The GRC is the common thread that connects the company's strategies with the IT tools on which it must leverage to achieve its objectives. Companies have to take risks to continue to grow and stand out from their competitors, but if they do not have accurate and constantly updated information, they cannot act correctly. The ServiceNow Governance, Risk and Compliance module is used by companies to reduce cost auditing by up to 80% and enables the automatisms necessary to assess any compliance violations in advance. The old models no longer work: isolating individual departments of companies limits and slows down the operations of GRC.
What is needed is a digital platform that is able to connect all data and information useful to companies to optimize their governance. For its GRC services, ServiceNow has been named a Leader in Gartner's 2019 Magic Quadrant in the Integrated Risk Management category, for the second consecutive year.
ServiceNow applications for GRC
The ServiceNow GRC module consists of four main applications. The first relates to policy and compliance management and offers a centralized process for managing internal control policies, standards and procedures. The second application enables advanced management of Risk Management. IT risks can greatly impact the business of companies, which is why ServiceNow allows you to aggregate data from the entire company to quickly adapt to changes related to security. Audit Management and Vendor Risk Management, the other two applications of the platform's GRC module, also take advantage of workflow automation and constant monitoring. The results? Optimization of internal resources for audits, the adoption of a centralized dashboard for supplier management and risk reduction through the automation of procedures. Each of these applications can be tailored to fit every enterprise - ServiceNow's scalability is one of its most popular features.
The benefits: more transparency and more precise measurements
The digitization of the GRC through ServiceNow increases transparency in costing and services. In addition, it improves the accuracy of the KPIs used in the company to evaluate the performance of a department, because the natural errors that arise in manual management linked to spreadsheets are removed. Finally, companies that adopt ServiceNow for Governance, Risk and Compliance are able to identify much more easily the business areas for which improvements are needed. This allows you to keep costs under control, evaluate investments in new products and services with greater awareness, abandoning, instead, obsolete ones, which only represent a burden for the company's activities. A Forrester study summarized the benefits of adopting ServiceNow for Governance, Risk and Compliance: a ROI of 349%; Compliance testing and reporting have become 70% faster, and vendor assessment timelines have tripled. Additionally, the Forrester report identified a 50% increase in GRC-related staff efficiency.
A single multi-use tool, even from mobile
The main advantage of managing GRC with ServiceNow can be summed up in one word: simplicity. Being able to use a chatbot to be guided step by step in submitting a report and having a single interface, equipped with intelligent and automated search, means avoiding unnecessary steps that slow down the process and expose the company to violations of compliance activities or increase the possibilities of risk. If a path is inefficient and complicated, the result will never be positive. The efficiency of ServiceNow is enhanced by the presence of a dedicated smartphone application, called Now Mobile. An always available and easy to use tool for GRC activities.