In today’s fast-paced, disruption-prone world, managing risk isn’t just a checkbox—it’s a power. Imagine having the foresight to spot threats before they strike, the agility to respond in minutes instead of days, and the clarity to align every decision with your business goals.
That’s the promise of ServiceNow’s Risk Services solutions.
ServiceNow’s Risk Solutions fall under its Governance, Risk, and Compliance (GRC) umbrella, a set of tools that integrates risk management into your daily workflows.
RISK SOLUTIONS
Integrated Risk Management (IRM) is the conductor of ServiceNow’s risk orchestra.
It ties together risk, compliance, and audit processes into one harmonious system, ensuring nothing slips through the cracks. Especially, if you’re in a regulated industry like banking or healthcare, IRM is your VIP pass to staying ahead.
IRM centralizes risk data from every corner of your organization for regulatory and/or compliance reasons. It automates assessments, tracks controls, and delivers role-based dashboards for everyone from analysts to execs. It’s risk management with a bird’s-eye view.
Benefits: Streamlined compliance, faster innovation with confidence, and a unified risk strategy.
Policy and Compliance Management: Your Rulebook, Automated
Every compliance program starts with policies—those pesky rules that keep you on the right side of regulators. This module takes the headache out of this process by centralizing your policies, mapping them to regulations, and automating compliance checks.
How It Shines: Create a policy (say, GDPR adherence), link it to controls, and let IRM monitor compliance in real time. It flags gaps - like an unencrypted database - before they become fines. Plus, it auto-generates evidence for audits.
Risk Management: Spotting Trouble Before It Strikes
Nested within IRM, the Risk Management module is your crystal ball for enterprise risks -cyber threats, operational hiccups, or market shifts. It’s not a standalone; it’s turbocharged by IRM’s integration, pulling in data from across your tech stack.
How It Shines: Assess risks with automated scoring, prioritize them based on business impact, and track mitigation with live dashboards. Its predictive analytics - a hidden gem - can forecast trends, like a spike in phishing attempts, based on historical data.
Audit Management: Turning Audits into Allies
Audits don’t have to be a scramble. IRM’s Audit Management module transforms them into a streamlined, stress-free process by aligning audits with your risk and compliance data.
How it Shines: Its scoping feature lets you focus audits on high-risk areas—like a vulnerable vendor—saving time and sharpening focus.
Integrated Risk Management (IRM): The Big Picture Maestro
The Payoff
Fewer penalties, consistent certification pathway, faster audits, and a compliance posture that’s always audit-ready.
And of course, faster audits, fewer findings, and a reputation for airtight governance.
Fresh Insight
IRM’s AI-driven insights can predict risk trends based on historical data, a feature that’s quietly revolutionizing how organizations can manage risks.
In addition the new AI powered recommendation engine helps you mitigate Issues and Risk
Plan audits, assign tasks, and collect evidence—all within one platform. It integrates with Policy and Compliance Management to pre-populate audit trails, slashing prep time by 30% (Forrester, 2023).
Proactive protection, smarter resource allocation, and decisions that move 50% faster (Moody’s, 2024).
Companies using IRM’s Risk Management save $2.2 million per data breach by catching risks early (IBM, 2024).
Plan audits, assign tasks, and collect evidence—all within one platform. It integrates with Policy and Compliance Management to pre-populate audit trails, slashing prep time by 30% (Forrester, 2023).
Proactive protection, smarter resource allocation, and decisions that move 50% faster (Moody’s, 2024).
Companies using IRM’s Risk Management save $2.2 million per data breach by catching risks early (IBM, 2024).
Third-Party Risk Management: Taming the Vendor Wildcard
Your vendors are critical, we get it! But they’re also a risk minefield.
60% of data breaches involve third parties, per Verizon’s 2023 Data Breach Report. TPRM’s real-time monitoring can catch these threats early.
Third-Party Risk Management (TPRM) helps you assess, monitor, and manage the risks tied to your external partners, from IT providers to logistics firms.
TPRM starts with onboarding—vetting a vendor’s cybersecurity or financial stability. It then monitors their performance with continuous assessments and flags issues like data breaches or delays. Automated workflows connect these risks to your broader enterprise strategy. And it lets you offboard them in partnership with the key stakeholders.
Vendor Risk Assessments
This module automates the evaluation of vendor risks by sending questionnaires and scoring responses to identify potential weaknesses like cybersecurity gaps or financial instability.
Vendor Performance Monitoring
It tracks ongoing vendor performance in real time, flagging issues like delays or compliance breaches to ensure accountability.
Vendor Lifecycle Management
This oversees the entire vendor relationship—from onboarding to offboarding—streamlining processes and tying risks to enterprise goals.
Issue Management
It coordinates responses to vendor-related incidents, assigning tasks and tracking remediation to minimize disruptions.
Integrations
There are external tools available that let you get the vendor's Cyber security ratings, financial stability, and news feeds associated with the vendor right in ServiceNow
The Payoff
Stronger vendor relationships, reduction in onboarding gaps, reduced supply chain chaos.
