This article discusses how ServiceNow GRC helps organizations optimize governance, risk, and compliance processes. You will learn the key features of Servicenow GRC, including automation capabilities. At the end of the article, you will understand the role of ServiceNow GRC in improving and boosting the productivity of organisations.
ServiceNow is a well-known IT Service Management (ITSM) platform widely used across companies to streamline IT operations and improve business performance.
ServiceNow GRC is one of ServiceNow's core products. It is a robust platform that helps organizations identify, manage, and mitigate risks and ensures compliance with regulatory standards and policies.
This article will discuss ServiceNow GRC's key features, benefits, and more in greater detail.
Table of Contents:
GRC deals with Governance, Risk, and Compliance. It monitors organisational change, communicates key concerns, anticipates risks, and enables quick remedial actions.
GRC assists in responding to business risks, managing policies, conducting audits, and establishing controls.
Let’s start with learning the fundamentals of GRC here.
At its basic level, governance refers to collecting rules, regulations, and procedures.
Organisations must identify, analyse, and manage all risks to ensure business reliability. They must devote resources to mitigating, monitoring, and controlling risks to reduce risk.
Compliance is about adhering to industry/government rules, standards, regulations, and legislation. Failure to do so can create unwanted issues, reputation loss, penalties, and more.
There are different types of compliances, including the following.
Explores ServiceNow GRC, its key features, benefits, and automation—boost your expertise with this ServiceNow Training. |
Let’s look at the widely used GRC tools companies use worldwide.
Among all these GRC tools, ServiceNow GRC is one of the crucial ones.
We shall look at the industries that use the ServiceNow GRC tool.
Many companies leverage the ServiceNow GRC tool to manage their governance, risk, and compliance.
Let’s look at the companies and the benefits they gained from this adoption.
We hope you have a technical understanding of GRC, where ServiceNow GRC is used, and why it is used. Now, it's time to explore the ServiceNow GRC.
ServiceNow GRC is an integrated risk framework that integrates business, security, and IT aspects. This platform streamlines your organization's administration, risk, and compliance management processes.
It includes the key elements listed below:
ServiceNow GRC helps you to share data and automate workflows across all functional groups. So you can develop a unified GRC program for your organisation.
Moreover, it provides a real-time view of risk and compliance, improves decision-making, and increases productivity through continuous monitoring and automation.
ServiceNow GRC is pivotal in ensuring organisations' reliability and stability, regardless of changes in external and internal scenarios.
Let’s unpack the reasons for the same in the following.
Overall, ServiceNow GRC ensures smooth business processes and drives increased business efficiency.
The features of ServiceNow GRC are noteworthy. This section extensively discusses them in detail.
Let’s check it out!
1, Risk Management
Risk Management in ServiceNow GRC is a key module that focuses on discovering, analysing, and monitoring risks that may disrupt normal business activities.
Here are some of the crucial benefits of risk management.
2. Policy and Compliance Management
ServiceNow GRC’s policy and compliance management helps organisations to:
3. Audit Management
ServiceNow’s GRC Audit Management automates internal auditing, replacing manual processes. It helps businesses maximise productivity while protecting their assets.
Leveraging ServiceNow GRC’s audit management system, you can:
4. Business Continuity Management
ServiceNow GRC helps create and maintain business continuity plans, prepare organisations for potential disruptions, and provide practices for recovering from them.
ServiceNow GRC’s operational resilience management detects, prevents, and responds to business disruptions.
Here are some more pointers about business continuity management.
5. Third-Party Risk Management
ServiceNow GRC Vendor Risk Management continuously monitors, identifies, evaluates, and changes vendor system risks associated with third-party vendors.
This module includes vendor assessments and monitoring. You can eliminate or mitigate risks by managing the vendor portfolio in one place.
We hope the ServiceNow GRC modules discussed in this section have given you extensive knowledge of minimizing risks and maximizing operational efficiency.
ServiceNow GRC enhances governance, risk, and compliance management—check out ServiceNow Interview Questions to deepen your understanding. |
As you know, ServiceNow GRC is a robust platform that helps organisations to streamline governance, risk, and compliance processes.
Let’s break down how ServiceNow GRC works in the following.
ServiceNow GRC centralises all GRC-related data in one place. It helps users get a comprehensive view of risk, compliance, policies, audits, and controls. It also ensures consistency in data access across organisations, simplifying the decision-making process.
ServiceNow GRC automates risk assessments, compliance tasks, and audit tracking. Automated risk assessments help users find and prevent potential risks early.
