Risk and compliance management has become a key part of a CIO’s job role. Working with manual, complicated, and reactionary workflows leave you open to huge lawsuits and fines. New and strict global regulatory requirements like the GDPR (General Data Protection Regulation) for EU nations have made it near mandatory for you to evolve your organization for the digital age. On the other hand, company-wide changes are driven by many things like new business models, new technologies and partner relationships, as well as new ways to reduce cyber threats. Risk management, as a result becomes really complicated without complete visibility on all processes.
One of the simplest ways of eliminating manual processes and increase compliance and risk management that also increase employee productivity is through investing in enterprise service management software like ServiceNow.
How does ServiceNow eliminate risks of manual process and increase compliance?
ServiceNow’s Governance, Risk, and Compliance (GRC) module helps companies digitally transform their organizational processes that help them with risk management and compliance increase. ServiceNow helps you migrate from inefficient silos into an integrated enterprise service management where every process visibility is increased. ServiceNow helps provide real-time visibility over processes, improves decision making capabilities, and increases performance and employee productivity. ServiceNow helps with:
1) Risk management: ServiceNow helps you discover and evaluate the business impact of events based on complete data compiled from various processes across your enterprise
2) Policy and compliance management: ServiceNow helps you automate best practice lifecycles, merge compliance processes, and ensures their effectiveness
3) Audit management: ServiceNow helps you prioritize audit engagements by leveraging all the risk data computed and optimizes your resources around audits
4) Vendor risk management: ServiceNow helps you put in place standardized processes that manage risks assessments through the lifecycle with due diligence and risk response measures in place
ServiceNow Governance, Risk, and Compliance (GRC) Use Cases
ServiceNow was as named a “leader” in the 2018 Magic Quadrant for integrated risk management. Some of the best use cases for ServiceNow GRC include:
1) Creating a governance framework and testing compliance controls that includes policies, laws, and best practices in a unified system that can automate repetitive processes after defining
2) Defining a risk register and automating risk assessments using scheduled self-assessments to collect data about existing and emerging risks, and verifying risk management controls in place
3) Implementing real-time monitoring controls by identifying noncompliant controls by managing Key Risk Indicator (KRI) and Key Performance Indicator (KPI) library through automated data validation and evidence gathering
4) Assessing vendor risk using portfolio management features that let you to bring together all vendors into a single catalog
Ready to take the automation leap with ServiceNow? Give us a call at ProV!
ProV are long-term partners for ServiceNow products and services and offer wide array of ServiceNow services that help manage your software licenses, usage and compliances better so you get the most out of your investment each time. To get started on your effective automation journey, take our FREE Consultation today!
