A business deals with GRC processes in real-time, where the ServiceNow GRC module helps greatly. GRC refers to governance, risk, compliance, and service. GRC helps enterprises identify risks with real-time analysis. ServiceNow's component allows businesses to locate and manage high-level risks and threats to make effective decisions. However, ServiceNow GRC assists in different ways, such as risk evaluation, accessing exact resources, managing laws and policies, auditing, and building controls. This blog better describes the different aspects of ServiceNow GRC for businesses in detail.
- The business and IT challenge
- Comprehending ServiceNow GRC
- GRC Foundation
- GRC Domain Separation
- Plugins used in GRC Integration
- Roles in GRC Matrix
- Advantages of using ServiceNow GRC
- GRC Use Cases
- Implement real-time monitoring
- What are some related articles and resources on Salesforce vs ServiceNow and the ServiceNow ticketing tool?
- Conclusion
The business and IT challenge
The GRC module enables enterprises to connect their IT and security to automate them. This is because it is difficult to manually manage the risks, compliance changes, and reactive framework. Due to regular updates to business policies based on global regulatory changes, it becomes difficult. The latest business models and the induction of new technologies have given the way to grow cyber threats and other risks well. Therefore, many companies found that evaluating the effect of these risks and changes is very feasible based on their status.
Thus, ServiceNow helps enterprises in this regard to respond to these risks much more quickly by assessing them in real time. Also, it enhances the way to make effective decisions and improves business performance. It is highly possible by implementing automation processes and regular observation.
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Comprehending ServiceNow GRC
The ServiceNow GRC is a robust Now platform component, and an automation framework helps manage dependencies and workflows between intra- and inter-business groups. It helps to enhance time management. Companies may update their obsolete approaches to handling corporate governance, risk, and compliance using ServiceNow GRC solutions. All governance, risk, and compliance control tasks are now unified under the platform's GRC. It is done using a dashboard that gives companies specific visibility into GRC administration.
The workflow automation method in ServiceNow GRC follows the below flow structure.
Setting your company standards -> Logically arranging your controls -> Combining all of your controls -> Identify the essentials -> Recognizing risks -> Create a GRC roadmap -> Progress to continuous monitoring.
Governance
The term governance refers to the procedures and regulations set up for management that connect company goals with business ethics, responsibility, and handling of resources.
Risk
Companies should closely monitor, identify, and analyze the risks associated with finance, legal, security, etc., to manage and reduce the risk level.
Compliance
A company should follow the laws, legal rules, and regulations laid down by the government for establishments and enterprises.
GRC Foundation
Four standard pillars form the base or foundation of GRC such as
- Risk Management
- Audit Management
- Vendor Risk Management
- Policy and Compliance Management
Let us discuss them in detail:
1) Risk Management:
Managing potential risks is essential for any business to avoid any issues. GRC base helps the company to find, track, monitor, access, and react to the major threats that can impact majorly through a central process. Also, it assists in handling the tests, indicators, and various problems. Further, it also identifies and evaluates the chances and effects of various business incidents based on the data integrations throughout the enterprise. Moreover, it reacts to the key changes in the risk measures.
2) Policy and Compliance Management:
It gives firms a centralized approach for internal control methods, norms, and policies that abide by best practices and external laws. It simplifies legal processes, automates best practices and life cycles, and offers assurance regarding their efficacy.
3) Audit Management:
Audit management plays a key role in managing business practices and policies. It supports businesses in creating and carrying out tasks, conducting internal and external audits, and providing reports to the board of directors and committee. To eliminate recurring audit findings, enhance audit assurance, and optimize resource allocation for internal audits, audit management defines the scope of the audit projects and evaluates them according to risk data and profile statistics.
4) Vendor Risk Management:
It helps to manage vendor portfolios, integrates them with other business applications, and fulfils the vendor lifecycle enhancement evaluation. It provides a uniform and transparent procedure to handle the risk assessment, verification, and mitigation lifecycles with vendors and company stakeholders.
