Manage enterprise risk, compliance, & audit processes with ServiceNow IRM.
Integrated Risk Management
ServiceNow IRM (Integrated Risk Management) is a comprehensive suite of tools and services designed to help organizations identify, assess, and manage risks across their enterprise. It is a cloud-based platform that enables businesses to streamline their risk management processes, including compliance, audits, and remediation.
ServiceNow IRM allows businesses to consolidate their risk data, automate processes, and provide real-time visibility into risk exposure, making it easier for teams to assess and respond to threats quickly. The platform includes several modules that work together to provide a complete risk management solution.
Key features of ServiceNow IRM
Risk Management:
You can use this module to identify, assess, and manage enterprise risks. It provides a central repository for risk information and enables organizations to perform risk assessments, develop mitigation strategies, and track risk remediation efforts.
Policy and Compliance Management:
You can use this module to manage policies, procedures, and compliance activities. It provides capabilities for mapping regulatory requirements to controls, monitoring compliance activities, and reporting on compliance status.
Vendor Risk Management:
You can use this module to manage risks associated with third-party vendors. It enables organizations to assess vendor risks, track compliance with contractual obligations, and ensure that vendors meet regulatory requirements.
Audit Management:
You can use this module to manage the entire audit lifecycle, from planning and preparation to execution and reporting. It enables organizations to schedule audits, assign tasks, and track audit findings.
Business Continuity Management:
You can use this module to develop and implement business continuity plans. It provides capabilities for identifying critical business functions, developing response strategies, and testing and exercising those plans.
Operational Risk Management:
You can use this module to identify and assess risks associated with business operations. It provides capabilities for recommendations for mitigation and tracking progress on remediation efforts.
IT Risk Management:
You can use this module to identify, assess, and manage IT-related risks. It provides capabilities to evaluate the effectiveness of IT controls, track vulnerabilities, and manage security incidents.
Better Service Integration:
Allows service integration and management across multiple departments, vendors, and providers, providing a holistic view of service delivery.
3 Benefits of ServiceNow IRM
ServiceNow IRM offers several benefits for organizations that adopt the platform. Here are some of the key benefits:
Streamlined Risk Management:
ServiceNow IRM provides a centralized platform for managing all aspects of risk management, including compliance, audits, vendor risk, business continuity, and operational risk. This streamlined approach helps organizations save time and resources, focusing on addressing critical risks.
Improved Risk Visibility:
ServiceNow IRM provides real-time visibility into an organization’s risk posture, making it easier for teams to quickly assess and respond to threats. This visibility enables organizations to identify emerging risks and respond to them before they become major issues.
Automation of Risk Management Processes:
ServiceNow IRM automates several risk management processes, reducing the need for manual intervention. This automation helps organizations to save time, reduce errors, and improve efficiency.
Improved Compliance:
ServiceNow IRM helps organizations to meet regulatory requirements by automating compliance management processes. This automation ensures that organizations can quickly identify regulatory changes, assess their impact on the business, and implement changes to ensure compliance.
Reduced Costs:
ServiceNow IRM helps organizations to reduce compliance costs by automating compliance management and providing a centralized platform for managing all aspects of risk. This centralized approach eliminates the need for multiple-point solutions, reducing the cost of managing risk.
Policy and Vendor Risk Management:
ServiceNow IRM provides capabilities for managing third-party vendor risks and enforcing policies and procedures that align with industry regulations and standards. It includes the ability to assess vendor risks, track compliance with contractual obligations, and ensure that vendors meet regulatory requirements.
Audit Management:
ServiceNow IRM provides capabilities for managing the entire audit lifecycle, from planning and preparation to execution and reporting. It includes the ability to schedule audits, assign tasks, and track audit findings.
Business Continuity Management:
ServiceNow IRM provides capabilities for developing and implementing business continuity plans. It includes the ability to identify critical business functions, develop response strategies, and test and exercise those plans.
Operational Risk Management:
ServiceNow IRM provides capabilities for identifying and assessing risks associated with business operations. It includes the ability to share recommendations for mitigation and track progress on remediation efforts.
Risk Analytics and Reporting
ServiceNow IRM provides capabilities for analyzing and reporting on risk data across the enterprise. It includes the ability to create custom dashboards and reports to provide real-time visibility into risk exposure.
A Complete Process to Implement ServiceNow IRM in Your Organization!
Implementing ServiceNow IRM (Integrated Risk Management) in your organization typically involves the following steps:
Configure ServiceNow IRM:
Once you have selected the appropriate modules, configure ServiceNow IRM to meet your organization’s specific needs. It includes configuring the workflows, data fields, reports, & dashboards.
Integrate ServiceNow IRM with other systems:
You may need to integrate ServiceNow IRM with other systems in your organization, such as your ERP, GRC, or security information and event management (SIEM) systems.
