Meeting

Governance, Risk, & Compliance

What Is It And Why Does Your Business Need It?

What Is Governance, Risk, & Compliance (GRC)? 

Governance, risk, and compliance (GRC) is the framework an organization uses to align its information technology with its business goals and objectives. This framework is made up of three components:

Governance

The management policies and processes set in place to align company ethics, accountability, and resource management with organizational goals

The reduction and management of financial, security, legal, and strategic risks that could impact an organization’s success

Risk

The adherence to laws, policies, and standards set forth by government agencies, institutions, and the company

Compliance

An effective and integrated GRC strategy can empower decision-making, reduce costs, and improve company performance. 

What Is ServiceNow Governance, Risk, & Compliance (GRC)? 

ServiceNow Governance, Risk, and Compliance (GRC) is a multidisciplinary set of ServiceNow applications that are designed to empower enterprise organizations to identify and manage risk in order to make informed decisions for process and compliance improvements. ServiceNow GRC offers an integrated framework that shifts processes from siloed spreadsheets and databases into one single point of reference for the interconnected architectures and processes. 

Introduction

Governance, Risk & Compliance (GRC) In ServiceNow

Why Does Your Business Need ServiceNow GRC? 

Governance, risk, and compliance can touch any and every aspect of your organization. In the simplest terms, GRC determines the rules of your organization, sets audits in place to ensure those rules are followed, and protects the business if those rules are broken. Governance, risk, and compliance can touch any and every aspect of your organization. In the simplest terms, GRC determines the rules of your organization, sets audits in place to ensure those rules are followed, and protects the business if those rules are broken. 

Let’s start with a simple example of how GRC functions in your regular day-to-day. 

To start your workday, you log on to your computer with a password. Today’s the day! It’s time to reset your password, a task you have to complete every six months. Your device prompts you that your password must contain at least one upper case letter, one lower case, one number, and one symbol and it must be ten characters long. You’ll also need to use a two-factor authentication application on your mobile device to confirm your new password. Your organization didn’t use to have these password requirements, but after a security scare last month, management decided that this was in the best interest of the company. 

In this example, we see all the elements of GRC at work. Management of the organization determined a need to strengthen security (governance), they identified threats to their organization’s success and are taking preventive measures (risk), and have set password guidelines in place to ensure the risk is mitigated (compliance).

Now, when we consider enterprise organizations, all the decisions they make, risks they face, internal policies they set, and government regulations they must adhere to, GRC quickly becomes an essential but very complex business priority. Traditional models would handle each component of GRC in siloed departments resulting in high costs, lack of visibility into risks, and ineffective oversight. 

With ServiceNow GRC, however, automated processes and multidisciplinary applications work together to deliver an integrated approach to GRC. ServiceNow GRC ensures the correct information is delivered to the correct parties at the right time and that controls and policies are put in place to address uncertainty and inform decision-making. 

ServiceNow GRC Solutions

CASE STUDY

The Benefits Of ServiceNow GRC

ServiceNow GRC helps transform inefficient processes across your extended enterprise into an integrated risk program.

With ServiceNow GRC You Can

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Identify

risks

in real-time by configuring real-time business and IT service performance data

Improve business

resilience

by empowering risk-based decisions across your entire enterprise 

Boost

productivity

with automated workflows and artificial intelligence that reduce costs and errors

Improve strategic planning and decision making

 by leveraging a CMDB that provides cross-functional visibility to identify, prioritize, and appropriately respond to risks

Share The Wealth

Governance, Risk, And Compliance (GRC) In ServiceNow

ServiceNow GRC Applications To Implement For Your Business

How exactly can ServiceNow GRC support your operations? Let’s take a look at a few of ServiceNow’s GRC applications.

 

Policy And Compliance Management

Policy and compliance management is the process for creating and managing policies, standards, and control procedures.

What Is ServiceNow Policy and Compliance Management?

