Lauding the Call for an Enhanced GRC Framework

The human arsenal packs together many unique human capabilities, but to be completely honest; none are as important to us as our ability to get better at a consistent pace. We say this because the ability has already fetched the world some huge milestones, with technology appearing as a rather unique member of the group. The reason why technology’s credentials are so anomalous is purposed around its skill-set, which was unprecedented enough to realize all the possibilities for us that we couldn’t have imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired by the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence and made it the ultimate centerpiece of every horizon. Now, having such a powerful tool run the show did expand our experience in many different directions, but even after reaching so far ahead, this prodigious concept called technology will somehow keep on delivering the goods. The same has grown to become a lot more evident in recent times, and assuming one new GRC-themed development pans out just like we envision, it will only propel that trend towards greater heights over the near future and beyond.

ServiceNow, the leading digital workflow company making the world work better for everyone, has officially secured the designation of a leader in the Forrester Wave™: Governance, Risk, and Compliance, Q4 2023 report. In case you weren’t aware, ServiceNow’s platform is known for helping users break down silos across a business to more effectively manage risk and strengthen compliance, while simultaneously building resilience on an organizational level. This it does by combining workflows, automation, and integration with a single data model, unified architecture, and extensive configuration options. But how will ServiceNow’s value proposition look on a more actionable note? Well, once implemented, the stated solution will go a long way when it comes to identifying and evaluating risk event likelihood and potential business impact based on aggregated data across the value chain. Such an extensive assessment makes it possible for us to deliver a timely response against any critical changes in the company’s risk posture. Next up, it brings to the fore that necessary infrastructure for streamlining policy lifecycle. ServiceNow also integrates complex compliance protocols directly into your workflows, and complimenting the same is how the platform further lets you continuously monitor embedded controls, ensuring in no circumstances whatsoever, your organization falls behind the established regulatory framework. Then, we have the prospect of improving data reliability for audits and disclosures. Talk about audits, ServiceNow allows you to clearly define and prioritize audit engagements using risk data and profile information. A ripple of doing so is that you are able to reduce recurring findings, strengthen audit assurance, and optimize resources for internal audits. Interestingly enough, the solution in question even has a machine learning angle where it leverages the technology to assign, group, and suggest risk remediation for smart issue management. Given the enhanced bit of intelligence coming into play, the platform pledges to cut back massively on the time taken by this remediation process, taking it from days to just a matter of few minutes. In case the value promise still doesn’t sound attractive enough to you, then we must mention how ServiceNow also sets up the stage for greater engagement of stakeholders at all levels in an organization, including the board of directors. Applying familiar user experiences to do the job, the feature will come in handy, as far as the objective is to improve collaboration, increase transparency, and speed decision-making and response to risks across domains like tech and cyber, operations, privacy, third-party, internal audit, corporate compliance, and business continuity.

According to the ForrestWave report, “ServiceNow delivers automated GRC backed by broad AI innovation plans…Its superior roadmap and innovation strategies are forward-looking, targeting enhancements to digital experience across all lines of business, risk process automation at scale, and AI-led operations and insights throughout the risk management lifecycle. The product features strong risk monitoring and communication tools, including automated metrics, intuitive dashboards, and extensive use of AI to enhance user experience and productivity.”

Operating out of Santa Clara California, ServiceNow’s rise stems from its industry-leading platform, which is well-equipped to accelerate business workflows and make them smarter. To make sure this core promise can achieve the maximum number of beneficiaries, though, the company has, at present, segmented its operations across disciplines like service management, custom app development, enterprise cloud, ITSM, security operations, customer service management, ITOM, GRC, HR service delivery, and more.

“An integrated, enterprise-wide approach to risk and compliance is paramount as organizations adapt and evolve in response to new business models, deploy emerging technologies such as generative AI, and confront a rising tide of regulations, threats, and cyber risks,” said Vasant Balasubramanian, vice president and GM of Risk and ESG, at ServiceNow. “ServiceNow GRC provides the essential framework for enterprises to embed risk and compliance management across workflows and experiences so organizations can swiftly assess the impacts on compliance obligations and overall risk posture associated with these transformative changes.”

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