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GRC Domain Separation
Domain separation divides managerial tasks and data into logical chunks in GRC. Not every ServiceNow app needs domain separation. Domain data is always accessible to users, as the domain exposure expressly permits. Moreover, in GRC, numerous records- profiles, controls, risks, evidence, and monitoring tests—are automatically produced by the user's actions. Users must be mindful of creating entries at the right domain and making them visible to the relevant group of users when working on GRC domain isolation.
Example:
>Domain
>TOP
>Domain A
>Domain B
However, the users of GRC are divided into two categories: technical and functional roles.
Working of GRC in ServiceNow
The GRC application is Now platform-based. Since the GRC application is based on the SNow Platform, all assets, setup, and IT data are fully accessible to you since data and evidence are sent back to GRC. It enables the automatic collection of data and proof to see how controls function. Real-time recording source data is accessible through GRC. The skill base is used in ServiceNow to regulate the test guidelines. It compiles reports on controls outside the instances and builds the protected integration. It has central control and access to all governing records, guidelines, and laws.
By combining controls into the business actions, GRC makes it possible to work with a complete workflow combination and support for company activities. The document handling system and knowledge base are used to assist the policy management and control test protocols.
Plugins used in GRC Integration
You need to enable GRC plugins to use ServiceNow GRC. The following is a list of plugins that require activation:
- The plugin "Vendor Risk Management (sn_vdr_risk_asmt)" needs to be activated to use the apps of VRM-Vendor Risk Management.
- To use the applications of Audit Management, the plugin "GRC: Audit Management (sn_audit)" needs to be activated.
- The plugin "GRC: Performance Analytics Premium Integration (sn_grc_pa)" should be activated to utilize the PA integration apps.
- The plugin "GRC: Policy and Compliance Management (sn_compliance)" needs to be active to utilize the apps related to Policy and Compliance.
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Roles in GRC Matrix
By default, the roles specified below are specified to utilize the GRC module within ServiceNow. The admin can allocate roles to users based on the order of users.
Who uses ServiceNow GRC?
The below professionals can use the ServiceNow GRC application:
- Compliance Officers
- Managing Directors
- IT Professionals and Teams
- Audit Teams
- Report Auditors
- Risk Officers
Advantages of using ServiceNow GRC
The GRC application has the following distinct advantages.
1) Identifying the risks in real-time
It lets you set up company and IT service availability statistics in real-time. GRC determines what the vendor needs to allow automated control assessment. This method defines limits as markers for ongoing monitoring of the entire company.
2) Increase Performance
Due to the features that utilize the CMDB, process designer, mapping services, and integrated and interrelated workflow automation of the Now platform, the GRC procedures are made easier by eliminating flaws to boost efficiency.
3) Optimize internal audit productivity
Leveraging internal audit and compliance resources while allowing suitable audit project scope, strategy, and analysis is made possible by risk data and issues administration.
4) Improving strategic planning and decision-making
It helps in enhancing decision-making. Task management, dependency integration with the CMDB, and structured analysis of business impacts on a unified platform that offers multifaceted visibility to identify, position and address risks effectively.
5) Automating the third-party risk
It helps automate various risks and threats associated with third parties. Further, enhanced visibility and openness, together with a unified vendor risk evaluation and tiering process, reduce effort and vendor risk.
6) Extending the ServiceNow investment
This platform solely helps to enhance the ServiceNow investments. It provides orchestration, simple integration, data ingestion, and publishing features.
Check out Top ServiceNow Interview Questions and Answers that help you grab high paying jobs
GRC Use Cases
It is essential to make the most of your time to recognize, prioritize and react to alterations in your risk and compliance horizon. To discover new risks more quickly, your extended company has to track its data constantly. Database failure and quick reaction are ensured by automating the necessary remediation and threat analysis methods throughout IT and business activities. The Now platform's problem management and collaboration engine features are available to any GRC app. These apps interact with the vendor portal to provide an integrated resource and streamline decision-making.
Define a governance framework and test compliance controls.
With ServiceNow GRC, you can map the best practices, regulations, and laws, as well as the governance design of a system, to controls. After defining this process, you can automate repetitive duties inside and between operational units. Finding the necessary business, threat, and IT possessor’s systems is only possible by ServiceNow GRC. It automates the tedious, multifaceted procedures for policy lifecycle administration and regulatory testing to find inconsistent controls, resolve problems, or efficiently scope a GRC interaction.
