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Maximize Risk Visibility Using ServiceNow IRM

  • By Aelum Consulting
  • August 29, 2023
  • 951 Views

Enhancing resilience and preparing for potential disruptions are crucial for organizations to maintain their business operations.

For instance, a violation of GDPR regulations within the Customer Services department could lead to legal complications, while vendor quality issues might impact business continuity.

To effectively identify, prioritize, and address such issues before they escalate into significant business risks, enterprises need to embed risk and compliance measures into cross-functional workflows, incorporating risk management, cybersecurity, and privacy by design principles.

By utilizing ServiceNow IRM to manage a robust risk and compliance framework, organizations can significantly improve risk visibility, align IRM (Integrated Risk Management) efforts with their business priorities, and gain proactive insights that enable swift and appropriate actions.

ServiceNow IRM leverages the aggregation of various process and asset data on its platform, offering a comprehensive and integrated risk solution across the entire enterprise.

What Risk Challenges Do Businesses Have to Deal With?

In the present era, a significant number of organizations have adopted a reactive approach to overseeing and managing risks. They tend to wait until a high-profile incident, noteworthy news development, or legislative alteration compels them to reevaluate their existing risk management systems. However, it is crucial to recognize that such a strategy carries inherent perils. This often results in a risk reporting structure that is narrowly concentrated, dispersed, duplicative, costly, and detached from the genuine factors steering company value and performance.

By harnessing the capabilities of ServiceNow Integrated Risk Management tools and technology, organizations can transform their ineffective procedures into a cohesive, integrated risk program. ServiceNow delivers a real-time perspective on compliance and risk through automation and continuous monitoring, thereby augmenting decision-making and overall performance across the entire organization, including interactions with vendors.

In this unified risk framework, ServiceNow establishes connections among business, security, and IT, while streamlining formerly manual, isolated, and ineffective operations onto a single platform. By mitigating the likelihood of financial penalties, legal repercussions, data breaches, or damage to reputation resulting from non-compliance, an organization gains the ability to effectively manage risks.

Leveraging ServiceNow IRM empowers your organization to:

  1. Execute comprehensive life cycles for identifying and resolving risks.
  2. Manage risks at all organizational levels.
  3. Attain comprehensive and timely insights into risks.
  4. Make informed decisions at the executive level, influenced by risk considerations.

ServiceNow IRM

What is ServiceNow IRM?

Also known as ServiceNow GSM, the IRM module is an advanced integrated risk management solution that is specifically designed for the cloud environment. Operating under the Software-as-a-Service (SaaS) model and utilizing an enterprise platform, it offers a modern approach to risk management.

With ServiceNow IRM, the integration, processes, and communication across multiple disciplines and functions are streamlined within a centralized repository encompassing all systems, people, and applications. This foundational organizational model facilitates quick operationalization and automation of risk and control frameworks, leading to reduced complexity in compliance, testing, and overall compliance burden.

Being an integrated risk solution, ServiceNow IRM empowers organizations to manage risks effectively across their enterprise. Through automation and continuous monitoring, it provides real-time visibility into compliance and risk, enabling informed decision-making and improved performance.

Key Features of ServiceNow IRM

Here are some of the features of ServiceNow IRM:

Policy and Compliance Management

ServiceNow IRM allows organizations to create, manage, and track policies and compliance requirements in one system. It also provides a centralized view of compliance activities across the organization.

Risk Management

ServiceNow IRM helps organizations identify, assess, and prioritize risks across the enterprise. It also facilitates a framework for managing risks and monitoring risk mitigation activities.

Vendor Risk Management

ServiceNow IRM enables organizations to manage vendor risks by assessing and monitoring vendor compliance with policies and regulations. It also provides a centralized view of vendor risk across the organization.

Audit Management

ServiceNow IRM streamlines the audit process by providing a centralized system for managing audit activities, tracking audit findings, and monitoring remediation activities.

ServiceNow IRM

Policy and Compliance Analytics

ServiceNow IRM provides analytics and reporting capabilities to help organizations monitor policy and compliance activities, identify trends, and make data-driven decisions

Business Benefits of Using ServiceNow IRM

ServiceNow IRM offers significant advantages by enhancing control, speed, and cost-effectiveness in compliance management. It achieves this by establishing streamlined and automated processes that integrate key organizational areas, such as HR, IT, and Finance, while consolidating compliance, risk, internal, and external audit functions within a single platform.

Here are some additional benefits of ServiceNow IRM:

Maximize Risk Resiliency

By providing enhanced visibility into risk and compliance efforts, ServiceNow IRM enables streamlined and automated cross-functional workflows supported by artificial intelligence capabilities leveraging the central data repository (CMDB). This simplifies decision-making processes, reduces errors, and facilitates the alignment of resilience initiatives across the organization.

Identify Risks in Real-Time

ServiceNow IRM allows for quick responses to business and regulatory changes by minimizing the threat of disruption and identifying high-risk areas, non-compliance risks, or changes in vendor status. Continuous and automated risk and compliance monitoring provides real-time visibility into critical vulnerabilities, enabling effective decision-making and prioritization of investments.

Cut Compliance Costs and Resource Requirements

Through continuous and automated risk and compliance monitoring, ServiceNow IRM accelerates compliance testing, reduces the risk of non-compliance, and improves audit assurance. By leveraging risk data, organizations can optimize resources around internal audits, standardize processes, and establish a central repository of controls, resulting in cost savings and reliable control evidence.

Save Time and Optimize Productivity Through Automation

ServiceNow IRM automates administrative, repetitive, and complex governance, risk, and compliance processes, such as evidence collection. This reduces audit costs, minimizes errors, and allows employees to focus on addressing small risks before they escalate. User-friendly interfaces promote adoption and optimize productivity.

Scale With the Business

ServiceNow IRM offers out-of-the-box components that enable organizations to scale their risk management programs and efficiently meet compliance requirements.

How to Implement ServiceNow IRM

Here is how you can implement ServiceNow within your organization:

ServiceNow IRM

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