Risk management is essential for maintaining the smooth operation of your company. With ServiceNow Integrated Risk Management (IRM), you can take charge of technology and enterprise risks by proactively identifying and mitigating risks, putting policies in place, and setting up and keeping an eye on controls. However, creating a risk maturity roadmap can be difficult in evolving landscape.
Impact IRM product maturity assessment accelerator provides a systematic evaluation of your IRM implementation, providing you with insightful information about your present IRM maturity levels. Based on this maturity level, you receive organization-specific recommendations and doable actions to raise your maturity level and create your IRM roadmap. Additionally, you get access to ServiceNow’s curated resources and content to assist you in strengthening your IRM roadmap.
In this blog, we’ll explore risk maturity models, the common challenges organizations face in achieving risk maturity, the solutions provided by the Impact IRM Accelerator, and the real-world benefits it delivers to organizations aiming to enhance compliance, resilience, and efficiency in their risk management approach. Let’s dive into how the Impact IRM Accelerator can support your journey toward a higher level of risk maturity.
Understanding Risk Maturity and Its Models
Risk maturity represents the degree of quality and integration within an organization’s risk management practices. Organizations can choose specific risk maturity model from:
- Integrated Risk Management Maturity Model: It can be regarded as a well-structured model that provides an overall outline of the steps for a comprehensive assessment of risk maturity.
- Capability Maturity Model Integration: This refers to the model used in helping organizations improve their risk management practices.
- Enterprise Risk Maturity Model: This model allows organizations to gauge their risk maturity level and identify improvements needed to enhance risk management practices.
Challenges to Achieving Risk Maturity
Risk maturity is crucial, yet organizations often face significant obstacles in fully integrating risk management into their operations. Some of the primary challenges are:
- Siloed Operations: Traditional risk management approaches often isolate risk handling by department or unit, which reduces efficiency and leaves gaps in mitigation strategies. Each department tends to manage its risks independently, leading to inefficiencies and missed opportunities for organization-wide risk coordination.
- Regulatory Compliance: Staying updated with changing regulatory compliance in risk management is resource-intensive and challenging.
- Operational Risk: Integrated risk management covers various operational risks, including supply chain disruptions and cyber threats. Identifying, assessing, and mitigating these risks is complex.
How the Impact IRM Accelerator Helps Overcome These Challenges
The Impact ServiceNow IRM Accelerator addresses these challenges with structured, targeted solutions. It aids organizations in achieving higher risk maturity through:
- Detailed Analysis: The accelerator conducts in-depth assessments of IRM practices, identifying gaps in risk identification, assessment, mitigation, and monitoring. This comprehensive analysis is foundational to developing a robust, proactive risk management approach.
- Defined Maturity Model: Using an industry-standard maturity model, the accelerator benchmarks an organization’s IRM capabilities, providing a clear picture of the current risk maturity level. This model allows organizations to evaluate their risk handling relative to industry best practices, setting actionable goals for improvement.
- Tailored Advice: Through performance reviews, the accelerator provides customized recommendations to enhance specific areas of risk mitigation, helping organizations refine their strategies to reach maturity milestones effectively.
Also, read ServiceNow IRM: Solving Siloed Risk Data.
Do I need an Impact IRM Accelerator?
Customers of ServiceNow who wish to maximize the ROI from their ServiceNow investment can use Impact IRM Accelerator. You can explore Impact IRM if you are:
- New to ServiceNow IRM and seeking assistance in setting feature priorities, organizing initial rollout, and creating a continuous roadmap that improves your risk exposure over time.
- An existing ServiceNow IRM benefactor is looking for advice on how to strategically incorporate advanced ServiceNow IRM features to improve present IRM implementation and fortify risk mitigation.
- An existing client who already has an IRM roadmap but needs help setting priorities and simplifying it to maximize business objectives and speed up time to results.
Real-World Benefits of the Impact IRM Accelerator
The Impact IRM Accelerator delivers tangible benefits for organizations, from better compliance to enhanced resilience. Key benefits include:
- Enhanced Data Accuracy: Through effective compliance risk assessments, the organization maintains reliable and real time risk data. This enables business leaders to stay informed about regulatory positions and make better-informed decisions.
- Disaster Preparedness and Resilience: IRM equips organizations to prepare for and recover from major disruptions, such as natural disasters or cyber incidents. By anticipating potential risks, organizations can develop contingency plans that ensure continuity even in extreme scenarios.
- Improved Efficiency: The accelerator identifies opportunities to streamline risk identification, analysis, and assessment processes, making risk management more efficient. These improvements not only reduce costs but also foster cross-functional collaboration and enhance flexibility.
Conclusion
The Impact IRM Accelerator is a comprehensive solution for organizations striving to enhance their risk maturity and management practices. With tailored recommendations, structured assessments, and expert resources, it enables organizations to navigate complex risk landscapes, ensuring compliance, resilience, and efficiency.
The journey to robust IRM starts with inMorphis, whose Impact IRM Accelerator brings a refined, actionable approach to advancing your integrated risk management goals. Contact inMorphis today to transform your risk management journey with Impact IRM Accelerator.