Governance, risk, and compliance is a constant concern for enterprises that must keep up with changes in the global regulatory environment and industry standards. As enterprises adopt new business models, establish new partner relationships, and deploy new technologies, they must also quickly assess the impact of these developments on their existing compliance obligations and risk posture.
For critical processes, enterprises must be able to continuously monitor and detect failing controls, especially between assessment periods. They must detect emerging risks and adjust controls and policies accordingly. Compressing the time to monitor, detect, and assess changes to the risk and compliance posture is only one side of the equation. Once a decision is made, enterprises must orchestrate and automate the appropriate remediation and risk treatment actions across business and IT processes.
The ServiceNow Solution
ServiceNow Governance, Risk, and Compliance (GRC) transforms inefficient processes across your extended enterprise into a unified GRC program built on the ServiceNow platform. Through continuous monitoring, prioritization, automation, and a deep connec-tion with the ServiceNow platform, you can effectively respond to real risks in real time. The GRC suite is comprised of four applications:
- Risk Management - Detect and assess the likelihood as well as business impact of an event, and respond to critical changes in risk posture between assessments
- Policy and Compliance Management - Automate best practice lifecycles, unify compliance processes, and provide assurances around their effectiveness
- Audit Management - Scope and prioritize audit engagements using risk data and profile information to eliminate recurring audit findings, enhance audit assurance, and optimize resources around internal audits
- Vendor Risk Management - Institute a standardized and transparent process to manage the lifecycle for risks assessments, due diligence, and risk response with business partners and vendors
Source: Business Computing World