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Workiva vs LogicManager

Last Updated: November 18th, 2024

Our analysts compared Workiva vs LogicManager 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

Workiva is a cloud-based reporting platform that globally connects an organization’s workforce with its data sets and data sources. It combines all user data under a single digital roof to remove any errors and ensure complete transparency. Provides automatic and secure scheduling of repetitive tasks and recycles redundant data and reports into functional assets. It allows users to visualize data relating to ERP, consolidation, compliance, security, budgeting and more by connecting everything under one secure reporting module.

A live-updating dashboard with a code-free interface allows for easy analysis and data reporting. It auto-updates linked cross-organizational data for a seamless reporting experience.

LogicManager is a fully integrated governance, risk and compliance (GRC) solution. Users can easily incorporate its taxonomy infrastructure into any department, ensuring scalability and adaptability. It stockpiles all data centrally under one secure repository to assess bank risks, location-specific risks, third-party risks, regulatory risks and gaps in control processes. Provides ready-made libraries to house risks, standards and regulatory documentation for intuitive tracking of compliance obligations, claims, internal audits and risk assessments. Compliant with ISO, NIST, COBIT, GDPR CCPA and more frameworks and regulations.

Its intuitive dashboard and advanced analytics modules provide risk-intelligent reporting of vulnerability assessments with configurable data visualizations. Taxonomy technology links regulations, risk and controls across departments, uncovering correlational data and dependencies for higher operational efficiency. Users can automate task assignments, threat remediation plans, document generation, alerts, reminders and more.

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Product Insights

Centralized Data Storage: Store all internal control tests and documents in one centrally accessible database.
Automated Reports: Save a ton of time and resources with built-in automation for regulatory and financial reporting processes.
Intuitive Accounting Interface: Employees can adjust faster to the accounting module due to the platform’s visual and functional similarity with Word and Excel.
Fast Data Access: Quickly access all necessary data and reports from anywhere within the U.S. Instantaneously update all changes throughout the server and eliminate inconsistencies in datasets.
Easy Data Sync: Automatically update data across multiple documents in real time by linking to each other. Save time spent on manual edits and deduplication.

Enhanced Decision Making: LogicManager equips organizations with comprehensive risk assessments and analytics, enabling leaders to make informed decisions by understanding the potential impact of risks on their strategic goals.
Streamlined Compliance Processes: The software simplifies compliance with regulatory requirements by automating the collection and management of relevant data, ensuring that organizations stay ahead of changes in regulations.
Improved Risk Visibility: With its centralized risk management framework, LogicManager provides a clear overview of all risk-related activities, highlighting areas of concern and enabling proactive risk mitigation strategies.
Efficient Resource Allocation: By identifying and prioritizing risks, LogicManager helps organizations allocate their resources more effectively, ensuring that attention is focused on the areas of highest impact.
Enhanced Collaboration: The platform fosters collaboration across departments by facilitating the sharing of risk information and strategies, breaking down silos and promoting a unified approach to risk management.
Customizable Reporting: LogicManager offers flexible reporting tools that allow users to create tailored reports that meet the specific needs of different stakeholders, providing relevant insights to support strategic planning.
Increased Operational Resilience: By enabling organizations to identify, assess, and mitigate risks, LogicManager helps build operational resilience, preparing businesses to respond effectively to unforeseen challenges.
Cost Savings: Through the early identification and management of risks, LogicManager can help organizations avoid costly incidents and losses, contributing to overall financial stability and performance.
Regulatory Compliance Assurance: The software's comprehensive compliance management features ensure that organizations can easily demonstrate adherence to industry standards and regulations, reducing the risk of penalties and reputational damage.
Continuous Improvement: LogicManager supports a culture of continuous improvement by providing tools for regular risk assessments and the monitoring of mitigation efforts, enabling organizations to adapt and evolve their risk management practices over time.

