GRC is an acronym for Governance, Risk, and Compliance which is a multiple and inter-reliant application that focuses on strategic management of the regulatory requirements across the enterprise that ensures business process scaling for driving efficiencies of the business. GRC helps in many ways through the right asset accessing, policy management, identifying the risks, creating controls, and conducting audits. Enterprise GRC working model is a group of repositories working, thinking, and structurally independent. ServiceNow implements the GRC module that enables organizations to automate and offers a wide range of comprehension on all GRC activities in a single window with real-time monitoring to handle risk in advance we can learn servicenow grc training .
The business and IT challenge
Managing risk and compliance with a manual, segregated, and reactive work model is no longer effective as the global regulatory environment continues by adopting the changes across the organizations. The changes are driven by implementing the new business models, establishing new partner relationships, deploying new technologies, and addressing the rising number of threats and cyber risks. Many businesses have found that without an integrated view of risk it is virtually impossible to quickly assess the impact on their existing compliance obligations and risk posture of these changes.
ServiceNow makes the organizations respond to business risks in real-time. GRC helps transform inefficient processes across your extended business into an integrated risk program. ServiceNow delivers a real-time view of compliance and risk, improves decision making, and increases performance across the business and vendors. All this is achieved through continuous monitoring and automation. Only ServiceNow can connect the business, security, and IT with an integrated risk framework that transforms manual, segregated, and inefficient processes into a unified program built on a single platform.
Comprehending ServiceNow GRC
ServiceNow GRC module is a robust automation framework that processes among intra and inter-business groups along with dependencies to create a better-managed workflow and time. ServiceNow GRC solutions enable enterprises to modernize their legacy methods of managing corporate governance, risk, and compliance. The prominence of ServiceNow GRC is it brings all the governance, risk, and compliance management activities together in one place through a dashboard, thereby providing enterprises true visibility in GRC management. The Forrester Total Economic Impact study By ServiceNow reveals that “ServiceNow GRC enables not only compliance experts to be more effective and well-organized, but it is playing a significant role in helping business leaders to speed up and to make improved strategic decisions with instant detailed views on risk and compliance activities.” The flow structure of the workflow automation process in ServiceNow GRC is as follows.
Defining your business rules -> Rationalizing your controls -> Consolidating your controls -> Define what’s important -> Identifying risks -> Building a GRC roadmap -> Build towards continuous monitoring.
GRC Domain Separation
In GRC, domain separation isolates the data and administrative tasks into logical groupings. The domain separation is not required for all ServiceNow applications. Users always have access to data from domains and that access is explicitly granted by the domain visibility. Many types of records such as profiles, controls, risks, indicators, and control tests are automatically generated in GRC through user processes. While working on GRC domain separation, users must be aware of creating records at the correct domain and visible to the right set of users. The domain would appear as shown in the below example.
The GRC can be used by the Managing Directors, Audit Team, Compliance Officer, IT Team, Reporting auditor, and Risk Officer. GRC users are classified as Functional roles and Technical roles.
Working of GRC in ServiceNow
As the GRC application is built on the Now Platform, data and evidence is provided back to GRC which permits you to have full access to all assets, configuration, and IT data. It ensures the automatic evidence and data collection to view the working of controls. GRC provides access to the source data from real-time reporting. In ServiceNow, the test instructions are controlled by using the knowledge base. It congregates the secured integration and reports on controls outside of the instances. It has centralized access and management for all authoritative sources, policies, and controls. GRC enables working with full workflow integration and support of business processes by integrating controls directly into the business processes. Policy Management and control test instructions are supported by using the document management and knowledge base.