduplication, status reports, data entry, productivity reports and more. Use the intuitive dashboard to create remediation measures and storyboard-driven reports.
Third-Party Risk Assessment: Consolidate all third-party supplier information, including vendor agreements, policies, access credentials and contracts. A dedicated vendor portal tracks documentation, issues, questionnaires and responses. Create point-and-click reports and assign vendor risk scores and overall classification.
- Certificate Management: Access all certificates of insurance (COI) through a common portal. Automate compliance management, administration and review of COIs. Issue alerts for vendors with out-of-compliance certifications.
Enterprise Risk Management: Get a 360-degree view of risk with integrated identification, remediation and monitoring. Use the dashboard to track risk assessments based on KPIs and KRIs. Correlate risks and run custom reports with drag-and-drop builders. Set up custom risk thresholds.
- Risk Register: Identify vulnerable business processes with a heat map of assessed risks. Categorize risks according to location, business unit or risk score.
Healthcare: Securely manage safety and risk obligations, including enterprise risk, third-party suppliers, compliance, patient safety, provider quality and more. Eliminate information silos and share actionable, accurate and critical data across multiple departments.
- Patient Safety: Manage the entire range of patient experience from non-clinical rounding to long-term care. Track incidents throughout the patient lifecycle, capture incidents, send alerts, visualize satisfaction metrics and more. Connect clinical data to corporate and legal regulations.
- Provider Quality Management: Streamline the provider accreditation appraisal process for Ongoing Professional Practice Evaluation (OPPE) and Focused Professional Practice Evaluation (FPPE).
- Risk and Insurance: Automatically consolidate claims data and categorize entries based on department, specialty, event date, similarity and allegation. Track healthcare and payment history.
Compliance: Manage corporate and legal policies, procedures and requirements. Implement control frameworks and automate assessments, remediation and testing. Link risks to associated assets, processes and patients. Comply with frameworks, regulations and industry guidelines including NIST CSF, HIPAA, COBIT, FDA, SOX, GLBA, ISO 27001 / 27002 / 31000, and more.
- Regulatory Change Management: Always keep an eye out for changes in federal and state regulations. Automatically notify key stakeholders and administrators about essential changes.
- Content Framework: Import content associated with tens of thousands of controls and regulations via the Unified Compliance Framework.
- Corporate Policy Management: Manage corporate policies, reviews, approvals and training with built-in workflows. Categorize based on policy metadata, key dates, domain, title, vendor and other important information. Identify policy violations through continuous surveillance.
Health and Safety: Get a comprehensive view of safety processes, compliance requirements, hazard data and workplace incidents to spot trends and warning signs. Leverage easy-to-use screens, anonymous entry, web-based access and intuitive forms to streamline the incident reporting process. Automatically alert incident investigators and transfer data across channels with preloaded protocols.
- Claims Regulatory Compliance: Use existing safety data to track deadlines and reportable incidents in real time. Create timelines for critical reports.
- Audit: Continuously evaluate the status of existing incident reports and compare results against past audit scores.

Product Ranking

#27

among all
Risk Management Software

#42

among all
Risk Management Software

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Analyst Rating Summary

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Regulatory Management

Reports and Dashboards

Risk Management

Incident Management

Compliance

Policy Management

Regulatory Management

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Risk Management

Analyst Ratings for Functional Requirements Customize This Data Customize This Data

LogicGate

Riskonnect

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85%

15%

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88%

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88%

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83%

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Analyst Ratings for Technical Requirements Customize This Data Customize This Data

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User Sentiment Summary

95%

of users recommend this product

LogicGate has a 'excellent' User Satisfaction Rating of 95% when considering 32 user reviews from 1 recognized software review sites.

82%

of users recommend this product

Riskonnect has a 'great' User Satisfaction Rating of 82% when considering 12 user reviews from 2 recognized software review sites.

n/a

4.0 (2)

4.74 (32)

n/a

4.1 (10)

Awards

Synopsis of User Ratings and Reviews

No-Code Platform: Users appreciate the platform's user-friendly, no-code approach, which allows those without coding experience to easily build and customize workflows, forms, and reports. This empowers business users to take ownership of risk management processes without relying on IT support.

Flexibility and Customization: LogicGate's flexibility allows users to tailor the platform to their specific needs. Users can create custom objects, fields, and relationships to model their unique risk and compliance requirements. This adaptability ensures the platform can evolve alongside changing business needs.

Integrations: LogicGate offers integrations with various third-party applications, such as GRC platforms, single sign-on providers, and data visualization tools. These integrations enable users to connect LogicGate with their existing technology stack, streamlining data flow and enhancing overall efficiency.

