What Is Governance, Risk, & Compliance (GRC) and Why Does Your Business Need It?

Governance, Risk, and Compliance (GRC) is a framework that organizations use to align their information technology with business goals and objectives. It comprises three key components:

  • Governance: Management policies and processes that align company ethics, accountability, and resource management with organizational goals.
  • Risk: The reduction and management of financial, security, legal, and strategic risks that could impact an organization’s success.
  • Compliance: Adherence to laws, policies, and standards set by government agencies, institutions, and the company.

An effective and integrated GRC strategy empowers decision-making, reduces costs, and improves company performance.

What Is ServiceNow Governance, Risk, & Compliance (GRC)?

ServiceNow GRC is a multidisciplinary set of applications designed to help enterprises identify and manage risk, enabling informed decisions for process and compliance improvements. It offers an integrated framework that shifts processes from siloed spreadsheets and databases into a single point of reference for interconnected architectures and processes.

Why Does Your Business Need ServiceNow GRC?

GRC touches every aspect of an organization, determining rules, setting audits to ensure compliance, and protecting the business if rules are broken. For example, password policies implemented after a security scare illustrate governance (setting policies), risk management (identifying and mitigating threats), and compliance (adhering to new security measures). Traditional GRC models are often siloed, leading to high costs and lack of visibility. ServiceNow GRC, however, integrates automated processes and multidisciplinary applications, ensuring the right information is delivered to the right parties at the right time.

The Benefits of ServiceNow GRC

ServiceNow GRC transforms inefficient processes into an integrated risk program. Key benefits include:

  • Real-Time Risk Identification: Configure real-time business and IT service performance data to identify risks.
  • Improved Business Resilience: Empower risk-based decisions across the enterprise.
  • Boosted Productivity: Automated workflows and AI reduce costs and errors.
  • Enhanced Strategic Planning: Leverage a CMDB for cross-functional visibility to identify, prioritize, and respond to risks.

Governance, Risk, and Compliance (GRC) in ServiceNow

ServiceNow GRC includes several applications that support enterprise operations:

  1. Policy and Compliance Management
    • What It Is: Centralized process for managing internal policies and cross-mapping them to external regulations.
    • Benefits: Reduces risk with real-time compliance insights, automates compliance testing, and simplifies compliance maintenance.
  2. Risk Management
    • What It Is: Continuously monitors and identifies high-impact risks, enabling risk-informed decisions.
    • Benefits: Facilitates faster risk-based decision-making, improves risk reporting, and increases productivity with automated activities.
  3. Business Continuity Management
    • What It Is: Identifies potential risks and mitigates disruptions to business operations.
    • Benefits: Enables quicker recovery from incidents, informed decision-making during crises, and impact mitigation through scenario analysis.
  4. Vendor Risk Management
    • What It Is: Ensures third-party IT suppliers and service providers do not pose risks to the business.
    • Benefits: Increases visibility into vendor issues, improves collaboration with vendors, and integrates vendor risk management with the entire GRC portfolio.
  5. Audit Management
    • What It Is: Oversees internal and external audits to ensure audit directives are implemented.
    • Benefits: Increases productivity with automated processes, prepares for audits with automated evidence collection, and eliminates recurring audit findings.
  6. Performance Analytics
    • What It Is: Provides detailed insights into company success, shortfalls, and value.
    • Benefits: Maximizes automation and self-service, leverages historical data to anticipate trends, and prioritizes risks and compliance issues.

Why Choose Now Compiler for IT Services?

Now Compiler excels in providing innovative and efficient GRC solutions tailored to your business needs. Our expertise ensures that your GRC processes are seamlessly integrated, highly functional, and user-friendly. We offer:

  • Customized Solutions: Tailored GRC implementations that align with your business objectives.
  • Expert Support: A dedicated team to guide you through every step of the development process.
  • Innovative Approaches: Leveraging the latest technologies to enhance GRC functionality and user satisfaction.