ServiceNow GRC and Risk management

1. ServiceNow GRC and Risk management ServiceNow GRC (Governance, Risk, and Compliance) is a module within the broader ServiceNow platform designed to help organizations manage their governance, risk, and compliance functions efficiently. It focuses on streamlining processes, automating workflows, and providing a centralized system to handle various aspects of risk management. The GRC module in ServiceNow typically includes features and functionalities such as: •Risk Management: Enables organizations to identify, assess, prioritize, and mitigate risks across various business processes and operations. It allows for the creation of risk assessments, risk indicators, and risk response plans. •Policy and Compliance Management: Helps in defining policies, managing compliance requirements, and tracking adherence to regulatory standards and internal policies. It allows for automated assessments, audits, and evidence collection to ensure compliance. •Audit Management: Facilitates the planning, execution, and tracking of audit activities. It assists in managing audit programs, assigning tasks, documenting findings, and tracking remediation efforts. •Issue and Incident Management: Provides a centralized system to report, investigate, and resolve incidents and issues related to governance, risk, or compliance. It helps in documenting incidents, analyzing root causes, and implementing corrective actions. •Dashboard and Reporting: Offers customizable dashboards, reports, and analytics to visualize risk, compliance, and governance data. This helps stakeholders make informed decisions and track performance against objectives. •Workflow Automation: Allows for the automation of workflows related to risk assessments, compliance checks, approvals, and remediation actions, streamlining processes and improving efficiency. ServiceNow's GRC module aims to bring together different aspects of risk management, compliance, and governance into a unified platform, promoting collaboration among different teams within an organization. Here's why ServiceNow GRC is considered a risk management module: •Centralized Risk Management: ServiceNow GRC offers a centralized platform where organizations can manage various aspects of risk, including identification, assessment, mitigation, and monitoring. It provides a single source of truth for risk- related information. •Risk Identification and Assessment: The platform enables the identification and assessment of risks across different business units or processes. It allows

2. organizations to catalog risks, assign ownership, and evaluate their potential impact on operations. •Risk Mitigation and Controls: ServiceNow GRC assists in defining and implementing risk mitigation strategies and controls. It helps in establishing and monitoring control frameworks to reduce the likelihood and impact of identified risks. •Automated Workflows: The module automates risk management workflows, such as risk assessments, issue identification, and remediation tasks. This automation helps in reducing manual efforts, enhancing accuracy, and ensuring consistent processes. •Reporting and Analytics: ServiceNow GRC provides reporting and analytics capabilities to generate insights into risk exposure, compliance status, and overall risk posture. Customizable dashboards and reports allow stakeholders to make informed decisions. •Integration with Compliance Requirements: It helps in aligning risk management activities with compliance requirements, allowing organizations to track regulatory changes, assess compliance gaps, and implement necessary measures. •Collaboration and Communication: The platform facilitates collaboration among various stakeholders involved in risk management. It enables better communication, document sharing, and real-time updates, fostering a more cohesive risk management approach. •Audit Trail and Governance: It maintains an audit trail of risk-related activities, ensuring transparency and accountability. This feature helps organizations in demonstrating compliance and adherence to governance standards.