Enterprise Risk: Get a 360-degree picture of risk with dedicated assessment and remediation capabilities. Generate reports and perform internal audits to make informed business decisions.
- Risk Assessment: Track and assess risks in real time. Prepare risk assessment spreadsheets and act on critical risk information first.
- Aggregation and Analysis: Correlate and analyze multiple data sources to find the complete context behind risk information. Categorize risks by datasets like historic risk ratings, risk owners, pillars and more.
- Risk Prioritization: Prioritize critical risk throughout the environment with key risk indicator (KRI) information.
- Risk Reporting: Create up-to-date risk reports with data visualization options. Combine information from KRIs and risk owners with heat maps, graphs and scatter and bubble charts to prepare reports on enterprise risk.
Internal Audit Management: Streamline the auditing process with custom templates and automated evidence gathering, certification, reporting and planning tools. Access relevant data, manage audits and follow up on tasks.
- Audit Analytics: Automatically populate audit reports in a no-code environment to highlight any exceptions.
- Templates: Process audits faster with over 3,000 purpose-built AuditNet templates.
- Audit Reporting: Increase stakeholder and audit committee engagement with personalized audit reports. Tailor reports accordingly by elaborating on specific details.
- Follow Up: Automatically drill down into complicated reports to elaborate on observations and recommended courses of action.
Policy and Procedure Management: Manage policies and procedures across the entire organization. Maintain an up-to-date inventory of auditable policies and procedures.
- Policy Indexes: Correlate policies with regulations, controls, processes and risks to create an interconnected and centralized master index. Standardize policies with templates and automatically update changes.
- Review Permissions: Review and edit documents directly from the platform. Streamline the review process with automated assessments and audits.
- Document History: Track all edits to policy documents with full version history. Send documents for bulk approval and leave comments and reviews within the content.
- Attestation Tracking: Track policy status, link current document versions and schedule deadlines. Sign and approve policies from any device and export records for auditing purposes.
Internal Controls: Improve the visibility and security of risk information with internal controls. Allow risk and control owners to make updates with full transparency.
- Documentation: Implement role-based permissions to control access to information. Review, edit and update files in their native formats with the Microsoft Office 365 integration. Instantly visualize updates by linking data fields to narratives and flowcharts.
- Testing: Perform random sampling tests with single or bulk tasks. Monitor test progress, attach samples and communicate results from the dashboard. Automatically corroborate evidence and track response.
- Reporting: Run convenient and tailored reports for data fields including issues tracking, COSO mapping, status reporting and more. Deliver accurate risk information to senior management, business partners and stakeholders.
- Certification: Leverage letter templates, customizable certificates and reminders to establish an efficient certification process. Sign and approve certificates from any device with an internet connection.
FERC Reporting: Meet the Federal Energy Regulatory Commission’s (FERC) standards with accurate and prompt XBRL tagging. Work on connected datasets in real time to eliminate errors. Supported forms include electric (Form No. 1, 1-F, 3-Q, 714), gas (Form No. 2, 2A, 3Q), oil (Form No. 6, 6-Q) and service companies (Form No. 60).
SEC Reporting: Streamline the preparation and filing of proxy statements, tax disclosures, 10-Qs, 10-Ks, 8-Ks, 20-Fs, Section 16 and more. Comply with European regulations like Solvency II, CIPC, IFRS and more. Link datasets to narratives and consolidate both structured and unstructured information with EDGAR and XBRL services.
Capital Market Transactions: Implement a greater degree of control over debt, equity, IPO and M&A deals. Prepare documentation for capital market transactions, mergers, acquisitions, debt-offerings and take-private deals with preconfigured workflows.
- Speed and Accuracy: Link numbers and texts across multiple files to process transactional documentation faster. Streamline the evaluation process by automatically creating review, sign-off and commentary tasks within documents and reports.
- Risk Reduction: Eliminate inconsistent numbers, version inaccuracy and certification errors with a single consolidated data source. Maintain accountability, security and transparency with complete version history and permission-based access.

Limitations

At the time of this review, these are the limitations according to user feedback:

Users located outside the US can experience latency issues in the SOX module.
The NextGen platform has a few incomplete features and bugs.
Involves a steep learning curve.
High subscription charges.

Suite Support

Visit the vendor’s support center to learn more about using the platform; online resources include patch notes, beginner’s guides, articles, hot topics and transition assets. The community forum hosts discussions, events, webinars and feedback.

Email: [email protected].

Phone: (800) 706-6526. Additional phone numbers for customers in other regions are available on the vendor’s website.

Training: Log in to the vendor’s website to access the Learning Hub. Online training is available in the form of guided courses, videos, newsletters and simulations.

Tickets: Visit the vendor’s website to submit a support ticket.

Risk Management: Standardize the risk identification process with preconfigured, custom risk criteria. Identify systemic vulnerabilities and perform root cause analysis to pinpoint upstream and downstream dependencies, duplication and redundancies.
- Assessment: Use a preconfigured risk library to standardize remediation measures and establish a universal risk language across multiple business units. Use best practice regulations, standards and frameworks to prioritize the most critical risks and minimize business impact.
Risk Mitigation: Monitor risks and internal controls in real time and connect risks to associated controls, processes and resources. Automate workflows and notify risk owners of changes in local circumstances. Automatically diagnose misalignments, ineffective controls, redundancies and gaps in risk protection.
Risk Monitoring: Monitor key performance indicators (KPIs) and key risk indicators (KRIs) with integrated control solutions. Configure custom risk thresholds, incident report forms and automated workflows. Standardize risk assessments throughout the organization with common frameworks. Identify emerging risk trends to proactively address vulnerabilities.
Risk Reporting: Leverage the intelligent dashboard to run reports for audits, incidents, compliance, vendor management, SOX, business continuity and more. Improve stakeholder engagement with heat maps and data matrices. Automatically update existing reports and data visualizations to reflect new circumstances and information. Get a 360-degree view of remediation efficacy, controls and risk metrics with centralized controls and processes.
One-click Compliance: Choose from hundreds of pre-existing controls in line with applicable regulations, frameworks and standards. Link controls to associated compliance with a taxonomy-driven artificial intelligence.
Integrations: Integrate third-party applications with a simple, no-code, templated architecture. Some of the most popular integrations include Jira Software, DocuSign, Slack, Office 365, Google, etc.

