ServiceNow Governance, Risk, and Compliance (GRC)
Provides a centralized platform to manage and automate governance, risk, and compliance processes
ServiceNow Governance, Risk, and Compliance (GRC)
provides a centralized platform to manage and automate governance, risk, and compliance processes. It helps organizations streamline audits, track compliance requirements, and proactively address risks, fostering a more resilient and secure business environment.
Core Capabilities of ServiceNow GRC
Policy and Compliance Management
- Policy Lifecycle Management: Create, publish, and manage policies in a centralized repository.
- Compliance Mapping: Map policies to regulatory frameworks, standards, and internal controls.
- Automated Monitoring: Continuously monitor compliance status across systems and processes.
Risk Management
- Risk Identification and Assessment: Identify, assess, and prioritize risks based on potential impact and likelihood.
- Risk Registers: Maintain a comprehensive view of all risks across the organization.
- Scenario Analysis: Model risk scenarios and evaluate mitigation strategies.
Audit Management
- Audit Planning and Execution: Plan and manage internal and external audits, from scoping to reporting.
- Evidence Collection: Automate evidence requests and tracking for audits.
- Findings and Recommendations: Document audit findings and assign corrective actions.
Vendor Risk Management
- Vendor Assessments: Assess third-party vendors for potential risks related to security, compliance, or operations.
- Risk Ratings: Assign risk scores to vendors based on assessment results.
- Remediation Tracking: Monitor and manage vendor risk mitigation efforts.
Advanced Risk Analytics
- Dashboards and Reporting: Gain real-time insights into risk, compliance, and audit metrics.
- Predictive Analytics: Use machine learning to identify trends and emerging risks.
- Heatmaps: Visualize risk levels and compliance statuses across the organization.
Continuous Control Monitoring (CCM)
- Automated Testing: Continuously monitor and test controls to ensure compliance.
- Real-Time Alerts: Notify teams about control failures or compliance gaps.
Benefits of ServiceNow GRC
Streamlined Compliance
- Automate compliance workflows, reducing manual effort and ensuring consistency in meeting regulatory requirements.
Improved Risk Visibility
- Centralize risk data to provide decision-makers with a comprehensive view of organizational risks.
Enhanced Collaboration
- Foster cross-department collaboration between risk, audit, and compliance teams..
Proactive Risk Management
- Use predictive analytics to identify and mitigate risks before they impact operations..
Cost and Time Efficiency
- Reduce audit preparation time and manual processes, freeing resources for strategic tasks.
GRC Modules and Features
Policy and Compliance Management
- Manage the end-to-end lifecycle of policies.
- Map regulatory requirements to controls for streamlined compliance tracking.
Risk Management
- Centralize risk data and perform qualitative or quantitative assessments.
- Use scoring models to prioritize mitigation efforts.
Audit Management
- Automate audit processes to improve accuracy and efficiency.
- Assign and track remediation actions to close audit findings.
Vendor Risk Management
- Evaluate third-party risks with tailored assessments.
- Monitor vendor performance and ensure compliance with service agreements.
Control Testing and Continuous Monitoring
- Perform automated and manual control tests.
- Continuously monitor key controls to detect deviations.
Key Metrics Tracked in GRC
Compliance Score:
Percentage of compliance with applicable regulations or standards.
Risk Heatmap:
Visual representation of risk levels across different business units or processes.
Audit Findings Closure Rate:
Percentage of audit findings addressed within defined timelines.
Control Effectiveness:
Success rate of controls in mitigating risks or ensuring compliance.
Vendor Risk Ratings:
Risk scores assigned to third-party vendors.
GRC Use Cases
Regulatory Compliance
- Challenge: Managing compliance with multiple regulations is time-consuming and prone to errors.
- Solution: Use Policy and Compliance Management to map requirements, automate testing, and track compliance in real-time.
Enterprise Risk Management
- Challenge: Risks are managed in silos, limiting visibility and response.
- Solution: Centralize risk data in a risk register, assess risks, and prioritize mitigation efforts.
Audit Preparation
- Challenge: Preparing for audits requires significant manual effort to gather evidence.
- Solution: Automate evidence collection, track audit tasks, and streamline reporting with Audit Management.
Vendor Risk Oversight
- Challenge: Third-party vendors introduce security and operational risks.
- Solution: Conduct vendor assessments, assign risk scores, and monitor compliance with Vendor Risk Management.
Best Practices for Implementing GRC
Start Small and Scale Gradually
Begin with a single module (e.g., Policy Management) and expand as processes mature.
Map GRC Objectives to Business Goals
Align GRC activities with broader organizational objectives to gain stakeholder buy-in.
Integrate Across Departments
Involve IT, legal, finance, and operations teams to ensure GRC processes are holistic.
Automate Where Possible
Use automation for evidence collection, control testing, and reporting to save time and reduce errors.
Leverage Analytics for Insights
Continuously monitor dashboards and reports to identify trends and refine processes.
Integration with Other ServiceNow Modules
ITSM:
Link risks to incidents, problems, and changes for enhanced IT risk management.
ITOM:
Monitor operational risks and correlate them with IT infrastructure health.
SecOps (Security Operations):
Tie security incidents to risk assessments and prioritize remediation efforts.
Vendor Management:
Manage vendor-related risks alongside procurement and performance tracking.
Example Scenarios
Scenario 1: Automating Compliance for GDPR
- Challenge: A company struggles to maintain compliance with GDPR due to manual processes.
- Solution: Use Policy and Compliance Management to map GDPR requirements, automate control testing, and generate compliance reports.
Scenario 2: Proactive Risk Mitigation
- Challenge: An organization lacks visibility into potential risks across departments.
- Solution: Implement Risk Management to centralize risks, prioritize them, and track mitigation actions in real time.
Scenario 3: Streamlining Vendor Assessments
- Challenge: Vendor assessments are inconsistent, leading to gaps in third-party risk management.
- Solution: Use Vendor Risk Management to create standardized assessments, assign risk scores, and monitor compliance.
Customer Testimonials
Your ServiceNow Partner
CtrlAltNow is a niche ServiceNow only consulting company with over 5+ decades of consulting experience and 70+ ServiceNow Product line certifications. Our aim is to challenge the status quo and accelerate the business outcomes.
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Businesses across the globe need a smarter workflow solution. ServiceNow offers a strong foundation for all digital workflows connecting people, functions, and systems across your organization. CtrlAltNow is best equipped to partner with business to deliver the ServiceNow workflow solutions.
Our Implementation Success
With over 100+ successful ServiceNow implementations across various ServiceNow products, CtrlAltNow brings in unique set of accelerators to deliver projects on time and with highest quality.
Our ServiceNow Expertise
CtrlAltNow is a ServiceNow focused company and helping clients drive business outcomes with the ServiceNow ITx suite. Our expertise spans from initial scoping and planning, to implementation, to long-term growth and maturity.
Our Operating Philosophy
Our operating philosophy is simple – build high competency team and take up the most challenging assignments. We aspire to build a company where the best ServiceNow talent wants to partner.