Share the Wealth: Risk Management in ServiceNow

In this Share the Wealth video, John Gilaspy of GlideFast Consulting gives an overview and demonstration of Risk Management in ServiceNow.

What is Risk Management?

Risk Management is the process of:

1. Identifying the risks to the enterprise presented by the existence of internal and external threats and internal vulnerabilities

2. Evaluating the impact of the realization of such risks upon the enterprise

3. Prioritizing the addressing of risks according to the impact and likelihood of a risk being realized

4. Addressing the possibility of realization of a risk

How do we evaluate Risk?

ServiceNow provides two options for evaluating risks: Quantitative and Quantitative.

Qualitative analysis asks for the perspective of the involved business users regarding the potential impact and possible likelihood of a risk being realized.

Quantitative analysis asks for the specific financial range of impact and statistical likelihood of a risk being realized.

Most companies start with Qualitative and move to Quantitative much later, as their risk processes mature and their business process owners are able to gather data necessary for operational analysis.

How do we respond to Risk?

ServiceNow provides four options for responding to risks:

1. Avoid — removing either the vulnerability or the threat involved

2. Mitigate — reducing the negative impact or probability of likelihood

3. Transfer — transferring all or part of the liability to another party

4. Accept — retaining some, or all, of the potential or actual consequences of a risk

Enhancements to Risk

ServiceNow provides multiple enhancements to Risk Management:

1. Advanced Risk Management

2. Advanced GRC Dashboard

3. Continuous Monitoring between Risk and Vulnerability

4. GRC Predictive Intelligence for Automatic Assignment

5. Virtual Agent for Risk Event Creation

6. Mobile

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Interested in working with experts like John? Reach out to our team. We would love to learn more about your ServiceNow challenges and how we can help your organization build better solutions.