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ServiceNow Policy and Compliance Management provides a centralized process for managing your organization’s internal policies and cross-maps them to external regulations and best practices. It creates structured workflows for the identification, assessment, and continuous monitoring of control activities. ServiceNow Policy and Compliance Management serves as an integration point with a globally recognized compliance aggregator for importing regulatory compliance frameworks. With the application, you can easily automate best practice lifecycles and unify compliance processes.

Benefits Of ServiceNow Policy And Compliance Management

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Reduce

risk

with real-time insights into compliance to help resolve issues

Leverage

automated

compliance testing to reduce manual efforts and save time for high-value tasks 

Easily test and maintain compliance

with simple controls, familiar service portals, and interactive dashboards.  

Share The Wealth

Policy & Compliance

Management In ServiceNow

 

Risk management is the process of identifying, analyzing, prioritizing, and mitigating internal and external threats to your enterprise’s success.

What Is ServiceNow Risk Management?

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ServiceNow Risk Management enables organizations to continuously monitor and identify high-impact risks and make risk-informed decisions. The application leverages both qualitative and quantitative risk scores, powered by service performance data with business impact derived from your instance’s CMDB. Key risk indicators help users to easily identify non-compliant controls, monitor high-risk areas, and manage their KRI and KPI library. ServiceNow Risk Management can dramatically improve your decision-making process and reduce your reaction time.

Benefits Of ServiceNow Risk Management

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Realize faster risk-based

decision-making

by prioritizing actions based on automated risk scores

Improve risk

reporting

and communication with real-time insights and role-based dashboards

Increase

productivity

with automated cross-functional activities 

Risk Management

Share The Wealth

Risk Management In ServiceNow

Business Continuity

Management

Business Continuity Management is a comprehensive management practice that identifies potential risks to an organization and mitigates any disruptions to business the risk may pose.

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What Is ServiceNow Business Continuity Management (BCM)?

ServiceNow Business Continuity Management (BCM) enables organizations to plan, exercise, and effectively overcome business disruptions such as natural disasters, supply chain disruptions, or utility outages. With ServiceNow BCM, you can identify and prioritize critical business services to produce recovery time and recovery point objectives. The application allows you to scope, prepare and execute on actual or planned events and enables scenario analysis so you can test the steps your business needs to take to restore operations.

Benefits Of ServiceNow Business Continuity Management

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Recover more

quickly

from incidents with robust contingency planning

Make swift and

informed decisions

during a crisis to resolve

critical issues first

Mitigate the

impact

of business disruption by running what-if analyses to prepare for the worst-case scenario

 

75% of organizations without a BCM system fail within 3 years of a crisis.

Download our free guide “Business Continuity Management: How To Plan For The ‘New Normal’ Of Business Operations” to learn how to implement a robust BCM process.

Vendor Risk Management

Vendor Risk Management is the process of ensuring that the third-party IT suppliers and service providers that your organization uses do not pose a risk to your business or business continuity.

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What Is ServiceNow Vendor Risk Management?

ServiceNow Vendor Risk Management transforms the way you manage vendor risk by automating assessments and providing transparent reporting. The application helps organizations identify vendor risks and issues and establishes a consistent assessment and remediation process to increase transparency and accountability of third-party stakeholders. With ServiceNow Vendor Risk Management, organizations can eliminate siloed spreadsheets and manual tracking of vendors and instead leverage a single database within their ServiceNow instance.

Benefits Of ServiceNow Vendor Risk Management

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Increase

visibility

and transparency into the status of issues, assessments, and tasks across your vendor ecosystem

Improve

collaboration

with third-party vendors through automated processes and workflows

Integrate your

vendor risk

management with your entire GRC portfolio for a holistic view 

 

Share The Wealth

Vendor Risk Management

 

Operational Risk Management

Operational risk management refers to the process of identifying, evaluating, and mitigating risks posed to your organization as a result of failures of inadequacies in your internal controls and operations.

