Governance, Risk and Compliance (GRC) are of increasing importance for organizations today with changing regulations, ever-evolving risks and a plethora of compliance mandates. However, in the majority of cases, a manual set of processes and fragmented systems are the typical approach to managing GRC. Emails and spreadsheets are the tools managers and analysts use for GRC-related tasks. Such practices are inadequate and leave organizations vulnerable to risk and slow to react to critical events. They lack the integration necessary to span an entire enterprise, and do not provide the visibility and nimble response necessary to tackle issues before they snowball into a bigger avalanche of problems.
Let’s take a look at some of the challenges that these fragmented systems face.
Many organizations struggle with a reactive approach to risk management. Without ongoing monitoring of risks and critical controls, it is easy to miss the initial indicators of emerging risks, some of which can be high-impact. This leaves organizations scrambling to fix the problem, rather than a pro-active approach that nips problems in the bud.
Risk management and compliance processes are often redundant and there are often multiple silos that repeat similar processes across disparate systems. Lack of integration and cross-functional collaboration leaves the organization vulnerable to unnecessary risk and data loss. Silos also hinder visibility across the organization.
Analysts and managers usually have to juggle various manual processes that are not consistent and entail various meetings, emails, spreadsheets and other fragmented tools. This is not effective and often when it is time for a major audit, the organization can be taken by surprise by the findings. This is a large risk that is not well-managed when mainly manual systems are in place.
ServiceNow helps overcome these challenges by providing an automated and integrated risk program across the whole enterprise. ServiceNow GRC empowers organizations to respond to business risks in real-time and boosts decision-making and performance across the organization.
ServiceNow GRC includes the following applications:
Leveraging the power of ServiceNow for your GRC requirements provides several advantages:
In light of the financial and legal consequences from lack of compliance and potential for damage and data loss from cyber risks, it is essential to make the shift from outdated manual processes to a more sophisticated solution for GRC. ServiceNow GRC provides powerful functionality to monitor, prioritize and automate responses to business risks in a pro-active fashion.
If you’re interested in GRC and Vendor Risk management with ServiceNow, 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.