Governance Risk and Compliance

A Closer Look at Common Risk and Compliance Challenges

Imagine having the ability to manage risk—be it digital, IT, compliance, or vendor—across every department and function, without slowing down processes and over-burdening your team. Picture a scenario where previously siloed processes become part of an integrated risk program that extends across the enterprise. With ServiceNow, you can make this vision a reality.

Everyone knows the risks that come with regulatory non-compliance and ignoring vulnerabilities. But the threats continue, and they’re constantly evolving. Inefficient processes, human error, new initiatives like digital transformation, and unforeseen delays all increase risk. The reality is that, despite the best intentions, critical items keep falling through the cracks—and most companies can’t even identify what fell through, let alone the potential impact if left unchecked.

At the same time, complexity keeps growing with each new regulation, process, application, and piece of hardware. It’s no surprise that legacy governance, risk, and compliance (GRC) products can’t keep up with this growing list of challenges.

To manage risk and compliance in this ever-changing landscape you need a modern, cloud-based platform that can continuously monitor activities, improve decision making, and increase performance through automation and AI-powered user experiences. You can work the way you want with support to easily collaborate with other departments and effectively communicate with business users, the CEO, and the board. And, user-friendly portals with mobile interfaces make it easy to work anytime and anywhere.

Designed for cloud-scale, ServiceNow consolidates data from across the enterprise and from third parties using open APIs so you can share data and automate cross-functional workflows. Processes seamlessly embed risk and compliance activities, collect evidence, assign tasks, and streamline audits. Built on the Now Platform, ServiceNow GRC identifies business risks through continuous monitoring and risk events, which then roll up to the enterprise. And we reduce compliance complexity with a common control framework, so you can “test once and comply many”—which also delivers significant efficiency gains. It’s time to change the way work gets done with ServiceNow.

With risk and compliance embedded in cross-functional workflows, you can easily and confidently manage risk across the enterprise. An HR compliance violation could trigger a legal issue. The risk posed by a vendor with degrading security performance could lead you to restrict their access to your network. You can handle risk with confidence. Take the right action—and take it sooner—so your business stays protected.

Let’s take a closer look at some common risk and compliance management challenges:

  1. Monitor for critical vulnerabilities and understand the business impact
  2. Identify and address misconfigurations before they become business risks
  3. Ensure your compliance program effectively supports your business services
  4. Monitor HR policy requirements and identify onboarding risk
  5. Ensure privacy standards are met

With that being said, it is one thing to simply know how your business operates, in both its small and large scale projects. However, it is another to understand what could positively change your efficiency and gross annual expense report. Acorio is able to test your potential outcomes once implementing a GRC program. We call defining these outcomes or ‘controls’, “test once, comply many.”

Use case: Monitor HR policy requirements and identify an onboarding risk

HR teams frequently use multiple, standalone point solutions to support different aspects of HR. You might use one system for onboarding and another to manage policies, but the policies don’t always map back to appropriate controls. There are a wide range of regulations across the employee journey. Beyond internal policies and best practices, there are regulations that can vary greatly from state to state and country to country. When these systems run in silos, teams are left with manual work to try and monitor compliance across the organization.

  • Is your company subject to local laws regarding pay for unused personal time off? • Have all appropriate steps been followed during on-boarding and termination?
  • When was the last time employees confirmed the review of anti-harassment and insider trading policies?
  • Have the appropriate pre-employment background checks been completed?
  • How do leave policies vary depending on where an employee resides?
  • Have the appropriate policies been followed for whistleblowers, non-discrimination, sexual harassment complaints, and investigations?
  • Have you implemented and approved the appropriate policies regarding the separation of duty?

Learn how ServiceNow’s platform can help you mitigate these questions, plus more use cases to help you understand your business risk.

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