Operating in a complex and interconnected business environment is the shifted paradigm for businesses at present. As a result, they face a multitude of risks and regulatory challenges that can impact their operations, reputation, and bottom line. Compliance with legal and industry standards is essential but can be a daunting task without the right tools and processes in place.
With the newest addition to ServiceNow’s IRM suite of applications, staying compliant has never been easier. From policy and compliance management to vendor risk management, audit management, and business continuity management, ServiceNow IRM has all the options necessary for every business need.
Let’s explore the key applications of ServiceNow IRM suite and their purpose so you can maximize its use.
Also, for those looking to gain a deeper understanding of the various solutions provided by ServiceNow IRM suite and how it can benefit your business, be sure to check out the first part of this blog. Ensure you have a clear understanding of the fundamental workings and intended purpose of ServiceNow’s Integrated Risk Management (IRM) solution in order to fully grasp its benefits.
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An Overview
- Aim high with ServiceNow IRM: The key applications & its purpose
- Key points to remember: Extract maximum value from the IRM Suite of Applications
Aim high with ServiceNow IRM: The key applications & its purpose
ServiceNow Integrated Risk Management suite of applications primarily includes policy and compliance management, risk management, audit management, business continuity management, and vendor risk management. We’ll go about this in detail to understand how they can serve your business.
POLICY AND COMPLIANCE MANAGEMENT
The ServiceNow Policy and Compliance Management application empowers organizations to create and manage policies, standards, and internal control procedures in a centralized manner, all aligned with external regulations and best practices. This proactive application helps ensure that control activities are identified, assessed, monitored, and reported quickly and efficiently. With remarkable flexibility and insight, this solution enables businesses to stay on top of compliance regulations and effectively manage risk.
Some of the newest additions in the Tokyo Release include:
- Functional domain field in the compliance workspace.
- Integration of advanced risk assessment with exceptions.
- The policy as code engine (PaCE) – IRM automation is enabled by writing policies with executable code, which can be linked to relevant items.
- DevOps accelerator for control compliance.
- Confidentiality enhancements with record-level access limitations for IRM tables.
- Evidence requests enhancements with the option to reuse evidence.
- An ability to have multiple extensions against a single policy exception.
- A new expired substate on policy exception records.
- Verification approval option – Policy exceptions submitted can now undergo an initial approval, called verification approval, if an approval rule has been set. These rules are configurable in the existing approval rule configuration table.
RISK MANAGEMENT
Reduce your risk and increase your confidence with ServiceNow Risk Management application. By continually monitoring for high-impact risks, the application ensures that your decision-making is smart and risk-based. Harness the power of structured workflows to gain full control over risk assessments, indicators, and issues. Experience faster reaction times with this comprehensive solution.
Some of the newest additions in the Tokyo release includes:
- Multi-level approvals for advanced risk assessments allow tiered or staggered approvals when the first wave of approval passes.
- Assessing controls with group factors has been added as part of advanced risk assessment.
- Users can now simulate advanced risk assessments and also use AI to associate similar risk events together to help manage them better.
- The risk workspace has a risk heatmap workbench with more advanced heat map functionality, which includes upstream/downstream risk visibility and trend data.
- Confidentiality enhancements have been brought with the Tokyo release, allowing record level access limitations for IRM tables. It is enabled on key records such as risk events, issues, evidence requests etc.
VENDOR RISK MANAGEMENT
Simplify and streamline the vendor risk management process with ServiceNow Vendor Risk Management application. Take control of your vendor portfolio, quickly identify risk and set tiering levels, and efficiently complete the remediation life cycle with this easy-to-use application.
Some of the newest additions in the Tokyo release includes:
- New look for vendor portal that aligns with Employee Center and new system UI.
- Option for third-party vendor scores to roll up into main score.
- Enhancements to provider-based submission rules to allow better control over tasks, assessments, and issues based on third party scoring.
AUDIT MANAGEMENT
The ServiceNow Audit Management application provides a complete set of features to ensure that auditing is effectively managed. With features such as audit planning, execution, and reporting of findings to the audit committee and executive board, you can have peace of mind that your organization is in control.
Utilizing risk data and entity info to prioritize internal audits is a proven way to reduce the number of recurring audit findings, increase audit assurance, and improve productivity. By leveraging these valuable resources, you’ll be able to quickly identify areas that require more attention, allowing for timely corrections and more efficient audits.
BUSINESS CONTINUITY MANAGEMENT
The ServiceNow® Business Continuity Management (BCM) application is the perfect solution to ensure your organization can maintain an acceptable level of product and service delivery no matter the disruptive incident. Collaborative activities will help to identify potential risks and dependencies, so you are better prepared to respond, react, and recover should a critical issue arise. The four functional components of BCM will provide you with the capabilities needed to alleviate disruption, continue business operations, and protect routine services during any possible future issues.
Key points to remember: Extract maximum value from the IRM Suite of Applications
- The policy and compliance management feature in ServiceNow is the first line of defense for any organization, enabling it to create and maintain documented policies based on predefined authority documents (like those used in HIPAA) and carry out manual policy creation.
- These policies drive the development of control objectives – proactive methods for assessing risk – along with audit management services and vendor risk management evaluations. In fact, with the help of regulatory change management applications, organizations don’t even need to use change management solutions from ITSM.
- Control objectives along with compliance policies are essential for calculating regulatory compliance scores.
- ServiceNow offers a robust suite of tools that make it easier to manage risk, eliminate audit issues, streamline onboarding processes, and ensure regulatory compliance more effectively than ever before.
- Using third-party platforms, we can easily access authority documents, citations, and policies established by governments and acts such as the HIPPA, PCI, GDPR, SOX, and CCPA. Such standards help ensure your data is securely protected and handled responsibly. This increased safety provides peace of mind that your private information is in good hands.
Transform Your Risk Profiling with ServiceNow IRM
ServiceNow Integrated Risk Management (IRM) suite of applications is a high-performing tool to mitigate and manage risk, making it essential for any business. Seeking the right partner to make the most of ServiceNow IRM can be challenging. At Zeb, we have years of experience providing quality service to companies across multiple industries – from finance to retail and healthcare with successful implementations of ServiceNow IRM suite of applications.
We have the experience and expertise needed to realize the full potential of ServiceNow’s IRM solutions. Schedule a demo with us.
+1 732 737 9188
sales@zeb.co