The ServiceNow platform keeps expanding quickly. This has led to a rise in the number of enterprises wishing to include the ServiceNow GRC capabilities in their installations. ServiceNow is a platform-as-a-service that offers help desk functionality and electronic workflow management to major organizations’ IT operations. It also provides technical management assistance, such as IT service management.
What is ServiceNow Governance, Risk & Compliance management (GRC)?
ServiceNow-GRC provides a framework that helps in determining & evaluating risk, automating compliance procedures & improving decision-making as well. It is based on the ServiceNow platform that offers a single approach to GRC management and effortlessly interfaces with other ServiceNow services.
ServiceNow GRC plays a variety of roles in company operations. It supports risk profile management, regulatory compliance, and data-driven decision-making for enterprises. It’s about helping firms run more profitably and efficiently, not simply about avoiding fines and reducing risk.
What are the benefits of ServiceNow GRC Modules?
Fundamentally, ServiceNow GRC uses automation, real-time monitoring, and reporting to incorporate GRC procedures into regular operations inside a company. As an illustration, suppose you work as a healthcare practitioner and must abide by HIPAA rules. The processes of verifying compliance, warning you of any problems, and giving you the resources to resolve them can all be automated using ServiceNow GRC.
- Risk management: Assists businesses in recognizing, evaluating, and reducing risks.
- Policy and Compliance Management: This aids in ensuring GRC Policy Management by automating the creation, evaluation, and approval processes.
- Audit Management: Offers real-time visibility into audit outcomes & streamlines the Servicenow GRC Audit Management process.
- Vendor risk management: It helps businesses identify & reduce the risks related to their suppliers.
Why is a GRC Solution necessary?
Using ServiceNow GRC has several advantages & may have a big influence on an organization’s operations.
- ServiceNow GRC saves a lot of money by automating GRC operations, which cuts down on the time and manpower needed to handle them.
- By automating and streamlining GRC procedures, ServiceNow GRC frees up staff members to concentrate on more strategically important work. Increased productivity results from this.
- Better business outcomes and more effective operations are the results of improved business processes, which are made possible by ServiceNow GRC’s ability to integrate GRC procedures into regular workflows.
- Effective resource allocation is made possible with ServiceNow GRC, which gives businesses real-time visibility into GRC procedures. This guarantees that resources are being allocated to the most critical areas.
Business Value of ServiceNow GRC
- ServiceNow GRC offers an organizational-wide perspective of risks, facilitating improved decision-making and risk-reduction tactics.
- Automated compliance monitoring ensures that the company abides by internal and regulatory standards, manages changes to regulations and policies, and lowers the risk of fines for non-compliance.
- Automated workflows and procedures boost productivity, guarantee consistency in risk and compliance management, and cut down on manual labor. Additionally, it enhances team performance, accountability, and openness in enterprises.
- By guaranteeing that rules and processes are regularly followed and evaluated, the GRC suite contributes to the establishment of strong governance standards.
- ServiceNow GRC provides real-time data & insights that enable businesses to react quickly to new risks and compliance problems.
What is Servicenow GRC Policy And Compliance Management?
A centralized method for developing and overseeing policies, standards, and internal control processes that are cross-mapped to external requirements and benchmarks is offered by the ServiceNow® Policy and Compliance Management solution. The tool further offers organized processes for the detection, evaluation, and ongoing observation of control operations.
What Are The Advantages Of Managing Policies And Compliance
Save money and time.
Automated compliance testing lowers costs and labor associated with manual labor while enabling resource reallocation.
Cut down on danger
Resolve problems with real-time compliance insights before they become audit results.
Make compliance simpler
Use our common framework to comply with many requirements and test controls just once.
Work as you please
Thanks to persona-based workplaces and mobile interfaces, you can access the data you need to complete your job from anywhere.
What Is Audit Management & It’s Benefits?
A series of tasks are included in the Servicenow GRC Audit Management solution to help organize and carry out audit engagements efficiently. It supports the report’s conclusions by providing the audit committee and executive board with the information they need. Internal audits may be given priority with the use of Audit Management services. You can remove the results of periodic audits with the aid of the risk data and entity details. Moreover, you may raise productivity and enhance audit confidence.
- Determines the audit’s scope based on the available data, chooses test strategies and gets audit plans approved.
- By absorbing controls, associated rules, tasks, problems, and other pertinent data, it ensures regulatory compliance.
- Improves internal audit planning and management by helping firms better prepare for audits by estimating the risk of auditable units in advance.
- Reduces manual labor, gets rid of repeating audit results, and maximizes resources for internal audits to increase audit productivity.
- Allows for ongoing compliance monitoring, which aids audit managers in having answers ready for any problems that may come up.
- Increases profitability through cost reduction through automated evidence gathering and astute issue handling.
- Enhances decision-making through clear communication of priorities at all levels and the ability to distinguish concerns from observations.
- Automatically creates an audit report outlining the actions taken and their results, as well as the audit review and approval procedure.
- Offers a centralized record-keeping system to assist in managing the coordination, communication, and accomplishment of audit-related duties.
- Connects all stakeholders from those who seek evidence, control owners, and audit entity owners to approvers to automate evidence gathering on a single platform with a simple and transparent approach.
What Does Risk Management Entail?
Use a GRC Third-Party Risk Management tool to efficiently shorten reaction times, enhance risk-based decision-making, and continually monitor high-impact threats. Additionally, the program offers defined procedures for managing risk indicators, risk assessments, and risk concerns.
Advantages of proactive risk management?
- Quicker risk-based judgment: Sort tasks according to computerized risk rankings so that the most important hazards are addressed first.
- Enhanced output: Risk management incorporated in automated cross-functional operations avoids job disruption.
- Communicate risk effectively: Role-based dashboards and real-time insights facilitate quicker and easier reporting at all levels.
- Keep an eye out for risks: The information you need to conduct your job at any time or place is available through mobile interfaces.
Vendor Risk Management: What Is It?
The act of controlling and keeping an eye on security threats arising from cloud solutions, IT providers, and third-party vendors is known as vendor risk management, or VRM. To reduce business interruptions brought on by third-party security threats, VRM programs include ongoing third-party attack surface monitoring, risk assessments, and other third-party risk management measures.
Vendor risk management advantages?
- It requires less time and money to address hazards in the future.
- Accountability is recognized for both the vendor and the company.
- The caliber of your offerings remains intact.
- Wherever feasible, costs are minimized
- The ease of access to your services has increased.
- You may concentrate on your primary business task.
- Financial and operational efficiencies are guaranteed
- Reduced risks of third-party security exist when everyone complies with the strategy.
Work together with SotioTech to ensure a smooth rollout of Implementing ServiceNow GRC. SotioTech, an authorized ServiceNow partner, uses its experience to guarantee a smooth rollout. When you work with SotioTech, you can be sure that your organization’s governance and risk management will be successful with a dependable, secure, and compliant ServiceNow GRC deployment.
