In this ever-changing eco-space, an organisation is exposed to multiple risks – broadly categorised as financial or non-financial. These risks can come from various sources, such as changes in laws or regulations, natural disasters, financial market fluctuations, or changes in customer demand. 

So, Integrated Risk Management (IRM) is a process that helps organisations identify, assess, and respond to risks that could affect their operations, reputation, or financial performance. IRM involves developing a framework that clearly defines roles and responsibilities. It identifies, assesses, and responds to risks and provides the tools and resources needed to manage risks.

What is ServiceNow IRM?

ServiceNow Integrated Risk Management is a platform that helps an organisation to implement an effective IRM process. It provides a range of tools and features, such as risk assessment templates, risk registers, risk dashboards, and risk reporting. This helps an organisation identify, assess, and respond to risks in a centralised, standardised way.

ServiceNow's integrated risk management system integrates with other ServiceNow modules, such as incident management, change management, and problem management. It helps an organisation manage risks in a holistic, integrated way. It also provides a range of tools and features, including risk assessment templates, risk registers, risk dashboards, and risk reporting to help organisation track and manage their risks effectively.

Process of ServiceNow IRM

The process of ServiceNow Integrated Risk Management (IRM) involves several steps:

  1. Identify risks: The first step in the ServiceNow IRM process is to identify the potential risks that an organisation may face. This can be done through a variety of methods, including risk assessments, scenario analysis, and workshops with stakeholders.
  2. Assess risks: Once they have been identified, the next step is assessing their likelihood and impact. This involves evaluating the potential consequences of each risk and determining the probability that it will occur. Prioritize risks: After the risks have been assessed, the next step is prioritising them based on their likelihood and impact. This allows the organisation to focus its risk management efforts on the most significant risks and to allocate the necessary resources and funding to address them.
  3. Develop risk management strategies: Once the risks have been prioritised, the next step is to develop strategies and measures to manage and mitigate them. This may include implementing controls and safeguards, implementing risk transfer mechanisms, or developing contingency plans.
  4. Implement and monitor risk management measures: The final step is to monitor the effectiveness of the risk management strategies and measures developed. This helps to ensure that the organisation can effectively manage and mitigate its risks and avoid potential negative consequences.

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Benefits of ServiceNow IRM

The benefits of ServiceNow IRM includes:

  1. Improved risk identification and assessment: ServiceNow IRM provides a structured and systematic approach to identifying and assessing an organisation's risks. This helps ensure that the organisation is aware of all potential risks and can prioritise and manage them effectively.
  2. Enhanced risk management capabilities: ServiceNow IRM provides the tools and capabilities organisations need to manage and mitigate their risks effectively. This includes risk assessment and prioritization tools, risk management plans, and monitoring and reporting capabilities.
  3. Increased compliance and regulatory compliance: ServiceNow IRM help organisations comply with various industry regulations and standards, such as HIPAA, GDPR, and PCI DSS. It provides the necessary tools and capabilities to manage and respond to security incidents in a compliant manner.
  4. Improved collaboration and coordination: ServiceNow IRM enables teams to collaborate and coordinate their efforts more effectively. It improves the overall efficiency and effectiveness of risk management activities. 


Overall, ServiceNow IRM provides organisations with a range of benefits. These benefits aid in improving their risk identification and assessment capabilities. It also enhances their risk management capabilities and ensures compliance with relevant regulations and standards. These benefits make IRM an integral part of the organisation's digital transformation journey.   


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Implement ServiceNow IRM to manage risks and comply with industry regulations, with structured risk identification, assessment, prioritization, and monitoring capabilities.



By –

Rahul Pratap Singh