More than half of senior executives surveyed by Ropes & Gray, rank “risk and compliance” as one of the top two risk categories they feel least prepared to address. ServiceNow Governance, Risk and Compliance (GRC) tools bring automation and continuous monitoring to Risk Management, replacing manual, reactive and inefficient processes.
No matter the size of the organization, efficient Risk Management is essential for enterprises to stay in business. ServiceNow Integrated Risk Management connects business, security and IT to identify, assess, manage and respond to risk in real-time. It eliminates siloes and gives business leaders an overarching view of potential risk events across the enterprise, fueling more data-driven decisions. Leaders gain access to not only the likelihood of risk events but also its business impact based on data compiled from across the extended enterprise.
An integrated view of risk with AI-provided risk scores and clear communication channels help avoid disruptions to service delivery and improves response to such events and remediation time. Risk identification and standardized responses to risk events reduce work interruptions thereby, improving productivity.
Benefits of ServiceNow Integrated Risk Management
Businesses struggle to support a risk culture with room for risk accountability. However, as with all of ServiceNow’s products, Risk Management works in close collaboration with other components of ServiceNow GRC module such as vendor risk management, policy and compliance, audit and business continuity management, ensuring transparency. With the NOW platform, executives can rest easy knowing that all their data is in one place and they can refer to ServiceNow as a single source of truth. The following are the benefits of ServiceNow IRM implementation:
Continuous monitoring: With automated data collection and validation, ServiceNow IRM keeps a constant watch for non-compliance and on high-risk areas based on Key Risk Indicators and Key Control Indicators. Data from across the enterprise, be it IT and finance or customer service and HR, is consolidated on the NOW platform for easy data access and monitoring.
Real-time dashboards: ServiceNow improves accountability and traceability and ensures maximum visibility at all levels via interactive dashboards. These dashboards provide real-time information on risk events. The system automatically triggers remediation and takes the users through the process with automated workflows. ServiceNow uses data from the dashboards to generate handy reports on risk factors, aiding in decision-making.
Risk register: ServiceNow allow businesses to create an exhaustive inventory of all risks with standard classification of risk events across the enterprise. The inventory helps provide clear ownership and improves visibility into areas that need immediate attention. The risk register also allow users to map risks and controls across the enterprise, thereby providing context.
NOW Mobile for Risk Management: Risk Managers can now access tasks, assessments, requests, approvals and other follow-up activities on a user-friendly app. Managers can approve pending tasks, assign tasks to their team and check task status on their phone.
Risk assessment: Enterprises can evaluate inherent risk and check where they stand on the GRC maturity scale with automated or manual self-assessments. The Advanced Risk Assessment engine, which supports multiple frameworks at a time, controls accuracy and eliminates the need to manually sift through data.
Building a resilient business with ServiceNow GRC
About 62% of organizations surveyed by Forrester reported to have experienced at least one critical risk event in the past three years. However, only 36% of organizations have a formal enterprise risk management program. ServiceNow GRC simplifies risk management with standardized and transparent processes. ServiceNow IRM works in tandem with Policy and Compliance Management, Audit Management and Vendor Risk Management to help businesses better their response to risk events and minimize business impact. As a Premier Partner, we help enhance existing processes with ServiceNow integration and bring automation to the forefront.
If you are new to ServiceNow, Aspire’s Implementation Maturity Model is all you need for successful ServiceNow implementation. The model covers end-to-end implementation of key ServiceNow modules, including ITSM, ITOM, and ITBM, with clearly defined implementation goals at each step of the process. This ensures the project is on track and the platform is fully operational in record time. To know more about AIMM, read our whitepaper.