Scalability: The platform is designed to scale with organizations as they grow. Whether managing a small team or a large enterprise, LogicGate can accommodate increasing data volumes and user numbers without compromising performance.

Centralized Risk Management: Riskonnect provides a centralized platform to manage various risk types, including operational, IT, third-party, and compliance risks. This allows organizations to gain a comprehensive view of their risk landscape and make informed decisions.

Customizable and Scalable: The platform's flexibility allows organizations to tailor it to their specific needs and risk management processes. As businesses evolve, Riskonnect can scale to accommodate growth and changing requirements.

Improved Reporting and Analytics: Riskonnect offers robust reporting and analytics capabilities, enabling organizations to generate insightful reports, identify trends, and track key risk indicators. This data-driven approach facilitates better risk management decision-making.

Enhanced Collaboration: The platform fosters collaboration among risk management teams, departments, and stakeholders. It streamlines communication, facilitates information sharing, and promotes a more coordinated approach to risk management.

Steep Learning Curve: The platform's interface can be challenging for new users due to its complexity and lack of intuitive design, leading to a longer onboarding process and potential frustration.

Customization Limitations: LogicGate may not offer the level of customization required by some organizations with unique risk management workflows or reporting needs, potentially hindering their ability to tailor the platform to their specific requirements.

Reporting Challenges: Generating reports can be cumbersome, and the available reporting features may not provide the flexibility and depth of analysis needed for comprehensive risk assessments and decision-making.

Usability Challenges: The platform's interface can feel clunky and outdated, leading to a steep learning curve for new users. Common tasks, like generating reports or navigating between modules, can be more cumbersome than anticipated.

Performance Issues: Users occasionally experience slow loading times and system lags, especially when dealing with large data sets or complex workflows. This can hinder productivity and cause frustration, particularly for time-sensitive risk management tasks.

Customization Limitations: While Riskonnect offers some degree of customization, users may find it restrictive when tailoring the platform to their specific needs and workflows. This can lead to workarounds and inefficiencies as users try to adapt the system to their unique requirements.

LogicGate's Risk Cloud platform has attracted attention for its ability to streamline risk management processes. Users frequently highlight its user-friendly interface and intuitive design, making it accessible even for individuals without extensive risk management experience. The platform's flexibility allows it to adapt to various risk types, including operational, financial, and compliance risks, making it a versatile solution for diverse organizations. Additionally, LogicGate's automation capabilities, such as automated risk assessments and control evidence collection, save time and effort for risk management teams. While LogicGate receives praise for its strengths, some users note areas for improvement. Some users mention that the platform's reporting features could be more robust, offering greater customization and data visualization options. Additionally, while LogicGate integrates with various third-party tools, expanding its integration ecosystem could further enhance its value proposition. Despite these considerations, LogicGate remains a strong contender in the risk management software market. LogicGate distinguishes itself through its no-code approach, empowering users to build custom workflows and applications without requiring coding expertise. This feature democratizes risk management, enabling broader participation from various departments within an organization. Furthermore, LogicGate's graph database technology facilitates the identification of complex relationships between risks and controls, providing a holistic view of an organization's risk landscape. This comprehensive approach aids in informed decision-making and proactive risk mitigation. LogicGate is well-suited for organizations seeking a user-friendly and comprehensive risk management solution. Its adaptability to different risk types and its automation capabilities make it valuable for businesses of all sizes. Organizations with limited IT resources or those looking to empower non-technical users in risk management processes will particularly benefit from LogicGate's no-code platform. However, organizations requiring highly customized reporting or extensive integrations with niche tools may need to consider additional solutions or customizations to fully meet their needs.

Can Riskonnect help you reconnect with a sense of control over your organization's risk landscape? User reviews from the past year suggest that it can, particularly for those seeking a comprehensive and integrated approach to risk management. Users praise Riskonnect for its user-friendly interface and robust features, highlighting its ability to centralize risk data, streamline risk assessment processes, and facilitate informed decision-making. For example, the software's bow tie analysis feature allows users to visually map out the causes and consequences of potential risks, enabling proactive risk mitigation. This comprehensive approach sets Riskonnect apart from competitors that may focus on only specific aspects of risk management. However, some users have noted that the initial setup of Riskonnect can be complex and the software can be expensive. These drawbacks may make it less suitable for smaller organizations with limited budgets and technical expertise. Overall, Riskonnect appears to be best suited for larger organizations with complex risk profiles and the resources to implement and manage a sophisticated risk management solution. Its ability to integrate risk information across different departments and provide a holistic view of organizational risk makes it a valuable tool for enterprises seeking to enhance their risk management posture.

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FAQ

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