Continuously monitors risk exposure, improves risk-based decision-making, and reduces reaction time with ServiceNow Operational Risk Management.
Operational risk management
ServiceNow Operational Risk Management is a module under the ServiceNow Integrated Risk Management suite that helps organizations identify, assess, and mitigate operational risks across the enterprise.
It provides a centralized platform for managing operational risks.
Also, it enables organizations to identify and prioritize risks, implement controls to mitigate risks, and continuously monitor and report on risk management activities.
ServiceNow Operational Risk Management Process
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Risk Identification
Identify potential risks that may affect the organization. You can determine through various means, such as incident reports, audit findings, and risk assessments.
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Risk Assessment
Get a structured approach to risk assessment with ServiceNow Operational Risk Management Process to assess the likelihood and potential impact of identified risks.
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Risk Mitigation
Get a framework for developing and implementing risk mitigation plans, assigning responsibility for control implementation, and monitoring the effectiveness of controls.
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Risk Monitoring
Monitor risks and ensure their management is appropriate. ServiceNow ORM provides real-time risk monitoring capabilities to identify and respond to emerging risks.
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Compliance Management
Ensure compliance with relevant laws, regulations, & standards. Get a framework for compliance management to track needs and assess risks with ServiceNow ORM.
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Reporting and Analytics
ServiceNow operational risk management provides dashboards and reports to monitor risk management activities, track key risk metrics, and identify improvement areas.
Benefits of ServiceNow Operational Risk Management
Improved Risk Visibility
Provide a comprehensive view of operational risks across the organization. It helps to identify and prioritize risks and enables stakeholders to make informed decisions to mitigate them.
Streamlined Processes
Processes, making them more efficient and effective. It helps to automate risk assessments, control testing, issue tracking, and reporting, reducing the burden of manual processes.
Better Collaboration
Improve alliance between risk management teams and other stakeholders, like business units and IT. It provides a common platform to share data, track risks, and coordinate actions.
Integrated Risk Management
Integrate modules, such as GRC, ITSM, and SecOps, enabling organizations to take a holistic approach to risk management. Get real-time insights and analytics to improve their risk posture.
Compliance Management
Provide a framework for compliance management complying with regulations & standards such as ISO 31000, COSO, & NIST. Assess and manage compliance risks, automate tasks, and track activities.
Enhanced Decision Making
Provide real-time risk data, enabling stakeholders to make informed decisions based on the latest data. It also provides analytics and reporting to identify trends and prioritize efforts.
Agile Development Features
Iterative and Incremental Development
It means the built software is in small increments or iterations. With each iteration delivers working software that can be reviewed and evaluated.
Customer Collaboration
Ensure the developed software meets the customer’s needs, emphasizing collaboration between the development team and users.
Adaptive Planning
Emphasizes adaptive planning, which involves planning and re-planning based on feedback and recognizing changing needs and priorities.
Continuous Integration and Testing
It means code is integrated and tested frequently throughout the process, catching defects early & ensuring the software is high quality.
Focus on Value
The development team focuses on delivering software that meets the customer’s needs rather than simply following a set of predefined tasks
Time-boxed Iterations
Involve breaking down the development into time-boxed iterations or sprints, ensuring the team stays on track and makes regular progress.
ServiceNow for Agile Development
Backlog Management
ServiceNow provides a flexible and customizable backlog management system, supporting the Agile development process. This system allows teams to create, prioritize, and manage user stories, bugs, and other issues.
Collaboration and Communication
ServiceNow is a collaborative platform enabling teams to work together effectively. It provides features for sharing data, team member interaction, and task collaboration. Also, it includes chat and messaging tools to facilitate real-time communication.
Integration with Other Tools
ServiceNow integrates with a wide range of third-party tools and systems, including development, testing, and project management tools. This integration enables teams to streamline workflows, eliminate manual tasks, and increase efficiency.
Portfolio Management
ServiceNow enables managing an entire portfolio of software development projects using Agile. It provides tracking project status, monitoring progress, & identifying resource constraints. Prioritize projects based on business value & goal alignment.
Agile Dashboards
ServiceNow provides pre-built, customizable Agile dashboards that enable teams to monitor project progress, identify risks, and track KPIs. The dashboards provide real-time visibility into project status and allow teams to make data-driven decisions.
Sprint Management
ServiceNow enables teams to plan, execute, and monitor sprints using Agile. It allows teams to set sprint goals, select backlog items to work on, estimate effort, and track progress. Also, it operates daily meets, sprint reviews, & retrospectives.
Reporting and Analytics
ServiceNow provides powerful reporting & analytics capabilities helping teams to monitor progress, identify bottlenecks, & make data-driven decisions. It includes pre-built reports & dashboards and the ability to create custom reports and visualizations.
Release Management
ServiceNow enables teams to plan & manage software releases using Agile. It provides features to create and manage release plans, track progress, & coordinate. Also, it supports continuous integration and delivery integrating with DevOps tools.
Agile Scrum Board
ServiceNow provides an Agile development Scrum board that supports the visualization of work items and status tracking. The Scrum board is highly customizable and provides features for managing sprint tasks, backlog items, and team capacity.
Agile Process Automation
ServiceNow enables teams to automate routine Agile processes using workflows and automation rules. For example, teams can automate the creation of backlog items, assign tasks to teams, and send notifications based on specific events or triggers.
ServiceNow Operational risk management Roles
Risk Manager
Responsible for defining the risk management framework, developing processes, and ensuring regular performance. They also oversee the risk mitigation plans and monitor the progress of risk mitigation efforts.
Business Unit Owner
Responsible for estimating the effort required to complete the work and delivering working software at the end of each iteration. The development team includes developers, testers, designers, and other technical experts who work together to implement the software features.