Fresh Insight
Here is where IRM flexes its muscles and talks to TPRM: these modules don’t work in silos - they talk to each other. A policy violation flagged by Policy and Compliance Management triggers a risk assessment in Risk Management. That risk feeds into Audit Management for review, while Vendor Risk Management checks if a third party’s involved.
It’s a symphony of data, orchestrated by IRM’s centralized platform integrating with other parts of the Risk Solutions offering along with AI-driven insights.
A healthcare provider used IRM to cut HIPAA compliance gaps by 45% in six months, linking policies to vendor risks and audits in one workflow (ServiceNow case study, 2024).
Organizations using this module see 40% fewer vendor incidents (ProcessUnity, 2023).
IRM users report a 30% boost in compliance efficiency thanks to this integration (Forrester, 2023).
A healthcare provider used IRM to cut HIPAA compliance gaps by 45% in six months, linking policies to vendor risks and audits in one workflow (ServiceNow case study, 2024).
Organizations using this module see 40% fewer vendor incidents (ProcessUnity, 2023).
IRM users report a 30% boost in compliance efficiency thanks to this integration (Forrester, 2023).
Business Continuity Management: Your Disruption Deflector
When disaster strikes—be it a cyberattack, natural disaster, or global pandemic—Business Continuity Management (BCM) ensures your organization bounces back fast. It’s about planning, testing, and recovering with precision.
BCM lets you build and test continuity plans, setting recovery time objectives (RTOs) and recovery point objectives (RPOs). It integrates with IT and operational data to prioritize critical services and automate recovery workflows.
Business Impact Analysis (BIA)
This assesses the criticality of business processes and systems, setting recovery priorities to minimize downtime during disruptions.
Continuity Planning
It enables the creation and management of detailed recovery plans, defining RTOs and RPOs to ensure swift restoration of services.
Scenario Testing
This simulates disruptions—like cyberattacks or natural disasters—to test and refine continuity plans before a real crisis hits.
Crisis Management
It orchestrates real-time responses to incidents, coordinating teams and automating workflows to speed up recovery.
The Payoff
Minimized downtime, protected reputation, and resilience that wows stakeholders.
Fresh Insight
BCM’s scenario testing feature lets you simulate disruptions—like a power outage—and refine your response before it’s real. It’s like a fire drill for your business.
A 2023 Deloitte survey found that companies leveraging integrated BCM solutions report a 40% boost in confidence among stakeholders during disaster recovery.
Real-time integration with the CMDB, ensures everyone knows the playbook when chaos strikes.
Organizations with robust BCM recover 50% faster from disruptions, per a 2024 Gartner report.
IRM users report a 30% boost in compliance efficiency thanks to this integration (Forrester, 2023).
A 2023 Deloitte survey found that companies leveraging integrated BCM solutions report a 40% boost in confidence among stakeholders during disaster recovery. Real-time integration with the CMDB, ensures everyone knows the playbook when chaos strikes.
Organizations with robust BCM recover 50% faster from disruptions, per a 2024 Gartner report.
IRM users report a 30% boost in compliance efficiency thanks to this integration (Forrester, 2023).
Privacy Management: Your Data Protection Powerhouse
Think of ServiceNow’s Privacy Management module as your organization’s shield against data privacy chaos. It’s built to streamline compliance with global regulations like GDPR and CCPA, managing personal data risks with precision and speed. What sets it apart? It’s not just a compliance tool—it integrates with your entire GRC ecosystem, turning privacy into a trust-building asset.
How It Works: Start by mapping personal data across your systems (think customer records or employee files). The module automates data subject requests, tracks consents, and runs privacy impact assessments, all while flagging risks like breaches in real time. It’s like having a privacy expert embedded in your workflows, powered by AI for smarter insights.
Privacy Case Management
Triage and Resolve Privacy Violations: Quickly triages privacy incidents with automated workflows and resolves them efficiently, ensuring rapid response to breaches and compliance violations across the enterprise.
Data Mapping
Creates a comprehensive inventory of personal data across systems, pinpointing where it’s stored and how it’s used to mitigate risks.
Record of Processing Activity (ROPA):
Maintains a detailed log of data processing activities or auto-detects changes, ensuring transparency and regulatory adherence.
Privacy Impact Assessments (PIA)
Guides teams through assessments to identify and fix privacy risks before new projects go live, keeping operations compliant.
The Payoff
Enhanced customer trust, faster regulatory compliance, and a proactive grip on data risks that keeps fines at bay.
Fresh Insight
Privacy Management’s predictive analytics can spot emerging privacy threats—like unusual data access patterns before they escalate, giving you a head start on protection no other tool matches.
Reduce the average cost of a data breach by 39%—from $5.87 million to $3.60 million—thanks to faster detection and response, per IBM’s 2024 Cost of a Data Breach Report.
Did you know 60% of consumers won’t trust companies with weak privacy practices? Privacy Management flips that with automation that boosts compliance confidence by 15% (IBM, 2024).
A 2024 Cisco study found that companies automating privacy processes—like data subject requests and consent tracking—improve compliance efficiency by 28%.