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LogicGate, a software-as-a-service solutions provider for governance, risk and compliance (GRC) management, announced today that it has raised 11 113 million in funding from PSG and Greenspring Associates. The company says the proceeds will be used to advance key platform capabilities and bring new products to market, support the development of LogicGate’s partner ecosystem, expand its international presence and improve its security posture.

Risk can have a profound effect on a company’s ability to operate. But despite this, research suggests that organizations are not working hard enough. The regenerative survey found that enterprises dealing with about 10,000 third-party relationships often fail to conduct a thorough third-party investigation during boarding. From Compliance Week – A separate survey found that 65% of organizations have accepted what can be considered Reactive Policy management programs versus maturity or advanced programs.

Logicgate seeks to help companies eliminate shortcomings by identifying, assessing and monitoring potential business risks. Designed to integrate with existing regimes and third-party screening tools, Logicgate’s platform enables customers to access, analyze, collaborate and manage compliance data in real time.

John Siegler, Dan Campbell, and CEO Matt Kunkle founded the Chicago, Illinois-based Logicgate in 2015, after they worked together at Navigant, where they organized Legacy GRC Solutions for large enterprise clients. Kunkel says they saw significant investments being made by organizations in solutions that eventually require significant customization to work for organizations.

“Every time the compliance regulation changes, organizations will have to bring back the consultant and spend more time and money working on their … solution to get the new law complied with. There was a clear need for more flexible solutions, ”Kunkal told VentureBit via email. “[T]The hat is what led us to create and develop the imagination [LogicGate’s] Risk cloud platform. When companies use our risk cloud platform, they don’t need teams of experts or a coding background to stay at risk. The platform is easy to use, fast to deploy and grows with you. “

Risk management

According to Gartner, the Integrated Risk Management (IRM) market is set to grow by 12.6% in 2021, reaching 3 9.3 billion by 2023. In a report published by Consultancy, the top three risk management priorities for companies – more focus on operational operational resilience, business model resilience, and equilibrium risk-based and cross-functional responses – all require an IRM approach.

IRM includes methods that improve decision-making and performance from the point of view of how an organization manages its unique risks. According to Kunkel, technology can be a part of this, given that many organizations manage risks in legacy systems such as spreadsheets and logicmanagers, RSA Archer and MetricStream.

“Logicgate is a smart, cloud-based solution designed to transform spreadsheets, enhance cybersecurity, provide scalability through digital transformation, help companies better collect, analyze and promote growth, and promote growth.”[Its] The suite of risk management solutions combines flexibility and out-of-the-box functionality for organizations to manage their risk with ease of use in a code-environment, reliance on the drag and drop interface. “

Using LogicGate, businesses can map risk and compliance frameworks with a library of prebuilt applications for enterprise risk, third-party risk, and privacy management. The platform can spotlight mitigation and existing risk as well as connections between third-party and control-management processes. In addition, it provides a central location for documents and dashboards with reporting, documentation, and cyanoff features to help track compliance operations.

All of these results result in easier identification of high-risk relationships and workflows, thereby reducing the risk of controllable data and data breaches, Kunkel says. “GRC always works back-office fees. Kunkle added that no one thought about it until March 2020, when they were facing unprecedented health, safety and financial risks until many organizations reconsidered their focus on GRC and cyber risk. . “Over the past year, we have seen how GRC work has become integral to business stability and its ability to weather very stormy storms. While many business leaders previously associated GRC only with asset protection and cost reduction, organizations have a clear understanding of how it can impact topline revenue, helping businesses win and achieve success. “

Reflecting the growing investment in GRC, Logicgate’s annual recurring revenue has increased by more than 80% from 2019 to 2020. The company, which employs more than 174 people full-time, claims to have hundreds of customers, including brands such as Sophie, Zurich Insurance and Memorial Herman. Health and sympathy.

“We are finalizing the risk assessment settlement for the platform launched in Q3, and we are aggressively recruiting for various positions and will continue to grow further in the next 18 months to accommodate our growth,” Kunkel said. . “Investing in risk tech has never been so important. Finally, the GRC is in the spotlight. “

The latest round of financing raises Logicgate’s total raised to 24 246 million. The company had earlier closed C ની 90 million in June.

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