Managing risk, ensuring compliance, and strengthening governance are crucial in today's dynamic business environment. Many businesses need help with manual processes and fragmented data, hindering their ability to predict risks and streamline compliance. ServiceNow GRC offers a powerful solution, centralizing GRC activities and leveraging automation to empower organizations to manage risks and achieve operational excellence proactively.

 

What is Risk Prediction?

Risk prediction identifies potential threats or vulnerabilities that could negatively impact your organization's objectives. ServiceNow GRC integrates advanced technologies like machine learning and artificial intelligence to enable AI-powered risk management. This allows for predicting potential risks such as market volatility, fraud patterns, or cybersecurity threats with greater accuracy and efficiency.

Proactive risk prediction prepares businesses for future risks before they occur. Strategic risk prediction enables proactive risk management strategies and helps organizations stay ahead of emerging threats. ServiceNow Risk Management ensures that risks with the potential to impact IT negatively and the Business are identified and treated.

 

Benefits of ServiceNow GRC

  • Proactive Risk Management: ServiceNow GRC helps you identify and address risks before they occur, enabling proactive risk management strategies.
  • Streamlined Compliance Monitoring: Automate routine compliance tasks and gain real-time insights to ensure adherence to regulations.
  • Centralized Platform: Manage all your GRC activities, including risk assessments, policy management, and audits, in one centralized location.
  • Improved Decision-Making: Gain real-time data and insights to make informed decisions about risk mitigation and compliance.

 

Features and Capabilities of ServiceNow GRC

ServiceNow GRC empowers organizations to tackle risk management, compliance, and overall governance. This powerful platform brings together risk policy, compliance and risk management, audit management, and other essential GRC functions into a unified and user-friendly system. Below are the key features and capabilities of ServiceNow GRC:

1. Policy and Compliance Management

Policy and Compliance provides a centralized process for creating and managing policies, standards, and internal control procedures that are inter-mapped into external regulations and best practices. Additionally, it provides structured workflows for the identification, assessment, and continuous monitoring of control activities. 

2. Risk Management

ServiceNow GRC continuously monitors to identify high-impact risks and improve business resilience. Key features include:

  • Risk Identification: Centralized repository for capturing and categorizing risks from various sources.

     

  • Risk Assessment: Standardized risk assessment methodologies and workflows to evaluate risks based on likelihood and impact.

     

  • Risk Treatment: Tools to develop and implement risk treatment plans, assign ownership, and track mitigation activities.

     

  • Risk Monitoring: Real-time monitoring of key risk indicators (KRIs) and automated alerts for critical risk events

 

3. Audit Management

Audit management prioritises internal audits using risk data and automates cross-functional processes. These processes ensure that risks are properly identified and quantified, controls are designed in a way that effectively reduces the identified risks, and control deficiencies are identified and remediated.

4. Reports and Dashboard

ServiceNow GRC offers reporting and provides real-time insights into GRC activities, and the dashboard enables the display of multiple Performance Analytics, reporting, and other widgets on a single screen.

Compliance Monitoring with ServiceNow GRC

Compliance management is the process of continuous monitoring of compliance across the organization. It involves planning, monitoring, controlling, and assessing IT systems to ensure alignment with regulatory standards. Key features and capabilities of ServiceNow Governance, Risk, and Compliance include:

  • Automated Control Testing and Monitoring: ServiceNow GRC automates routine compliance activities, reducing manual efforts and enhancing efficiency by identifying violations and responding faster.
  • Authoring and management: By using 365 and reviewing and updating policies recurrently, Businesses can maintain updated policies to avoid audit and compliance risks. It automates consistent approvals with a predefined lifecycle.
  • Policy Management: It is the process of creating, approving, implementing, and maintaining policies and attestation within an organization. 
  • Smart issue management and Automated Workflows: By using machine learning and AI techniques, compliance management reduces the remediation time from days to minutes and manages compliance tasks like control assessments, issue remediation, and policy reviews.

