Managing IT Compliance in the Insurance Industry with ServiceNow IRM

Since REDE Consulting specializes in ServiceNow solutions for enterprises, let’s explore a tailored use case for the insurance industry, where IRM Technology Controls (TC) can play a critical role in managing regulatory compliance and IT security risks.

Use Case: Managing IT Compliance in the Insurance Industry with ServiceNow IRM

🔹 Scenario:

An insurance company operating in the USA and EU must comply with multiple regulations like DORA, GDPR, NAIC, and SOC 2. Their IT team struggles to maintain real-time compliance across various IT systems, as manual audits are time-consuming and prone to errors.

🔹 Challenges Faced:

❌ Lack of visibility into IT risks & compliance gaps

❌ Manual compliance audits take months, delaying reporting

❌ Multiple frameworks (DORA, NAIC, GDPR) make it hard to track compliance

❌ Frequent data security risks & lack of automated control testing

❌ High operational costs due to inefficient risk management

✅ Solution: Implementing ServiceNow IRM – Technology Controls (TC)

The insurance company partners with REDE Consulting to implement ServiceNow IRM – Technology Controls (TC), ensuring a centralized, automated, and real-time risk management approach.

1️⃣ Step 1: Centralizing Technology Controls

🔹 A unified control library is created in ServiceNow, mapping all IT controls to DORA,

GDPR, NAIC, and SOC 2 requirements.

🔹 Controls are categorized into:

✅ Data Protection Controls – Encryption, Data Masking

✅ Access Controls – Multi-Factor Authentication, Role-Based Access

✅ Incident Management Controls – Cyber Incident Reporting

✅ Business Continuity Controls – IT Disaster Recovery & Resilience

2️⃣ Step 2: Automating Compliance Testing

🔹 ServiceNow integrates with ITOM & SecOps to scan for non-compliant configurations

in real time.

🔹 Automated compliance checks run every 24 hours to detect risks like:

✅ Unauthorized system access

✅ Unpatched vulnerabilities

✅ Misconfigured cloud security settings

✅ Failure to encrypt customer data

3️⃣ Step 3: Risk-Based Prioritization & Issue Remediation

🔹 The system automatically prioritizes risks based on impact and likelihood.

🔹 High-risk issues (e.g., unencrypted financial data) trigger automated remediation

workflows that notify IT teams for immediate action.

🔹 If a compliance failure cannot be fixed immediately, an exception request is raised with

risk mitigation plans.

4️⃣ Step 4: Real-Time Audit Readiness & Reporting

🔹 Compliance dashboards provide real-time insights into control effectiveness.

🔹 The company automates audit reporting, generating DORA, GDPR, and NAIC

compliance reports in minutes instead of weeks.

🔹 Auditors can view a detailed control history, reducing manual paperwork.

🌟 Business Impact & Benefits

✔ 90% Faster Compliance Audits – Real-time control monitoring eliminates manual tracking.

✔ 75% Reduction in Security Risks – Continuous risk assessments detect vulnerabilities early.

✔ 50% Cost Savings – Automation reduces labor-intensive compliance tasks.

✔ Regulatory Confidence – Ensures DORA, GDPR, and NAIC compliance with audit-ready reports.

✔ Seamless Integration – Works with existing ITSM, ITOM, and SecOps tools for unified risk management.

🔹 Conclusion:

With ServiceNow IRM – Technology Controls (TC), the insurance company transformed its compliance, risk, and IT governance processes from reactive to proactive. The solution helped them reduce compliance costs, minimize security risks, and stay audit-ready without manual overhead.

How Can REDE Consulting Help?

As an expert in ServiceNow IRM & GRC, REDE Consulting helps insurance companies:

✅ Implement & customize ServiceNow IRM based on industry-specific needs

✅ Automate compliance management for regulations like DORA, GDPR, NAIC

✅ Enhance security & risk governance with AI-driven insights

Reach out and Talk to our ServiceNow Managed Services experts at info@rede-consulting.com to

Schedule a call. They’ll be happy to tell you more!