What is ServiceNow GRC?
GRC (Governance, Risk, and Compliance) helps to establish an integrated risk management module that responds to business risks in real-time. It assists in connecting security and IT with an integrates risk program, which offers continuous monitoring, automation, and prioritization.
The applications of GRC are inherent exposure that saves from vulnerability and threats, external legislation and regulations that assist in internal verification and validation, policy and compliance which achieve internal goals or objectives in external legislation and regulations.
Applications and Features of GRC
Audit Management: It entails a variety of activities related to audit engagement planning, execution, and reporting findings to the executive board and audit committee. The effectiveness of the organization’s risk and compliance management plan is ensured by engagement reporting. The GRC Product Audit Management allows the Organization to plan internal audits, plan resources and commitments in terms of scope. Organizations can also carry out audits, review continuous results of monitoring, and report on results.
Management of Policies and Compliance: It offers a centralized process for developing and managing policies, standards, and internal control procedures that are cross-referenced to external regulations. Furthermore, the application includes structured workflows for identifying, assessing, and continuously monitoring control activities.
Authorization and monitoring continuously: It offers a standardized approach to the definition of an authorization package and the seven stages of the risk management framework (RMF). It applies the relevant data to a holistic view of the system under a single glass panel and it provides a way to better inform risk decisions for your users.
Management of business continuity: It is designed to reduce the risk facing organizations and enhance the organizational ability to react to problems and disruptions, to react, and to recover. The main functional components are included with this application to alleviate interruptions to the organization, continue business operations and perform business services. Even after a disruptive event, carrying on delivering products and services at an acceptable level is manageable.
Operational Resilience: In the light of negative operating events, like fire, weather, hacking, etc. It allows an organization to continue to provide business services. It aids in the monitoring of risk levels, business continuity, and vulnerabilities in critical business applications. Operational resilience can help test services by analyzing the point of failure of multiple failure scenarios.
The ServiceNow Risk Management Product offers a centralized process in which business risk can be identified, evaluated, reacted to, and continuously monitored. In addition, the application provides structured workflows for managing risk assessments, risk indicators, and risk issues. The Risk Management application for Vendors provides a centralized process for the management of your vendor portfolio, evaluation of vendor risk and levels, and completion of the life cycle of remediations.
Regulatory Management Application:
A framework and guidelines for integration with third-party regulatory intelligence providers can be provided in the Regulatory Change Management app. The application for Regulatory Change Management enables an organization to efficiently manage the next regulatory changes. The application includes structured workflows assessing the applicability, assessing the impact of regulatory changes, and implementing risks and conformity changes. The application for Regulatory Change Management works on the following components
Integration component: the integration component is usually provided by regulatory intelligence partners. With this integration, your ServiceNow platform can consume regulatory feeds.
Framework component of application: There is an application framework component in the Regulatory Change Management application. This component provides structured workflows so that regulatory feeds received in the regulatory feed table can be analyzed and processed.
Governance, Risk, and Compliance (GRC) mobile experience
GRC application work, task assignments, requests, approvals, and other follow-up actions can be managed directly from the mobile device. Receive timely alerts for current alerts, as well as risk and compliance status for the critical assets and essential business services.
Each of the four primary Governance, Risk, and Compliance applications has its own set of features and capabilities. In addition, all GRC applications have many common features.
Advantages of GRC Features:
- Continuous compliance monitoring and automation of policy life cycles.
- It is entirely sensible to adopt a single platform that can organize, simplify, transparent and make all compliance efforts more reliable.
- In the event of an emergency, streamline and automate procedures helps the business to mobilize.
- Allow for fine-grained business impact analysis to appropriately prioritize and respond to risks.
- With integrated risk management, you can respond to business risks in real-time.
- Monitoring, detecting, evaluating, mitigating, and remediating risks in the ecosystems of vendors.
- Cost reduction, efficiency improvement, and risk minimization.
Usage of GRC in an Organization:
It enables the user
- To conduct and approve risk assessments
- Remediate tasks
- Respond to or resolve problems
- Carry out indicator tasks
- Mitigate risk tasks
- Work on evidence request tasks