What Is Governance, Risk, & Compliance (GRC)?
Governance, Risk, and Compliance (GRC) is an application that is intended to manage the regulatory requirements of an enterprise strategically. GRC is a framework an organization uses to align its information technology with its business goals and objectives. An intelligent GRC application monitors change management continuously, communicates critical issues, predicts threats in real-time, and enables timely remediation.
This framework is made up of three components:
The management policies and processes set in place to align company ethics, accountability, and resource management with organizational goals
The reduction and management of financial, security, legal, and strategic risks that could impact an organization’s success
The adherence to laws, policies, and standards set forth by government agencies, institutions, and the company.
What Is ServiceNow Governance, Risk, & Compliance (GRC)?
Organizations struggle with managing risk and compliance as isolated work models are not capable enough to deal with the dynamic modern-day business changes. ServiceNow comes with a Governance, Risk, and Compliance module that empowers organizations to automate and provide a far-reaching understanding of all GRC activities in a single module with real-time monitoring of risks.
ServiceNow Governance, Risk and Compliance module helps in building an integrated risk framework that connects IT, business and security and unifies them on a single platform. It offers an integrated framework that shifts processes from archived spreadsheets and databases into one single point of reference for the interconnected architectures and processes.
Benefits of Using ServiceNow GRC Solution
• Real-time monitoring.
• Automate risk assessments and to create a risk register.
• Manage compliance which is confirming to a regulation/law/policy/standard.
• Describe test compliance controls and governance framework.
• Manage risk by identifying and handling risks in advance, to avoid the potential negative impacts on the business.
• Assess vendor risks.
• Profile types and profiles are used by risk managers to screen risks and to achieve risk assessments. In similar way the compliance managers create a structure of internal controls and monitor compliance activities.
• Mitigate risks using controls to help decrease the impact or occurrence of risks
• Attestations over controls are used to measure the controls performance.
Who uses GRC?
GRC is used by the following list of professionals. They are:
• Managing Directors
• Audit Team
• Compliance Officer
• IT Team
• Reporting auditor
• Risk Officer
How Does GRC Work in ServiceNow?
• GRC access to source data form real-time reporting.
• It has access to full assets, configuration, and IT data.
• In ServiceNow, knowledge base can be used to control test instructions.
• To gather the secured integration and report to outside the instances.
Four key Pillars of GRC
1. Policy and Compliance Management:
It provides companies with a centralized procedure for policies, standards, and internal control procedures that are mapped with standard industry regulations.
2. Risk Management
Provides an organization with a centralized process for locating, validating, monitoring, and responding to IT as well as enterprise risks that can adversely impact your business operations. It also aids in the management of assessments, indicators, and issues.
3. Audit Management:
Assists organizations with internal and external audits, as well as the creation and execution of engagements and the reporting of results to committees and boards of directors.
4. Vendor Risk Management
Manage the portfolio of different vendors, evaluate vendor risks, and fulfil your remediation life cycle.
With the above mentioned data, one can gain the importance of GRC for the organization. It helps in analysing and evaluating the risk, threats and implementing proper measures and developing appropriate solutions to come out of those insecurities.
We at Realxposure have professionals with extensive background in GRC, Consulting, Software development, ServiceNow technology. Together, the professionals provide a full package of all the required knowledge for delivering off the shelf solutions that seamlessly align with the client organization’s processes and GRC activities.
If you consider using ServiceNow for GRC management, get in touch with our experts who will be more than happy to assist you further.