LogicGate, a governance, risk, and compliance (GRC) technology provider, has introduced its latest offering, dubbed the Banking Solution, to streamline and centralise risk and regulatory complexities for financial institutions.
The new offering aims to equip financial institutions with a comprehensive platform to manage evolving threats and complex regulatory requirements from state and federal agencies.
Available within LogicGate’s Risk Cloud platform, the Banking Solution offers a centralised view of risk exposure. It aims to enhance efficiency and readiness as banks face increasing cybersecurity risks, third-party operational challenges, and strict compliance demands.
The solution, which is curated specifically for financial institutions, targets chief information security officers (CISOs), chief risk officers (CROs), and chief compliance officers (CCOs).
LogicGate co-founder and CEO Matt Kunkel said: “Few industries are as regulated and scrutinised 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.
“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 prioritising efficiency, automation, and increased effectiveness, companies are better positioned to protect their data – and their brand.”
The Banking Solution features a regulatory compliance solution designed to help banks navigate complex financial regulations from entities like the OCC, SEC, NCUA, BSA/AML, CFPB, CFTC, and others.
By centralising regulatory obligations and automating workflows, banks can track corrective actions and stay compliant with major frameworks.
The solution also includes an enterprise risk management solution, enabling banks to streamline risk identification and assessment through risk control self-assessment (RCSA) workflows.
Additionally, the controls compliance solution feature addresses banking-specific compliance challenges by connecting internal controls with frameworks like NIST CSF, PCI DSS, and SOC 2.
This feature allows banks to identify gaps and overlaps in controls.
LogicGate’s new platform also offers incident management workflows to handle potential disruptions. The policy management solution within the Banking Solution assists institutions in developing, reviewing, and approving policies that comply with regulations like GLBA and the Fair Lending Act.
Additionally, the third-party risk management solution present in the new offering provides banks with tools to assess vendors’ risk profiles against internal standards, safeguarding the institution’s reputation and customer trust.