Control Owner
Responsible for designing and implementing controls to mitigate identified risks. They work closely with the Business Unit Owner and the Risk Manager to ensure effective management and follow them.
IT Manager
Responsible for identifying and assessing risks related to IT systems and infrastructure. They work closely with the Risk Manager to develop risk mitigation plans and ensure IT-related risk management effectively.
Compliance Manager
Responsible for ensuring the organization’s compliance with relevant laws, regulations, & standards. They work closely with the Risk Manager to identify compliance risks and develop appropriate risk mitigation plans.
Auditor
Responsible for conducting periodic audits to ensure risk management processes work effectively. They review risk assessments, controls, and mitigation plans to identify improvement areas & make recommendations.
How Can Aelum Consulting Help with ServiceNow Agile Development?
Aelum Consulting is a Premier ServiceNow partner specializing in helping organizations implement and optimize their ServiceNow instances. We can help with ServiceNow Agile development by providing the following services:
ServiceNow Agile implementation
We can help organizations implement ServiceNow Agile using industry best practices. It includes setting up Agile workflows, configuring boards, and integrating tools with other modules.
ServiceNow Agile Optimization
We can help organizations optimize their ServiceNow Agile implementation by identifying areas for improvement, streamlining processes, and automating manual tasks.
ServiceNow Agile training
We can provide team training and support to become more proficient with ServiceNow Agile. It includes training on Agile methodologies, ServiceNow tools, and best practices.
ServiceNow Agile reporting and analytics
We can help leverage the ServiceNow reporting and analytics into Agile development processes. It includes setting KPIs & tracking metrics like velocity, cycle time, & burn-down charts.
ServiceNow Agile integration
We can help integrate ServiceNow Agile with third-party tools and systems. It includes setting integrations, configuring data flows, and automating data exchange between systems.
ServiceNow Agile customization
We can help customize ServiceNow Agile to meet specific needs. It includes creating custom fields, workflows, and notifications & developing custom integrations with other systems.
ServiceNow Agile governance
We can help establish governance processes to ensure ServiceNow Agile adheres to organizational standards, policies, & regulations. It includes defining duties, approval workflows, & audit trails.
ServiceNow Agile Mentoring
We can provide mentoring to help optimize ServiceNow Agile development practices. It includes guiding Agile methodologies, facilitating ceremonies, and offering feedback.
ServiceNow Agile project management
We can provide project management services to help organizations plan, execute, and deliver ServiceNow Agile development projects. It includes setting up plans, monitoring progress, & managing risks.
ServiceNow Agile roadmap planning
We can help develop a ServiceNow Agile roadmap aligned with business goals and priorities. It includes identifying improvement areas, setting goals, and implementing ServiceNow Agile development.
By partnering with Aelum Consulting, organizations can leverage the expertise of experienced ServiceNow consultants to optimize their Agile development processes and achieve better outcomes. We can provide tailored solutions to meet each organization’s unique needs and help them achieve their goals for Agile development using the power of the ServiceNow platform.
Agile Development Best Practices
Prioritize customer satisfaction
Put customer satisfaction at the top of the priority lists. Hence, teams should always focus on delivering value to customers through continuous collaboration, feedback, and improvement.
Adopt an iterative approach
An iterative approach that involves short cycles of planning, executing, and delivering. Teams should break down work into smaller, manageable chunks and deliver value incrementally.
Foster collaboration and communication
Rely on collaboration and communication among teams, users, and stakeholders. Teams should foster open communication, encourage reviews, & involve stakeholders in various processes.
Practice Agile rituals
Teams should practice & use these rituals as opportunities to align, plan, and reflect on their work. Includes several rituals, like daily stand-up meetings, sprint planning, or retrospectives
Use Agile metrics
Teams should use these metrics to measure progress, identify bottlenecks, and improve their processes. Includes several metrics, such as velocity, burn-down charts, and cycle time
Embrace change
Based on the principle of embracing change. Teams should expect changes in requirements, priorities, and deliverables and should be able to adapt to those changes quickly.
Practice continuous improvement
A continuous improvement approach. Teams should regularly reflect on their work, gather feedback, and look for opportunities to improve their processes, tools, and techniques.
Empower the team
Empower teams to make decisions, take ownership of their work, and self-organize. Give autonomy to decide how to approach their work & support with the right tools, resources, & training.
Focus on quality
Emphasize delivering quality software meeting customer needs. Teams should focus on building quality into their processes and use practices to ensure their code is always releasable.
Continuously learn and improve
Teams should embrace a growth mindset, experiment with new ideas, and continuously seek review to drive their development forward through continuous learning and improvement.
Frequently Asked Questions
Agile Development Model is an iterative and incremental approach to software development that focuses on delivering small, working pieces of software frequently.
Agile Development Environment is a collaborative and flexible work environment that promotes teamwork, communication, and continuous improvement.
Agile Development Methodology is a set of principles and practices that guide software development teams to deliver high-quality software products quickly and efficiently.
Yes, Aelum Consulting can integrate ServiceNow BCM with other ServiceNow applications as well as third-party systems to provide a more holistic view of an organization’s operations and risks.
Agile Development Scrum is a framework that enables teams to work collaboratively on complex projects by breaking them down into smaller, more manageable pieces.
Agile Development Kanban is a visual project management tool that helps teams manage their work by visualizing the workflow, limiting work in progress, and optimizing the flow of work.
Agile development and deployment can be challenging in projects that require extensive planning, have rigid deadlines, or involve large, geographically dispersed teams.
The 4 core values of Agile are:
- Individuals and interactions over processes and tools
- Working software over comprehensive documentation
- Customer collaboration over contract negotiation
- Responding to change by following a plan
Yes, Agile project management principles and practices can be used outside software development in various industries, including construction, marketing, and healthcare.
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