Governance, Risk and compliance is now an issue and important factor that can be used as a tool to maximize the wealth of the banking industry. Banking, Financial Services and Insurance companies today are burdened with managing risks and complying with strict regulations. Effective GRC is critical for banking and financial services organizations. The principal services offered relate to storing, transferring, extending credit against, or managing the risks associated with holding various forms of wealth. The banking and other financial industry face a lot of challenges which includes:
Access to credit and capital
Increased regulatory overhead
Uncertainty over economic growth
Management of under performing assets
Reputation management etc.
Banks and other Financial services institutions are entering an era marked by vigorous regulatory application, increasing corporate governance expectations, and a range of new and complex risks. There’s a need for the implementation of a GRC software in the banks and financial institutions since banks are important players and a special focus on Corporate governance becomes critical. The challenge banks face is to dynamically track risks both in isolation and in terms of their inter-dependencies. The banking and financial institutions require solutions that:
Provide a complete emphasis on enterprise view into risk
Ensure compliance with diverse regulations across multiple geographies within cost and time constraints
Contain internal fraud Link risks to root causes, hazards, events and other segments of governance, risk and compliance
Manage project risk and govern investments
Develop a single & integrated view of risk and compliance across the organization
ServiceNow’s GRC management solution is developed to help different industries including the banking, financial services and insurance organizations to make their risk and compliance initiatives more effective and efficient.
GRC aims at the Vision, Values and Visibility. The focus is now on strengthening a culture that highlights responsible business practices and balanced risk-taking.