Key Features

The illustration below shows the risk disciplines the Lockpath Platform addresses.

Overview

The Lockpath Platform addresses the three core challenges that permeate all aspects of risk enterprise-wide:

Compliance and Policy Management

Lockpath’s unique approach to compliance and policy management helps companies efficiently and effectively comply with multiple regulations while reducing costs associated with compliance activities. The Lockpath Platform allows companies to:

• Link UCF Authority Documents, controls, citations and audit questions to policies, procedures, assets, risks, incidents, vendors and business continuity plans for increased business context to control effectiveness
• Create corporate policies and procedures and manage them throughout their lifecycle.
• Aggregate and normalize compliance requirements from corporate compliance requirements, industry-specific regulatory guidelines, information security and privacy regulations, best practice IT frameworks, and more.
• Assess controls, gather attestations, and attach data to support the attestation.
• Perform a controls gap analysis to identify and prioritize remediation efforts.
• Determine the impact of a control change on the organization before you make it.
• Receive automatic notifications if an item changes to mitigate risk of non-compliance more quickly.
• Facilitate regulatory change management through Lockpath’s business process management and workflow capabilities.
• Document compliance incidents and violations and manage the remediation process from start to finish.
• Create real-time, executive-ready reports and dashboards to keep stakeholders abreast of compliance status at all times.

Risk Management

Lockpath’s comprehensive risk management capabilities allow companies to tell the whole story of their risk program, communicate objectively with reputable information, and justify risk management priorities and budget requests. With Lockpath, companies can:

• Interconnect and manage multiple risk disciplines in one centralized platform, including audit, business continuity, compliance and policy management, health and safety, IT risk, operational risk and third-party risk.
• View departmental risks in context of the business to better prioritize remediation efforts.
• Issue risk assessments to stakeholders and third parties and use conditional questions to gather additional information when needed.
• Determine and monitor Key Performance Indicators and Key Risk Indicators to mitigate risks before they become issues.
• Measure the effectiveness of risk-mitigating controls against established risk appetites and benchmarks to better align with business goals.
• Provide interactive, executive-ready dashboards and reports to keep key stakeholders and the Board of Directors abreast of the company’s risk posture at all times.

Audit Management

Lockpath’s audit capabilities support Internal Audit’s efforts as the third line of defense. These capabilities allow internal audit to:

• Define the audit scope based on authoritative sources in Lockpath
• Conduct risk assessments to determine areas of audit focus
• Manage the entire audit lifecycle from start to finish
• Auto-generate work papers based on regulatory citations and manage them throughout the audit process
• Gather and manage evidence to support audit findings
• Issue automatic notifications, reminders and follow-up activities based on a user-defined timeframe
• Create real-time, interactive reports and dashboards to keep stakeholders abreast of audit status at all times.