Integrated Risk Management
Improve visibility and risk-related decisions with real-time intelligence. Increase productivity and reduce costs with automated workflows across your enterprise to support a governance, risk, and compliance (GRC) strategy.
Key components of this suite and the benefits
ServiceNow’s TPRM suite automates the due diligence process at all stages of third-party relationships. This includes initial onboarding, periodic reassessments, renewals, and offboarding. By automating these processes, organizations can ensure consistent and thorough evaluations of their vendors.
Integrating targeted risk intelligence scores and ratings, the TPRM suite offers insights into the risk profiles of third parties. Continuous monitoring of these scores helps organizations proactively identify and mitigate potential risks before they escalate.
The Risk Concentration Map provides a visual representation of the risk exposure across different vendors. This tool helps organizations identify areas of high risk concentration and take appropriate actions to mitigate those risks.
Risk Assessment
ServiceNow’s IRM suite enables organizations to identify, evaluate, and prioritize risks systematically. By automating risk assessments, organizations can gain real-time insights into potential threats and vulnerabilities, allowing for proactive risk mitigation. This component helps in making informed decisions and prioritizing resources to address the most critical risks.
Policy and Compliance Management
Ensures that your organization adheres to internal policies and external regulations. This component centralizes policy management, making it easier to maintain and update policies as needed. Automated workflows streamline compliance processes, reducing manual effort and minimizing errors. Real-time monitoring provides insights into compliance status, enabling proactive management of potential issues and ensuring regulatory adherence.
Audit Management
Simplifies and automates audit workflows, from planning to execution and reporting. This component ensures that your organization is always prepared for internal and external audits, improving audit readiness. By focusing audit efforts on high-risk areas, organizations can maximize the impact and efficiency of their audit activities.
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