What is ServiceNow GRC - Governance, Risk, and Compliance Solution?

In an era where businesses face increasing regulatory requirements and complex risk landscapes, effective governance, risk, and compliance (GRC) management is crucial. ServiceNow GRC solution provides a comprehensive suite of applications built on the ServiceNow platform that help organizations manage business risks, ensure compliance with regulations and standards, and establish robust governance practices. By using the GRC suite, GRC professionals create a scalable compliance program to meet their organization's internal and regulatory requirements. The ServiceNow GRC suite contains four main products: Policy and Compliance Management, Risk Management, Audit Management, and third-party Risk Management. Learn more about ServiceNow GRC

Here's an in-depth look at ServiceNow GRC capabilities and how it benefits organizations.

ServiceNow GRC Modules

ServiceNow GRC groups key applications into scalable packages, each addressing a specific aspect of governance, risk, and compliance:

• Policy and Compliance Management - Automate and manage policy lifecycles and continuously monitor for compliance.
• Risk Management - Enable fine-grained business impact analysis to appropriately prioritize and respond to risks.
• Business Continuity Management - Plan, exercise, manage and recover from disaster recovery and operational resilience activities effectively and efficiently.
• Third-party Risk Management - Reduce third-party risk and improve organizational resilience and compliance.
• Operational Risk Management - Manage operational risk as part of an integrated risk management program.
• Continuous Authorization and Monitoring - Accelerate the process of bringing IT systems online and continuously monitoring them.
• Operational Resilience Management - Gain real-time visibility into the resilience of your technology, people, processes, and facilities.
• Privacy Management - Manage privacy risk and compliance in real time as part of a holistic enterprise risk program.
• Regulatory Change Management - Keep pace with today’s complex regulatory landscape with integration to leading content providers.
• Audit Management - Use risk data to scope and prioritize audit plans and automate cross-functional processes.
• Performance Analytics - Anticipate trends, prioritize resources, and continuously improve with real-time analytics.

Why Do Enterprises Need GRC?

• Comprehensive Risk Visibility: ServiceNow GRC provides a holistic view of risks across the organization, enabling better decision-making and risk mitigation strategies.
• Improved Compliance: Automated compliance tracking ensures that the organization adheres to regulatory requirements and internal policies, manage regulatory and policy changes, reducing the risk of non-compliance penalties.
• Streamlined Processes: Automated workflows and processes reduce manual effort, increase efficiency, and ensure consistency in risk and compliance management. It also improves transparency, accountability, and performance across businesses teams.
• Enhanced Governance: The GRC suite helps establish robust governance practices, ensuring that policies and procedures are consistently applied and monitored.
• Real-Time Information: ServiceNow GRC offers real-time data and insights, allowing organizations to respond promptly to emerging risks and compliance issues.

Real-World Industry Applications of ServiceNow GRC

• Financial Services: Banks and financial institutions use ServiceNow GRC to manage regulatory compliance, mitigate operational risks, and ensure data security.
• Healthcare: Healthcare providers utilize the GRC suite to comply with healthcare regulations, protect patient data, and manage clinical risks.
• Manufacturing: Manufacturers implement ServiceNow GRC to ensure compliance with industry standards, manage supply chain risks, and improve product quality.
• Technology: Tech companies leverage GRC to protect intellectual property, manage cybersecurity risks, and comply with data privacy regulations.

How to Enhance Capabilities of ServiceNow GRC with Aavenir Source-to-Pay Solution Integration

Integrating ServiceNow GRC with Aavenir Source-to-Pay Solutions offers a comprehensive approach to managing third-party risks and compliance in real time. The integration helps enterprises to mitigate risks and ensure compliances during the process of Vendor Assessment, RFP creation, vendor onboarding, contract drafting and review, obligation management, and performance monitoring.

Read a blog to explore powerful use cases of integration of ServiceNow GRC with Aavenir Source-to-Pay Solutions including - RFPflow, Contractflow, Onboardingflow, and Obligationflow.

The blog highlights key use cases of the integration including:

• Vendor Risk and Compliance Assessment
• Vendor Contract Management
• Vendor Obligation Management

Business Value of ServiceNow GRC

ServiceNow GRC solutions enable integrated risk management, operational resilience, business continuity management, and third-party risk management. By integrating GRC and continuously monitoring your day-to-day operations and systems, you can minimize business disruption, empower your front line to make risk-based decisions, and drive prompt action for high-risk issues such as data exposures, noncompliance, and vendor risk status changes. Here are some tangible business values of ServiceNow GRC products validated by Forrester Consulting via Total Economic Impact™ (TEI) assessment data:

Risk management

• 22% improvement in productivity for GRC staff handling risk identification
• 60% improvement in productivity for GRC staff handling risk assessments
• 40% improvement in productivity for GRC staff handling risk-related issues

Vendor Risk Management

• 22% decrease in overall workload for vendor risk management
• 40% improvement in productivity for GRC staff handling vendor assessments
• 63% reduction in vendor contract management time
• 30% reduction in vendor tiering time
• 80% improvement in productivity for GRC staff responsible for vendor risk reporting

Business Continuity Management

• 37% reduction in cost per test for business function or application recovery tests
• 39% reduction in cost of responding to business function or application recovery issues
• 36% reduction in cost to create and update disaster recovery plan

Audit Management

• 15% improvement in productivity for GRC staff handling audit planning
• 35% improvement in productivity for GRC staff handling audit execution
• 30% improvement in productivity for GRC staff handling audit issues
• 80% improvement in productivity for GRC staff handling audit reporting
• 35% reduction in external auditor payments

Source: Forrester Total Economic Impact™ (TEI) of ServiceNow — Validated Financial Model Data, a commissioned study conducted by Forrester Consulting, February 2022. 1. Validated benefits from existing certifications | 2. Validated industry-specific inputs and benefits for GRC | 3. Validated industry-specific inputs and benefits for BCM