Select the appropriate ServiceNow IRM modules:
Based on your risk management strategy and evaluation of your current risk management practices, you need to select the proper ServiceNow IRM modules to implement.
Define your risk management strategy
Before implementing ServiceNow IRM, you need to define your risk management strategy. It includes identifying your goals & framework and selecting the appropriate methodologies and tools.
Evaluate your current risk management practices:
You need to evaluate your current risk management practices to identify gaps or areas for improvement. It includes assessing your risk management processes, procedures, and tools.
Select the appropriate ServiceNow IRM modules:
Based on your risk management strategy and evaluation of your current risk management practices, you need to select the proper ServiceNow IRM modules to implement.
ServiceNow IRM Roles
ServiceNow IRM includes several roles, each with specific responsibilities and permissions. Here are some of the key roles in ServiceNow IRM:
Administrator:
The administrator is responsible for managing the ServiceNow IRM platform. It includes configuring the system, managing user roles and permissions, and setting up integrations with other systems.
Risk Manager:
The risk manager is responsible for identifying and assessing risks, developing risk mitigation strategies, and monitoring risk exposure across the enterprise.
Compliance Manager:
The compliance manager ensures that the organization complies with regulatory requirements and industry standards. It includes developing compliance policies and procedures, monitoring compliance activities, and reporting on compliance status.
Auditor:
The auditor is responsible for planning and conducting audits, collecting and analyzing data, and reporting on audit findings. It includes assessing the effectiveness of controls, identifying control deficiencies, and recommending remediation actions.
Business Continuity Manager:
The business continuity manager is responsible for developing and implementing business continuity plans. It includes identifying critical business functions, developing response strategies, and testing and exercising those plans.
Vendor Risk Manager:
The vendor risk manager manages third-party vendor risks. It includes assessing vendor risks, monitoring vendor compliance with contractual obligations, and ensuring that vendors meet regulatory requirements.
Security Operations Manager:
The security operations manager is responsible for managing the security of the ServiceNow IRM platform. It includes configuring security controls, monitoring system activity, and responding to security incidents.
ServiceNow IRM with Aelum Consulting!
Aelum Consulting is a consulting firm that specializes in ServiceNow implementation and optimization services. Aelum Consulting can help your organization with ServiceNow IRM in the following ways:
ServiceNow IRM Implementation:
Aelum Consulting can assist your organization in implementing ServiceNow IRM. It includes defining your risk management strategy, evaluating your current risk management practices, selecting the appropriate ServiceNow IRM modules, configuring the platform to meet your specific needs, and integrating it with other systems.
ServiceNow IRM Optimization:
Aelum Consulting can help your organization optimize your existing ServiceNow IRM implementation. It includes reviewing your current implementation, identifying areas for improvement, and making recommendations for optimizing the platform to meet your evolving needs.
ServiceNow IRM Training:
Aelum Consulting can provide training and support to your users to ensure they can effectively use ServiceNow IRM. It includes providing training on how to use the platform, how to conduct risk assessments, and how to track risk remediation efforts.
ServiceNow IRM Customization:
Aelum Consulting can help your organization customize ServiceNow IRM to meet your specific needs. It includes configuring workflows, data fields, reports, and dashboards to reflect your unique risk management needs.
ServiceNow IRM Integration:
Aelum Consulting can help your organization integrate ServiceNow IRM with other systems in your organization, such as your ERP, GRC, or security information and event management (SIEM) systems.
Frequently Asked Questions
ServiceNow IRM includes a variety of modules, including Risk Management, Compliance Management, Vendor Risk Management, Audit Management, Business Continuity Management, IT Risk Management, and Operational Risk Management.
ServiceNow IRM helps organizations manage compliance by providing a centralized platform for tracking compliance requirements, monitoring compliance activities, and identifying areas of non-compliance. It also helps organizations manage compliance risks more effectively.
ServiceNow IRM helps organizations manage vendor risk by providing a centralized platform for tracking vendor risks, monitoring vendor activities, and assessing vendor compliance with regulatory and contractual requirements. It also helps organizations to manage the risk associated with their third-party vendors more effectively.
You can integrate ServiceNow IRM with a variety of other systems, such as your ERP, GRC, or security information and event management (SIEM) systems. It allows organizations to leverage existing data and tools and create a more comprehensive risk management program.
To get started with ServiceNow IRM, you can reach out to a ServiceNow implementation partner, such as Aelum Consulting, who can help you with the implementation process. Alternatively, you can reach out to ServiceNow directly to learn more about the platform and its capabilities.
Not only large-scale organizations, but ServiceNow IRM is suitable for all sizes of companies. The design of this platform is flexible and scalable, so it can be customized to meet your organization’s specific needs, regardless of size.
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