Top 5 Key Trends Revolutionizing Integrated Risk Management: ServiceNow IRM

In recent years, it has been seen by organizations that the traditional methods of risk management are inadequate in the face of today’s digital challenges regarding security. The vast amount of data collected by the businesses has created a more complex problem for its security.

This is where ServiceNow IRM has emerged as an effective measure to address these problems. In this blog, we will discuss the importance and the key trends shaping the ServiceNow IRM.

Why Integrated Risk Management Matters?

With the rise in technological advancements, managing risk is non-negotiable for organizations, especially that are IT dependent. Modern day risks include data breaches, malware attacks, changes in the policies, compliances and much more.

It is essential for organizations to set up information security and risk management. Risk management includes the ability to recover from the loss in minimal time without negatively impacting the finance or productivity of an organization’s finances and/or productivity as well as avoidance or prevention of loss.

IRM is equally important for large enterprises as much as mid- and small businesses. In 2023, more than forty percent of 1 cyber-attacks targeted small and mid-sized businesses.

Having a ServiceNow IRM helps a business in the following ways:

With the help of a robust IRM, an organization can foresee the risks and use them as opportunities to get ahead of their competitors. Here are some of the trends in the ServiceNow IRM that could help you empower your digital transformations.

Trend 1: The Rise of AI and Automation in Integrated Risk Management

Integration of AI and automation in risk management is changing how businesses predict, analyze, and mitigate various risks, improving efficiency and accuracy of risk assessment and analysis.

Pattern recognition done by AI uses Machine Learning (ML) and deep learning to detect the pattern and the relationship in large data.

Another aspect of using AI is speed and scalability. We can quickly process huge data sets in seconds or minutes, which would take humans a few years to analyze. It is helpful when one needs to understand the actionable insights which will be time consuming for complex for human analysts.

Trend 2: Increased Focus on Cybersecurity Risks with Integrated Risk Management

The constant news of data breaches and other cyber security issues is alarming. Businesses are constantly at risk of data breaches to improve their user experience and customer service. A cyber-attack occurs every 39 seconds, or approximately 2,200 per day, as reported by Astra Security 2.

The collection of sensitive data, as well as global connectivity, has given rise to sophisticated cybercrime. Whether you are an individual, a small business, or a large enterprise, you cannot rely on traditional methods of data security.

ServiceNow IRM helps to safeguard data security by:

Having a cyber risk management strategy helps business to understand the vulnerabilities and prevent them from being exploited.

Trends 3: Data-Driven Decision Making with ServiceNow IRM

Data-driven decisions are crucial for businesses as they lead to improved accuracy, better insights into market trends, identification of problems and opportunities, enhanced strategic planning, etc.

Insights to improve deficiency based on data-driven processes help to streamline operations by identifying the problems and areas for improvement. Decisions based on data help organizations identify the potential threats and vulnerabilities of their system or workflows. This helps businesses to reduce the risk before it damages their reputation and financial stability.

With the help of data, business groups can identify new market segments and product gaps or service offerings that an organization or brand can capitalize on, that can help to drive revenue from untapped potential with the help of ServiceNow IRM.

Trend 4: Emphasis on Compliance and Regulatory Integrated Risk Management

Compliance and regulatory skill management refers to the process and strategies used by the organization to ensure compliance with regulations as well as internal policies while minimizing the risk associated with compliant activities. This focuses on preventing legal, financial, or reputational harm that can arise from not following compliance.

ServiceNow IRM is crucial for businesses that want to expand globally, meet international standards, and follow laws to help to open new opportunities.

Trend 5: Collaboration Between Departments for Holistic Risk Management with ServiceNow IRM

All departments play a crucial role in every organization, in terms of risk management. When all the departments share what they know about their respective department’s potential risk in their niches.

It helps the entire organization to understand all kinds of threats it can face. This shared knowledge provides a complete picture of risk rather than a limited view from only one stakeholder. When all the departments work together to address risk and other issues, they create strategies to ensure a holistic approach to risk management.

ServiceNow IRM provides input from different departments and helps leaders make better decisions on how different risks can affect an organization, its workflow, and its operations.

Conclusion

Risk is inevitable, but how businesses manage it makes a significant difference between a thriving and surviving business. An integrated risk management system ensures avoiding risks and quickly and effectively respond and recover from any risk incident.

With the IRM market valued at over $11 Billion3, organizations worldwide recognize its critical role. Integrated risk management is not only for large corporations but also equally crucial for small businesses, which are increasingly targeted by cyber-attacks. By adopting IRM businesses can operate more efficiently and identify and mitigate the risks easily, ultimately driving growth and innovation.

Contact inMorphis now for implementing and integrating ServiceNow IRM to ensure risk management.

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