Governance, Risk, and Compliance (GRC) is an application that is intended to manage the regulatory requirements of an enterprise strategically. An intelligent GRC application monitors change management continuously, communicates critical issues, predicts threats in real-time, and enables timely remediation. It helps evaluate the right assets, respond to business risks, conduct audits, manage policies, and create controls. An intelligent application will also reduce the time to take business decisions, remove silos, eliminate redundancies, and enforce accountability. A CIO article mentions, “Think of GRC as a structured approach to align IT with business objectives. It helps manage risks and meet compliance requirements.”
Enterprise GRC working model has silos working, thinking, and structurally self-governing. ServiceNow comes with a Governance, Risk, and Compliance module that empowers organizations to automate and provide a far-reaching understanding of all GRC activities in a single module with real-time monitoring of risks.
ServiceNow GRC is a robust framework that automates the process with dependencies in mind and better manages time vs. work flow. The application empowers enterprises to modernize their legacy techniques of managing corporate governance, risk, and compliance. ServiceNow GRC brings all GRC management activities in one place with a dashboard's help, providing enterprises real-time visibility into threats.
The existing GRC frameworks and their underlying IT systems and processes lack the ability to deliver desired results in the era of new business models and digital technologies. They don’t enable organizations to make analytics-driven decisions. To resolve the existing challenges, organizations need a Governance, Risk, and Compliance framework that can align with the emerging business and operating environments. ServiceNow GRC is adaptive to future changes and eliminates or minimizes overlaps in risk management activities across functions. It can proactively detect potential risks, patterns, and trends that account for most losses to organizations.
The seven steps that organizations must follow to automate their GRC processes are:
Following these steps will help the organization scale the GRC system with business, reduce resource requirements, control risks, improve operational efficiency, and provide real-time insights.
The four critical applications that organizations can use to grow as their needs change are:
The ServiceNow Audit Management application helps internal teams automate the complete audit life cycle. This application enables auditors to quickly find out engagement opportunities, conduct fieldwork, gather evidence, and track audit observations.
ServiceNow Risk Management application helps identify the impact of risk on the business processes and the organization. Organizations can automate their workflows and risk scoring, identifying, evaluating, responding, and monitoring risks accurately.
ServiceNow Policy and Compliance Management application provides a centralized platform for automation of best practice lifecycles & compliance processes and ensuring the effectiveness of policies and compliance. Organizations can save time and money, reduce risks, simplify compliance, & obtain role-based dashboards that are accessible anytime, anywhere.
The Vendor Risk Management (VRM) application enables organizations to manage the vendor portfolio, assess the vendor risks, and smoothly complete the remediation life cycle. This application evaluates vendors, determines the risk they might put the organization into, and guides them with a robust application process.
Organizations deal with several challenges in their day-to-day business activities. For instance, stakeholders need high transparency in the system. However, costs are involved in providing them a transparent system and meeting the industry's regulations. The management team also faces several challenges in terms of risks associated with the growth of third-party relationships and their impact on the company.
Governance, Risk, and Compliance help all organizations—small, large, private, or public—stay on top of business objectives and programs. Multiple stakeholders can use the GRC application in the organization. They are:
ServiceNow GRC transforms inefficient processes of an organization into an integrated risk program. Organizations obtain a real-time view of compliance and risk and improve the decision-making process and systems’ performance. ServiceNow GRC:
Several organizations use spreadsheets that slow down the Governance, Risk, and Compliance process and lead to inconsistencies, errors, and duplication. The ServiceNow GRC application can resolve these challenges. Some of the benefits that organizations can achieve by implementing ServiceNow GRC are:
The organization must transform its GRC processes to replace or enhance existing solutions and deliver overall value. Transformation of existing processes requires comprehensive review and validation of all the aspects of the current solution such as governance, approach, methodology, framework, policy, models, tools, procedures, and reporting across the life cycle of risk and compliance.
If you’re interested in exploring the possibilities in ServiceNow GRC, please feel free to reach out to us. Our experts at Royal Cyber are experienced implementation partners for various applications in the ServiceNow platform. For more information, email us at [email protected] or visit www.royalcyber.com.