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Organizations are increasingly exposed to the risks associated with the pandemic and ongoing economic, geopolitical, and climate disruption in the current context. ServiceNow, as a trusted business partner to the companies, announced new Operational Risk and Resilience features for the enterprise for helping the companies in managing operations disruptions. ServiceNow is also extending its support to risk and cybersecurity in key areas like healthcare, government, and financial services. These innovations improve the risk management features of ServiceNow to allow the organizations to eliminate silos and automate enterprise-wide workflows to manage the operational risks better. They even build a solid base of operational resilience to allow business continuity. ServiceNow introduced these features because Organizations face external pressures that require continued focus on managing and mitigating operational risks.
ServiceNow introduced new operational risk and resilience features because Organizations face external pressures that require continued focus on managing and mitigating operational risks. Strong Organizations will predict these problems, develop monitoring, actionable plans, and controls to reduce the impact, react efficiently when the problem arises and learn and adjust from experiences. In ServiceNow's latest version Paris that was released in 2020, ServiceNow announced its Business Continuity Management Solution. Business Continuity Management (BCM) provides business continuity plan development, business impact analysis, and crisis management by leveraging context in ServiceNow's Now platform to support operational resilience. It also collaborates with Secure WorkPlace applications to help sustain a resilient and compliant workforce and secure facilities.
Operational resilience needs a robust business continuity management program, but it takes more than strengthening the organization. New Operational risk and resilience capabilities complete Business Continuity Management. They include:
New Operational Resilience Management breaks down silos to offer continuous visibility and advice based on the impact of each business line to understand and manage operational risks to key business processes. The application tracks and calculates the facilities, supplier, technology, and people resilient and advises the actions depending on the range of processes affected and risk scores. This feature is available in the latest release. It supports compliance with United Kingdom FCA regulation for operational resilience and requirements of broader Operational Resilience. It is also included in Enterprise and Professional editions of the Integrated Risk Management product.
Improved third-party risk management provides the richness and flexibility to enable closer monitoring of vendors and supply chains, essential to an organization's customers and employees, products, and services. Sophisticated evaluation supports subsidiaries and supplier hierarchies and also offers a means to evaluate each level of hierarchy according to different risk areas, like bankruptcy, cybersecurity, and delivery. These ServiceNow Vendor, Risk Management features are available to download from the ServiceNow store.
Operational resilience and risk management work together. Operational risk management covers numerous risks, including resilience, business continuity, technology, data loss, third parties, cybersecurity, and regulations.
The difficulty of effectively managing operational risk lies in the presence of diverse and distinct teams, tools and data sets. Every group has its own priorities, types of risks, and approaches, So most of the work is carried out manually and on spreadsheets. Every audit is a new cycle of effort, and the overall risk posture cannot be effectively managed or reported by risk owners.
Through this announcement, ServiceNow is combining risk management over these areas with an advanced and innovative risk assessment engine which supports the manual or automatic assessment of any kind of risk using any methodology. It supports the need for each business line to use unique means to identify and assess risks and promotes front-line self-assessment through automated and manual options. Under Integrated Risk Management, it eases the identification of non-compliant controls and the supervising of high-risk areas while following up on all-risk events.
These new, improved capabilities are at the heart of any business and provide any executive or COOs overseeing operational risk functions with the capacity to manage risks in organizational silos. Although other risks and resiliency solutions need in-depth personalization and integration, ServiceNow Operational Risk and Resilience capabilities can be combined with enterprise workflows and integrate risk indicators across the business in IT workflows, customer service, and HR with fewer efforts to implement delays or additional cost.
ServiceNow also provides support for regulatory change and framework management in addition to the newly expanded solutions for Operational Risk and Resilience, that helps industries like healthcare, government, and financial services to keep pace with the variety, volume, and increasing requirements of prescriptive regulation. Organizations can manage their compliance obligations more efficiently with this new support for NIST RMF, Bank for International Settlements guidance, CIS Top 20 controls, and change management for automating regulatory updates. Internal and External sources can be managed together in a more efficient manner, further automating workflows and enhancing consistency and accountability.
ServiceNow has demonstrated leadership by integrating IT, Customer Service, HR, Security, and other organizational workflow data into risk management processes for a unified and modern solution across the Now platform. ServiceNow's risk management solution has been positioned as a leader in Gartner's Magic Quadrant for integrated risk management due to its ability to continuously monitor, prioritize and automate the risk response.
ServiceNow GRC is used to identify and manage risks in a single register. It is the combination of asset and process-centric methodologies for identifying qualitative and quantitative risk scores.
Operational Resilience Management:
ServiceNow's operational resilience management fills delays, gaps, and overhead imposed by organizational and data silos. COO's business leaders and Resilience managers are given the information they need to protect their employees, clients, products, and services with this capability.
Features of Operational Resilience Management
Risk contextualization - Using this feature of Operational Resilience Management, we can Access the reporting dashboards, which include the business context related to risk and resilience.
Continuous monitoring - Using this feature, we can Track incidents, risks, and controls for key business services utilizing the existing operational data.
Scenario analysis - Using this feature, we can Run scenarios for testing business services and determining breakpoints.
Impact tolerance testing - Using this feature, we can Analyze potential impacts to the organization, clients, and regulatory compliance.
Operational Resilience Management benefits:
This feature helps us to monitor resilience and real-time recovery based on the role.
It helps us to accurately assess, 24/7, for suppliers, employees, technology, and facilities.
It helps us to Prioritize mitigation measures based on the impact on the business.
It helps us to identify outstanding problems and services that require the greatest attention.
It gives us knowledge of the best control adjustments for each risk.
It helps in Predicting resilience in a number of likely scenarios.
It aligns resilience initiatives over siloed business continuity, Vendor risk management, HR, compliance, Vulnerability programs.
Operational Risk Management:
Operational Risk Management is a part of ServiceNow GRC's Risk management application. ServiceNow GRC allows the resilient company to make risk-informed decisions in everyday work.
Features of Operational Risk Management
Risk self-assessment - Using this feature of Operational Risk Management, we can monitor residual risk, Evaluate inherent risk and assess control mitigation effectiveness.
Control assurance/testing - Using this feature, we can Document test plan controls and evaluate validity through selected samples and a central repository.
Continuous monitoring - Using this feature, we can Gather data on risk and control indicators throughout the Now platform and send notifications automatically.
Incident and loss capture - Using this feature, we can track and record incidents and near misses - money losses, root causes, and remediation plans.
Operational Risk Management benefits:
It Prioritizes enterprise-wide risk through dynamic dashboards that offer an overall view of risk.
It facilitates communication by setting up a common language throughout the enterprise.
It identifies and responds to new or emerging risks in a timely manner by continuously monitoring risks, controls, and compliance.
It enhances risk-based decision-making at all the company levels by displaying updated information on dashboards adapted to the specific needs of each group.
It Works first on the most critical risks depending on the automated calculations, which enable us to prioritize the risks by impact and determine which ones go beyond the predefined thresholds.
It simplifies the board of directors or reporting to the SEC through the risk roll-up that calculates the risks across all the levels of risk hierarchy. Reporting features facilitate the generation of presentations.
Built on a flexible platform that allows you to easily adapt ServiceNow CRM to meet your business requirements.
ServiceNow is a trusted business partner to many companies. So to help the organization in managing operations disruptions, ServiceNow announced these features. These features are useful to organizations for their business continuity management.