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What Is ServiceNow Operational

Risk Management?

ServiceNow Operational Risk Management helps bring consistency and automation to your operational risk management processes. With the risk control self-assessment (RCSA), organizations can evaluate inherent risks the effectiveness of their control environment, and residual risk through automated assessments. Through these assessments, employees across the entire organization can evaluate the operational effectiveness of controls to make informed decisions. 

Benefits Of ServiceNow Operational Risk Management

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Leverage

chat-bots

and user-friendly forms to allow employees to easily submit risk events

Identify and

address

high-priority risks with automated calculations

Improve

collaboration

and communication with real-time risk data 

Continuous Authorization And Monitoring (CAM)

Modernize your approach to the NIST Risk Management Framework (RMF). Bring IT systems online faster through automation and continuous monitoring.

What Is ServiceNow Continuous Authorization And Monitoring (CAM)?

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ServiceNow Continuous Authorization and Monitoring (CAM) offers a modern approach to the NIST Risk Management Framework (RMF). ServiceNow CAM automates the RMF process and its associated tasks to reduce cost and risk. The Continuous Authorization and Monitoring (CAM) application applies ServiceNow Integrated Risk Management to the NIST Risk Management Framework and other high assurance frameworks.

Benefits Of ServiceNow Continuous Authorization And Monitoring (CAM)

 
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Increase

productivity

by automating RMF processes to make authorization faster and easier

Gain

insight

into operational risk with

real-time data

Make

risk-informed

security decisions from one centralized platform

 

Audit Management

Audit management oversees internal and external audit staff and ensures that audit directives are properly implemented.

What Is ServiceNow Audit Management?

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ServiceNow Audit Management helps organizations prioritize internal audits using risk data to eliminate recurring audit findings and enhance audit assurance. With audit engagements, you can streamline the audit process through creation, planning, scoping, and conducting engagements. Using indicators and systems in their CMDB, organizations can design and automate tests to eliminate errors and reduce manual effort. The application also enables audit project management, so you can track the management and resource allocation of an engagement using ServiceNow Audit Workbench and Project Portfolio Management. 

Benefits Of ServiceNow Audit Management?

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Increase

productivity

with automated processes and tools such as virtual task boards

Better prepare

for audits

with scheduled or automated evidence collection

Eliminate

recurring

audit findings and enhance audit assurance

Performance Analytics

Performance Analytics offers enterprises detailed insights into company success, shortfalls, and value. With this information, businesses can make informed decisions to work toward achieving key objectives and goals.  

What Is ServiceNow Performance Analytics?

ServiceNow Performance Analytics is an excellent application for reporting and analyzing governance, risk, and compliance. The application provides instant insight into current data as well as trends over time with responsive and interactive dashboards. With over 600 out-of-the-box KPIs, Performance Analytics offers agents tools and dashboards for measuring success. The application gives managers the data they need to make swift and accurate executive decisions. 

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Benefits Of Performance Analytics

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Maximize

automation

and self-service to increase efficiency of GRC processes

Leverage historical

data

to anticipate trends and identify areas for improvement

Prioritize

risks

and compliance issues to direct resources to where they are needed most

 

Implementation Services For Governance, Risk, And Compliance

Are you ready to leverage ServiceNow Governance, Risk, and Compliance and start making informed decisions that align with your operational goals? 

Whether you’re already using ServiceNow or are looking to migrate to a cloud-based solution, GlideFast Consulting will maximize the full potential of your ServiceNow GRC implementation with tailored solutions and process expertise. As an Elite ServiceNow Partner, GlideFast Consulting helps businesses leverage the full value of their ServiceNow investments. 

Partner with our team of experts to modernize your GRC solutions, gain visibility into your instance, and improve your business resilience. Our developers and architects have unique perspectives and skillsets when it comes to implementing, integrating, and managing a ServiceNow GRC solution that will transform your organization.