Compliance monitoring offers several benefits to organizations, such as saving time and money, reducing risks, and simplifying compliance.

Integration and Automation

Integration and automation are key pillars of ServiceNow GRC, enabling organizations to consolidate data, automate workflows, and improve decision-making. Many organizations have successfully implemented ServiceNow GRC integration and automation to enhance their GRC practices.

Integration plays a pivotal role in ServiceNow GRC by connecting disparate systems, data sources, and processes across the organization. Integration allows aggregate risk and comprehensive risk assessment, simplifies compliance monitoring, and fosters collaboration among different departments and stakeholders.

Automation is the key feature of ServiceNow GRC. It automates workflows, Key risk indicators (KRI), compliance monitoring, and routine tasks and offers several benefits in terms of visibility, efficiency, agility, consistency, risk reduction and scalability.

 

A Look at Real-World Success

 

Case Study 1: Dreamworld Digitizes Food Safety with ServiceNow GRC

Industry: Entertainment

Industry: Entertainment

Challenge: Dreamworld, Australia's largest theme park, faced the challenge of ensuring consistent and verifiable cold storage temperatures across its ten food and beverage outlets. Manual monitoring was time-consuming, prone to human error, and hindered efficient audit processes.

Solution: Dreamworld implemented ServiceNow Connected Operations; a solution built on the Now Platform that falls under the umbrella of ServiceNow GRC. This platform facilitated the following:

  • Automated temperature monitoring: Sensors in 70 cold storage units transmitted data automatically, eliminating manual checks.
  • Real-time alerts and investigations: The system triggered automatic alerts and workflows whenever temperature anomalies or potential issues arose.

     

  • Improved audit efficiency: Historical data readily available on-demand streamlined food safety audits, reducing completion time from three days to a fraction.

Results

  • 2,500 hours saved annually
  • Reduced compliance costs
  • Enhanced data-driven decision-making

Case Study 2: KPMG UK Optimizes Processes with ServiceNow

Industry: Professional Services

Challenge: KPMG, a leading professional services firm, grappled with manual, inefficient processes hindering employee experience and overall productivity. Challenges included:

  • Disjointed recruitment and onboarding: The lack of a formal structure for recruitment and onboarding led to delays and inefficiencies.
  • Ineffective desk allocation: Manual desk allocation processes created confusion and wasted time for employees seeking workspace.
  • Limited visibility and reporting: Difficulty tracking employee activity and space utilization hampered strategic decision-making.

Solution: KPMG adopted a multi-pronged approach utilizing various ServiceNow solutions:

  • ServiceNow HR Service Delivery (HRSD): Streamlined the recruitment and onboarding process, automating tasks and enabling faster completion times.
  • ServiceNow Workplace Service Delivery (WSD): Introduced a mobile-friendly system for desk booking, room reservation, and managing building access.
  • ServiceNow Employee Center Pro Portal ("OneContact"): Provided a single point of contact for employees to access information and request support.

Results

  • 24-hour contract issuance
  • Improved employee experience
  • Enhanced decision-making

These case studies illustrate the versatility and effectiveness of ServiceNow GRC in addressing diverse challenges across different industries.

 

The Future of ServiceNow GRC

Artificial intelligence, machine learning, and predictive analytics are transforming ServiceNow GRC. These advancements will empower organizations to:

  • Proactively manage risks
  • Automate compliance monitoring and policy management
  • Leverage historical data to predict potential risks
  • Make data-driven decisions about risk mitigation

 

Conclusion

Effective risk management and compliance are no longer optional for businesses in today's dynamic landscape. ServiceNow GRC empowers organizations to achieve a comprehensive and proactive approach through integrated risk management.

ServiceNow GRC can be the metamorphosis your business needs. With its robust capabilities, ServiceNow GRC can help your organization shed the inefficiencies of the past and emerge as a stronger, more resilient entity. Take the first step towards a brighter future. Contact inMorphis today to learn more about how ServiceNow GRC can empower your organization.