Risk management effectively plays a critical role in ensuring operational resilience and regulatory compliance. But still, many organizations struggle with siloed risk data, affecting their ability to have a comprehensive insight and make informed decisions. ServiceNow Integrated Risk Management (IRM) offers a robust solution for these challenges. This blog post will provide insight into how ServiceNow IRM can address a pervasive issue of siloed risk data, which will help organizations proactively manage risk and ensure compliance while driving their operational efficiency.


Understanding Siloed Risk Data

The Siloed risk data are the risk-related information of an organization that is isolated within different departments or systems. Very often, this makes it difficult to obtain a comprehensive view of the organization’s overall risk exposure. The fragmented information can lead to inefficiencies in data collection, degrade the quality of risk assessments, and can also lead to ineffectiveness in managing and mitigating risks in the designated time frame.


The Importance of Integrated Risk Management

Integrated Risk Management (IRM) is crucial as it offers a comprehensive view of risks, improved decision-making capability, and enhanced efficiency. By centralizing risk data and automating workflows, organizations can prioritize and mitigate critical risks effectively. IRM also ensures regulatory compliance, reduces costs, and fosters a risk-aware culture, embedding risk management into the daily operations and strategic planning of the organization.

IRM aligns risk management efforts with organizational goals, supporting overall business strategy and growth. It further increases organizational resilience by developing tailor-made risk response and business continuity plans.

By breaking down the silos and encouraging collaboration, IRM enables organizations to proactively manage risks, protect the organization’s assets, and ensure long-term risk-free success.

Streamlining Enterprise Risk Management with ServiceNow IRM

ServiceNow Integrated Risk Management is a comprehensive solution designed to help organizations identify, assess, and manage risks across their enterprise. The centralized framework of IRM captures risk-siloed data from various departments into a single platform, providing a unified view of the organization’s risk landscape. This approach enables the organization to have an effective risk assessment, and better monitoring capabilities and allows the mitigation of risks.

ServiceNow IRM streamlines the integration, processes, and communication across various disciplines and functions within the unified repository of all systems, people, and applications. This foundational model provides the capability for rapid operationalization and automation of risk and control frameworks. This reduces the compliance complexity, simplifies testing, and thus, lowers the overall compliance burden.

This automation and continuous monitoring ensure a real-time view of compliance and risk for informed decision-making and improved performance of the organization. Enhancing resilience and preparing for disruptions is very crucial for an organization to remain operational. A strong risk and compliance framework managed with ServiceNow IRM at the core, offers a better alignment of risk management efforts with business priorities and further provides initiative-taking insights which enable to have swift and appropriate responses.

Also, read about Streamlining Incident Response with ServiceNow IRM.


How ServiceNow IRM Addresses Siloed Risk Data

ServiceNow IRM addresses the issue of siloed data with the following capabilities:

  • Centralized Risk Repository: IRM consolidates the risks from various departments and puts them together in a single platform. This provides a unified view of all risks across the organization.
  • Automated Workflows: With the automation of risk management processes ServiceNow ensures that risk data is captured, tracked, and reported on a consistent basis. This practice minimizes the possibility of data being lost in silos.
  • Risk Assessment and Analysing tools: ServiceNow offers the tools for risk assessment and the tools for analyzing those risks. This helps the organization in prioritizing their risk based on their potential impact. This further helps to allocate resources to the most critical risks.
  • Integration with Other Systems: ServiceNow IRM can integrate with other enterprise systems, ensuring that the risk data, that is, captured from different sources can be analyzed seamlessly within the platform.

Get more details on All You Must Know About Integrated Risk Management.



Successful IRM implementation with ServiceNow

India’s largest private sector bank, with over 20,000 employees and a customer base exceeding 7.3 million, is grappling with considerable challenges due to its dependence on more than five legacy systems for all risk management operations. These on-premises systems struggle with scalability, limiting the bank’s capacity to expand and respond effectively to evolving demands. Moreover, the presence of multiple master data sources leads to inaccurate reporting, task delays, escalations, and breaches. The situation is further complicated by the need for manual reporting and reconciliation, which heightens inefficiencies and increases potential risks.

 

Solution Provided

  • Single source of truth for 1000+ outsourcing vendors
  • Automation of Vendor tiering.
  • 6+ types of Vendor Assessments are put in place.
  • Information security compliance done for 25000+ controls across 80+ business units.

  • Correspondence workflows are being made as per the New RBI circular.

The improved data accuracy and real-time reporting capabilities led to enhanced decision-making and provided the ability to proactively manage risks and maintain compliance with regulatory requirements.

Implementation Best Practices

Implementing the industry best practices can help an organization to ensure that ServiceNow IRM is effective, scalable, and aligned with the organization’s risk management goals.

  • Conducting a Risk Assessment: The organization should perform a thorough risk assessment to identify the risks in the early phases and prioritize the tasks accordingly.
  • Leveraging Out-of-the-box Functionalities: The IRM implementation team should leverage the pre-built functionalities of IRM modules to meet the organization’s unique business needs while maintaining the ability to upgrade easily and painlessly.
  • Governance Over Data and Data Quality: Data governance policies should be kept in place to maintain high-quality data within the IRM system. The implementation team should ensure data accuracy and data completeness.
  • Compliance Management: The organization should ensure the IRM system that is in place supports the compliance requirement relevant to the industry. Organizations should focus on automating compliance tracking and reporting to reduce manual effort and increase accuracy.



Conclusion

ServiceNow Integrated Risk Management (IRM) effectively addresses the challenges posed by siloed risk data by unifying disparate information sources into a single, cohesive platform. This consolidation enhances data accuracy, improves reporting capabilities, and enables real-time risk monitoring. By breaking down silos, ServiceNow IRM facilitates better collaboration across departments, ensures comprehensive risk visibility, and supports informed decision-making.

Here, InMorphis can help your integrated risk program, establishing step-by-step achievements while keeping an eye on the organization’s future goals. Consider getting in contact us InMorphis consultants who will follow a systematic approach that encompasses every facet of your security and compliance efforts, ensuring your teams are effectively utilizing ServiceNow IRM modules.