In this fast-growing technology environment, enterprises are expected to stay on top of the risks to tackle the cybersecurity threats, IT, vendor, and digital risks. Organizations that follow a manual workflow process are at higher risk with many new regulatory standards on their way.
In recent times, enterprises running on a legacy GRC (governance risk compliance) solution have faced digital disruptions leading to revenue and productivity loss.
A robust grc integrated risk management program within the organization will keep the board of directors updated on the current risk status. Being the Gartner’s Magic Quadrant leader in IT Risk Management, ServiceNow GRC Solution effectively manages the risks from cybersecurity, IT, Compliance, internal policies, or vendor. The following ServiceNow GRC security modules are the pillars in enterprise governance risk and compliance implementation.
Enterprise Risk Management
With customized workflows in place, risk management can be effectively managed well across the organization without any negative impact on business continuity. Real-time insights allow the manager to make a faster decision on the go.
Policy and Compliance Management
Non-compliance costs firms an average of $4,005,116 in lost revenue
Decentralized internal policies, manual lifecycle & compliance processes, and siloed standard operating procedures create overheads for any organization. ServiceNow Policy and Compliance solution unifies the policies and compliance in a single dashboard view in consideration with SOX or PCI regulations.
The IT governance leadership team gains complete control in avoiding the risks with the available real-time insights. A well-placed unified compliance framework reduces manual compliance processes.
“In 2019, financial institutions paid $36 billion fine due to non-compliance standards”
In the last two decades, data breaches in enterprises led to severe financial and data loss. ServiceNow Audit Management solution lays the foundation for audit strategy in an organization to overcome the recurring risk findings. The internal audit team can document all the activities from planning, assessing, tracking, incident & evidence recording to reporting.
With these gathered real-time insights, the leadership team can make the right decision at the right time to mitigate the risk that involves data loss.
Vendor Risk Management
According to BITSIGHT, “82% of the organizations still use spreadsheets to manage the risk.”
In most recent studies, more than half of the data breaches occur only through third-party vendors. ServiceNow Vendor Risk Management solution streamlines the organization to achieve transparency in automated processes, risks assessments, and to-do tasks associated with all the vendors. A single source of a database with complete vendor information can be managed and monitored seamlessly. The self-service portal ensures that the system has the latest vendor information.
Unique vendor portal gives a holistic view of vendor collaboration, communication, assessment status, and issues. With all this in place, an enterprise can better manage third-party risks and mitigate issues in a quick turnaround time.
A well-planned enterprise governance risk compliance solution will strengthen the business performance and stay on top to mitigate the risks in the future. ServiceNow GRC solution is one of its kind to reach that sweet spot.
Joshua is a process improvement thought leader and digital transformation expert at KANINI. Over the past 15 years, his focus has always been on achieving organizational maturity and enhancing business processes through implementing tools and workflows to drive transformation initiatives. With experience in multiple verticals from – manufacturing to healthcare, Joshua brings a practitioner’s perspective when working on business solutions and goals to allow him to advise and guide on industry and process best practices.