Governance, Risk, and Compliance (GRC) is an application that is intended to strategically manage the regulatory requirements across enterprises to guarantee better scaling of the business process to drive business efficiencies. It helps us evaluate the right assets, identify risks, conduct audits, manage policies, and create controls. Enterprise GRC working model is a set of silos working, thinking, and structurally self-governing. ServiceNow comes with GRC module to empower organizations to automate and to provide a far-reaching understanding of all GRC activities in a single frame with real-time monitoring to handle risk well in advance.
Understanding ServiceNow GRC Service
ServiceNow GRC block is a robust framework which automates the process by having the dependencies in mind and by crafting better management of the flow of time vs. work.
ServiceNow GRC solutions empower enterprises to modernize their legacy techniques of managing corporate governance, risk, and compliance. The importance of ServiceNow GRC is that it brings all GRC management activities in one place through a dashboard, thus providing enterprises real visibility in GRC management.
ServiceNow GRC Automation Process
1. Define your business rules
2. Rationalize your controls
3. Consolidate your controls
4. Define what’s important
5. Identify risks
6. Build a GRC roadmap
7. Build towards continuous monitoring
Four Pillars of GRC
a. Policy and Compliance Management
b. Risk Management
c. Audit Management
d. Vendor Risk Management
Who Uses GRC?
1. Managing Directors
2. Audit Team
3. Compliance Officer
4. IT Team
5. Reporting auditor
6. Risk Officer
How Does GRC Work in ServiceNow?
a. In ServiceNow, knowledge-base can be used to regulate the test instructions.
b. It has access to complete assets, configuration, and IT data.
c. Real-time reporting by sourcing data through GRC access
d. Gather the secured integration and report outside the occurrences.
Benefits of Using ServiceNow GRC Solution
Real-time monitoring.
Profile types and profiles are used by risk managers to monitor risks and to accomplish risk assessments.
Similarly, compliance managers create a structure of internal controls and monitor compliance activities.
Automate risk assessments and to build a risk register.
Manage risk in advance, by detecting and handling risks, to avoid any possible negative impacts on the business.
Manage compliance which is checking to a law/regulation/standard/policy
Assess vendor risks.
Describe the test compliance controls and governance framework.
Risks are mitigated using controls to help decrease the impact or occurrence of risks.
Risk Management with Rede Consulting
If you’re interested in GRC with ServiceNow, please feel free to reach out to us at info@rede-consulting.com or visit https://www.rede-consulting.com