GRC with ServiceNow

Highlights from SKO 2019
February 5, 2019
ITSM Enhancements with London
February 28, 2019

GRC is the integrated collection of capabilities that enable an organization to reliably achieve objectives, address uncertainty and act with integrity

GRC (Governance, Risk & Compliance) pertains to strategies to help manage a company’s largescale risk management, governance, and regulation compliance requirements. It’s a stepwise approach to make business goals and IT more cohesive.

When you have a strategy for GRC that has been constructed well, you get a host of positive consequences, from a drop in the number of silos and an increase in IT investment optimisation to less department and division-wise fragmentation.

When it comes to critical processes, the enterprise must be able to constantly check in on the status of its controls, and detect any failures. Policies must be constantly adjusted in order to handle emerging risks, and do so in less and less time. This is necessary to make more time for risk treatment and remediation throughout their IT and business processes.

When deploying new technologies and establishing new relationships with partners, there is a huge business benefit to prioritising the organization’s GRC.

ServiceNow’s GRC Solution

On the ServiceNow platform, one of the latest offerings is a holistic GRC module that will overhaul inefficient workflows and allow for real-time risk response and management. Prioritisation and automation are mainstays of the ServiceNow GRC solution. Compliance processes, auditing, and governance processes can happen in real-time through ServiceNow, and failures and potential risks can be detected and quickly resolved.

The four applications of the GRC product suite are:

  1. Compliance and Policy Management
    The ServiceNow® Compliance Management application provides a centralized process to identify, attest, review, and continuously monitor Controls. Controls, which are in place to proactively mitigate any Enterprise and IT risks that could negatively impact business operations.
  2. Risk Management
    The ServiceNow® Risk Management application provides a centralized process to identify, assess, respond to, and continuously monitor Enterprise and IT risks that negatively impact business operations.
  3. Audit Management
    Profile information and risk data can be crunched with ease using the ServiceNow GRC module, allowing you to prioritise audit engagements. Reduce redundancy in audits, up the assurance of your audits, and ensure that your internal audits do not take up too many resources.
  4. Vendor Risk Management
    When optimising existing partnerships and establishing new ones, use the ServiceNow GRC module to ensure fast response to risk, due diligence and a fully transparent risk assessment lifecycle. ServiceNow enables easy vendor tiering to assess vendor risk.

 

A Multi-Use Tool for a MultiDisciplinary Process

Managing your company’s GRC program can be time consuming and resource draining. As compliance and regulatory requirements grow in stringency, and current global societies and markets become ever more demanding, it’s important to carry out GRC practices without costing the enterprise too much in terms of money or man hours.

GRC programs are always company-wide, making their management a complex, multi-disciplinary process. This is where ServiceNow GRC can simplify things. It’s centralised in the most innovative ways thanks to cloud technology, allowing all personnel who are involved at every level to properly plan their time and contribute most effectively.

With automated notifications, control attestations, innovative workflows, and improved frameworks, ServiceNow can turn an outdated and struggling GRC system into a thriving, optimised one, thereby doing the same for the company as a whole.

By linking the risk and compliance processes to your CMDB, you’re effectively giving yourself an accurate, unified overview of how GRC processes function alongside your other IT processes and departments. This means risk management becomes applicable across departments,  as does assessment and control.

With ServiceNow’s GRC integration with Unified Compliance Framework (UCF), you can stay on top of changing regulations and standards with up to date authority documents, your control frameworks become fully integrated, your risk management becomes automated, and your audits become extremely accurate. Moreover, it plays nice with existing software and can integrate with them. There’s no better way to handle your company’s GRC needs.

Companies in varied industries such as restaurant chains, healthcare and energy have benefited greatly from ServiceNow’s GRC module. A restaurant chain was able to trim its audit time by 70% and a healthcare company used ServiceNow’s automation to save over $100,000. A large energy company was able to reduce deficiencies by 50% thanks to the transparency ServiceNow enables. The numbers speak for themselves and show the power of ServiceNow.

If you’re interested in GRC with ServiceNow, but aren’t sure where to begin, please feel free to contact us. Our experts at abhra Inc. are experienced ServiceNow implementation partners for all things ServiceNow such as ServiceNow implementations, MSPs, CMDB and modules for GRC, SAM and more.

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