ServiceNow GRC automated compliance activities like policy reviews, control assessments, and regulatory checks. It helps to save time and reduce human errors.
It allows organisations to track audits and follow-ups on audit findings.
With ServiceNow GRC, organisations can identify, assess, and mitigate risks. It uses the risk matrices to classify risks based on their severity and probability.
Risk mitigation plans are developed based on the severity of risks. Automated workflows help implement remediation plans and accept risks.
ServiceNow GRC offers real-time dashboards and reporting tools to help organisations monitor their GRC processes.
Dashboards provide a unified view of key GRC metrics, including risk levels, audit results, compliance status, etc.
Customised reports help organisations assess their GRC posture and track performance over time.
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In this section, we will see how automation works in ServiceNow GRC. The process diagram below shows the automation implementation in ServiceNow GRC.
Let’s take a look at it!
1, Define Business Rules
You must define business rules in advance and incorporate them into your ServiceNow GRC implementation strategy.
Typical business rules that you must define include the following:
2. Manage Controls
You must periodically examine and update your procedures to keep up with business and risk profile changes.
Ask the following questions about each of your controllers as part of this process:
Building a unified set of controls is more effective and cost-effective. By cross-mapping controls, you may validate a common control's compliance with numerous regulatory and practice guidelines frameworks.
3. Identify Risks
Identifying risks, their effects, and their likelihood of occurrence will help your firm focus on the right things. It will also help you determine the exact business effect of a failed control.
Risk identification can help you prioritise control testing and remedial efforts when resources are limited.
4. Automate Workflows
With your integrated solution, develop a GRC plan that enables adding GRC features between inspection cycles to minimise business impact.
Next, you must build, monitor, and optimise efficient, no-code automated workflows. These help you respond instantly to risks and compliance violations.
5. Monitor Compliance
Continuous monitoring enables you to control weaknesses as they occur and to initiate remedies quickly. It minimises both the total risk and the work necessary to maintain compliance.
In short, ServiceNow GRC automation simplifies managing GRC processes and significantly boosts productivity.
Let’s outline the benefits of ServiceNow GRC.
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Summary:
1. Is learning ServiceNow worth it?
Ans: Popular companies like TCS, Cognizant, Accenture, HCLTech, LTIMindtree, etc., hire servicenow professionals throughout the year.
AmbitionBox says that ServiceNow developers with 2-5 years of experience can earn an average salary of over 7 LPA in India. Indeed reports that ServiceNow developers can earn an average salary of over 124k USD annually.
2. What are the industries that recruit ServiceNow professionals?
Ans: Software product development, IT services and consulting, financial, and other major industries hire ServiceNow professionals to optimise IT service management operations and delivery.
3. Is ServiceNow a cloud-based solution?
Ans: Yes, ServiceNow is a cloud-based solution. Users can access ServiceNow from anywhere, scale resources, and more.
4. Can I customize ServiceNow?
Ans: Yes, you can customize ServiceNow. You can tailor forms, workflows, notifications, and reports to meet their GRC requirements. You can also integrate ServiceNow with external tools and applications.
5. What is the workflow used in ServiceNow GRC?
Ans: ServiceNow GRC uses workflows to automate repetitive tasks like risk assessments, audit tracking, and compliance checks. Workflows ensure consistency and transparency.
ServiceNow GRC provides a flexible, highly adaptable, and customizable platform. It is a suite of applications that helps organisations manage governance, risk, and compliance and boost their operational efficiency.
MindMajix offers industry-demanding ServiceNow training for beginners and experienced learners. The training will enhance your knowledge of ServiceNow GRC to new levels and transform you into a full-pledged ServiceNow professional.
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Satish is a Data Management and Governance Practitioner with over 16 years of IT experience supporting enterprises to develop and optimize solutions that result in high value. He has an experience spanning across Data Warehouse ETL leveraging Informatica PowerCenter & Custom Tools, Databases like Teradata, Oracle, MS-SQL & Greenplum, Integrations design with MuleSoft, and Implemetation of Data Catalog, Governance and lineage applications such as Alation, Collibra & Manta at an Enterprise level. Satish was associated with GE, Dell & E2Open with successful implementation of Supply Chain integration solutions for several AMER & APJ region organisations. Currently, he is a Tech Lead at Dell within Information Governance space who plays a key role in setting up governance practice from grass-roots that traverse maturity through stewardship with a Business rules framework for data quality, metadata, and governance access capabilities. Satish is also actively involved in mentoring students at various levels from high school and Engineering as part of CSR by associating with various organizations such as FFE, to impart knowledge that would help gain insights on skills essential to be successful in their professional journey.