ServiceNow for GRC Maturity
Many businesses have kept a high priority on governance, risk, and compliance. Small, medium, and large businesses have all started to invest time and money in their GRC maturity initiative in order to achieve operational efficiencies with a better risk mitigation plan in place. When it is most needed, cross-functional connectivity between business units ensures effective communication with all stakeholders.
Businesses need to create policies that are uniform with regulatory and government authority documents. The Board of Directors anticipates a single unified consolidated view for identifying risks and non-compliance issues within their organization.
Managing ServiceNow GRC Maturity Journey
Legacy GRC systems rely on manual spreadsheets to manage a large volume of data spread across multiple departments within an organization. The current decentralized GRC system and manual processes make achieving the highest level of security nearly impossible. Internal and external auditors both find assessing the risk of non-compliance extremely difficult and time-consuming. It is a warning sign for data security and goes against policy.
Steps To Achieve GRC Maturity
Siloed Practice: Compliance risks are frequently encountered when different stakeholders within an organization follow siloed practices. Each department operates independently, increasing the likelihood of the process falling through the cracks.
Reactive Practice: The first phase of the roadmap is the basic structuring of responsibilities and compliance ownership delegation to a single team. To ensure data security, a well-defined GRC process is determined and published in ServiceNow documentation across various departments.
Proactive Practice: At this proactive level, proper responsibility allocation to a specific team to handle risk and compliance. Policies are developed in accordance with authority documents submitted by regulators and governmental agencies. Policies can be updated in the future as regulators alter their policies. ServiceNow plug-ins ensures that stakeholders can quickly refer to the regulatory framework without having to go through any manual system.
Optimized Practice with ServiceNow GRC: The clear identification of roles and responsibilities gives all stakeholders an advantage in gaining an intuitive view of governance, risk, and compliance in a single view of truth. A full audit lifecycle is planned and integrated across departments at this level. With real-time insights at their fingertips, business owners can make decisions on the fly.
Note: This content is with reference to The Highway to ServiceNow GRC Maturity – Kanini
ServiceNow GRC consolidates and maps your governance mechanisms, including policies, laws and regulations, and best practices, into a single system. Once these processes/steps are defined the repetitive processes can be automated across functional groups.
The ServiceNow Integrated Risk Management suite enables appropriate interaction and synchronization between the assigned compliance teams. A single view of the dashboard provides stakeholders with decision-making support when it is most needed. With continuous authorization, regulatory change, and operational resilience management in place, the organization’s risk posture is strong.
Companies frequently make key operational and strategic decisions based on the insights gained from their compliance and audit activities. This means that, while risks can arise at any time, they base a large portion of their decision-making on static snapshots of time.
An IRM platform, such as ServiceNow’s, enables organizations to abandon static snapshots in favor of real-time monitoring. ServiceNow’s IRM dashboards include interactive indicators and thresholds to help organizations detect governance and control deficiencies between formal assessments.
IRM has the potential to transform the value and utility of compliance and auditing activities within a company. When a company invests in IRM, it improves its ability to monitor risks in real time, streamline compliance report preparation, reduce administrative costs, and gain more value from routine compliance and audit activities.
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DxSherpa Technologies is a fast-growing pure-play ServiceNow Premier Partner with offices in the United States and India. We work with medium to large businesses in Asia, Europe, North and South America. Our experience spans many industries, with a focus on manufacturing, banking, insurance, information technology, and healthcare. On the ServiceNow platform, we have assembled a dedicated and focused team of 300+ consultants to serve our growing client base across multiple disciplines. We believe in fostering trust and job satisfaction among our employees, customers, and partners by constantly improving our ability to deliver excellence.
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Author : Animish Raje