Product Ranking

#9

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#50

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Analyst Rating Summary

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User Sentiment Summary

92%

of users recommend this product

Workiva has a 'excellent' User Satisfaction Rating of 92% when considering 587 user reviews from 3 recognized software review sites.

91%

of users recommend this product

LogicManager has a 'excellent' User Satisfaction Rating of 91% when considering 111 user reviews from 4 recognized software review sites.

4.6 (58)

4.2 (16)

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4.6 (36)

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4.6 (493)

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Awards

Synopsis of User Ratings and Reviews

Functionality: 69% of users who reviewed this aspect were satisfied with the platform’s functionalities, including internal controls and issue Testing, SOX narratives, auditing, and policy management.

Ease of Use: According to 61% of users mentioning this element, the platform’s intuitive UI makes it easy to use.

Sharing and Collaboration: All the users who mentioned this element said the platform made it easier to share documents and collaborate on projects.

Service and Support: 83% of users reviewing customer support said it’s highly responsive and knowledgeable.

Automation: 100% of reviewers mentioning automation found it helpful to learn and apply new formats and automate financial and regulatory processes.

Centralized Platform: LogicManager allows users to consolidate risk data, assessments, and mitigation plans in one place, providing a comprehensive view of an organization's risk landscape. This can be particularly helpful for organizations with multiple departments or business units, as it enables better collaboration and communication around risk management.

Customizable: The platform's flexibility allows users to tailor it to their specific needs and risk management frameworks. This includes the ability to create custom risk assessments, workflows, and reports. Customizable dashboards and reports provide insights into key risk indicators and trends, enabling data-driven decision-making.

User-Friendly Interface: LogicManager is generally considered to have an intuitive interface that is easy to navigate, even for users with limited technical expertise. This can help to encourage user adoption and engagement with the platform.

Integrations: LogicManager integrates with a variety of other business applications, such as GRC platforms, ERPs, and BI tools. This can help to streamline risk management processes and improve data accuracy.

Speed and Performance: 100% of users mentioning performance said they experienced bugs, glitches and slow upload and export speed on the NextGen platform.

Cost: All the users who reviewed this aspect found the system’s subscription charges higher than its competitors.

Training Resources: 60% of users mentioning this element said the platform requires more training material to compensate for its steep learning curve.

Steep Learning Curve: Many users report that LogicManager has a steep learning curve due to its complex interface and extensive features. This can make it challenging for new users to get up to speed quickly and efficiently.

Customization Challenges: While LogicManager offers customization options, some users find it difficult to tailor the platform to their specific needs. This can lead to frustration and a less-than-optimal user experience.

Reporting Limitations: Some users have expressed dissatisfaction with LogicManager's reporting capabilities, citing limitations in generating custom reports or extracting data in desired formats. This can hinder effective risk analysis and decision-making.

Workiva is a cloud-based comprehensive reporting platform that provides unrestricted global access to FERC and SEC reporting modules, internal controls, and audit and policy management tools for complete in-house risk management. The platform can be difficult to learn initially, but a responsive support team makes it easier to understand the functionalities. In addition, automated reporting processes add a lot of value to the platform. However, the NextGen platform has a few performance issues. Updates can cause temporary glitches and bugs, resulting in unforced errors in datasets. All in all, Workiva is a safe bet for vulnerability management software. In spite of high subscription costs, it’s an excellent candidate if you can fit it into your budget.

LogicManager, a cloud-based risk management solution, has been helping businesses for almost two decades. Its comprehensive features, like risk maturity modeling and assessment templates, enable organizations to identify, assess, and mitigate risks effectively. However, recent user feedback paints a mixed picture of the software's performance and value proposition. Users appreciate LogicManager's user-friendly interface and its ability to streamline risk management processes. The software's intuitive design and comprehensive features allow users to efficiently identify, assess, and mitigate potential risks, ultimately leading to improved business performance. Additionally, LogicManager's extensive user base and established reputation provide a sense of reliability and community support. However, some users express concerns about the software's cost and rigidity. The price point may be a barrier for smaller businesses or those with limited budgets. Additionally, the software's lack of flexibility can make it challenging to adapt to unique or evolving business needs. Compared to competitors like MetricStream and Archer, LogicManager offers a more user-friendly experience but may lack the advanced customization options of its counterparts. LogicManager appears well-suited for established businesses seeking a reliable and comprehensive risk management solution. Its ease of use and established track record make it a dependable choice for organizations looking to enhance their risk management practices. However, businesses with limited budgets or those requiring a high degree of customization may need to explore alternative options. It's important to note that software capabilities and market trends can change rapidly. Therefore, it's recommended to consult the latest online resources and reviews for the most current information before making a software decision.

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