The Now platform's unique features reduce flaws and inconsistencies with telephone calls, personal meetings, and emails. Furthermore, you can use the integrated GRC Attestation Designer to build and run tests and verification that are particular to the policy document. It eliminates faults made when obtaining evidence data and removes the requirement for manual validation between KPIs and test findings.
Build a risk register and automate Risk Assessments.
To find and handle the potential risks and threats, ServiceNow GRC uses a single register or file. GRC uses self-assessments to organize them to gather data on current and upcoming dangers and the accuracy of controls. Asset and process-oriented risk methods based on service performance data and the business effect obtained from the CMDB are used to calculate both numerical and qualitative risk ratings. You can precisely and instantly adjust your risk exposure thanks to it. Remediation times drop from weeks to minutes when a standard process is followed to identify and address faults quickly.
Implement real-time monitoring
With automatic data validation and evidence collection, ServiceNow GRC finds non-compliant controls, tracks high-risk spaces, and handles the library of KPIs and Key Risk Indicators. The GRC’s Performance Analytics (PA) is a unique integration that pays tribute to its current features. It uses PA evidence and limits to identify key control faults in between assessments.
Examine the risk reviews, regulatory perspective, and audit actions with the dynamic real-time dashboards. The GRC Workbench's role-based dashboards consider the priorities, status reports, and activities related to GRC sharing.
Assess Vendor Risk
With ServiceNow GRC, handling and evaluating vendors within less time is easy. It also minimizes the vendor risk. A portfolio management system allows all the vendors to be grouped into a single vendor record.
With the evaluation designer and integrated surveys, it is simple to keep watching the suppliers and acquire higher-quality data that can be carefully tracked over time. Tiering suppliers properly is the foremost stage in a VRM-vendor risk management task. Vendors are divided into levels or tiers with an arranged tiering procedure that includes evaluations and automatic production of tiering scores.
By connecting with third-party security ratings, you can expand the scope of the risk that the vendors pose and modify the vendor tier scores. Risk ratings serve as a basis for vendor risk; they are created constantly in response to the vendor's inquiries, updated in real-time, and kept in the vendor catalogue. Emails and phone calls are replaced with the vendor portal, simplifying interaction and allowing cooperation between your supplier and their reply team. You can remain on top of things with the help of automated alerts, complaints, and periodic evaluations.
What are some related articles and resources on Salesforce vs ServiceNow and the ServiceNow ticketing tool?
Several publications and sources can offer useful details about the ServiceNow ticketing tool and the Salesforce vs. ServiceNow comparison:
1) "Comparing Salesforce and ServiceNow: Which is the Right Solution for Your Business?" -
It helps you make better decisions while choosing between Salesforce and ServiceNow. This post carefully compares and contrasts their features, functionalities, and benefits.
Some other posts speak about the ServiceNow tool in different ways.
2) "Comprehending the ServiceNow Ticketing Tool: A Complete Guide".
3. "ServiceNow Workflow Automation: Streamline Processes for Improved Efficiency".
4. "ServiceNow Quiz Questions: Test Your Skills and Knowledge".
5. "Preparing for Salesforce vs ServiceNow Interviews: Key Topics and Practice Questions".
You can go through ServiceNow's different aspects and uses in real-time by exploring these posts.
Why does your business need ServiceNow GRC?
For various reasons, ServiceNow GRC is essential for your company. First, you can combine all your risk control activities into a single, central location with this platform. ServiceNow GRC allows you to make well-informed decisions in advance by giving you access to a gateway that provides real-time visibility of issues, risks, and exposures.
Furthermore, being an app with multiple layers and links, ServiceNow GRC assists companies in many ways. Thus, your business processes can be greatly enhanced by using ServiceNow GRC.
Conclusion
An integrated risk platform is created by changing redundant processes throughout the entire business with the aid of ServiceNow GRC. The apps provide real-time compliance and risk management analysis with services like automation and constant tracking. ServiceNow GRC enhances decision-making within a company and boosts outcomes for the business and its vendors.
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Varun Krishna
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