ServiceNow Integrated Risk Management (IRM) For Enhancing Compliance and Audits
Regardless of the industry, the core operations are governed by regulations and are regularly audited. Compliance-related obligations frequently consume a significant portion of time and resources, from finance to legal to regulatory. Any company has probably created articulated risk management programs that offer thorough governance and controls in order to comply with these compliance requirements.
But no organization’s goal for compliance is constant. Over the past few decades, compliance mandates have grown and changed dramatically with the government and industry. The majorities of organizations have simply added layered compliance and risk management programs over time as a response to this ever-increasing complexity. These ad-hoc fixes only operate in isolation from one another. And it has become a known fact that they frequently become obsolete, ineffective, and unable to produce the actual, integrated insights that successful organizations need desperately over time.
Organizations are adopting Integrated Risk Management in order to modernise governance and compliance programs (ServiceNow IRM). In order to prevent risk management responsibilities from devolving into a fragmented, inefficient activity, organizations are urged to integrate and embed all risk management activities throughout. This is known as the IRM governance mindset. ServiceNow IRM unifies governance, risk, compliance, and audit initiatives under a single guise before utilizing them all in tandem to offer a level of insight that is greater than the sum of their individual parts. ServiceNow IRM is much more streamlined and effective than traditional risk management solutions, especially when it comes to compliance and auditing.
Let us understand how ServiceNow IRM can significantly enhance audits and compliance:
Reducing Administrative Overheads with ServiceNow Integrated Risk Management:
Most organizations’ compliance and auditing activities involve an excessive amount of paper work. This administrative overhead is cumbersome, awkward, and prone to human error. It includes static spreadsheets, emails, and manually compiled reports. IRM contests the idea that organizations need so much paper to manage compliance. Instead, ServiceNow IRM gives a company the opportunity to take a step back and order compliance-related tasks with regards to risk. The business seeks to integrate and streamline all of its compliance requirements rather than constantly responding to the most recent compliance requirements, which significantly lowers the amount of administrative overhead.
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ServiceNow IRM for faster, better, User friendly Compliance Reports
Most companies end up wasting a lot of time simply trying to identify which policies, controls, and compliance practices the company already has in place before they can review and report on their governance guidelines and controls. They repeatedly do this for each compliance report, digging deep into a variety of policy documents, controls, and resource inventories. They never achieve any economies of scale or efficiencies.
ServiceNow IRM significantly accelerates this complex process by assisting companies in visualizing and managing all of these partnerships. The ServiceNow IRM solution is permanently able to run any query across regulatory requirements in a matter of minutes—instead of having to spend weeks or months doing this task manually.
Improving Value of Routine Activities
Compliance and audit activities are frequent, time-consuming bureaucratic chores in many organizations. Although these tasks are important and offer some perspectives, there is generally little thought or planning put into streamlining or maximizing their impact. Because of this, companies only learn a small portion of what they might from their audits and compliance activities.
Investment in a cutting-edge IRM platform, such as ServiceNow’s IRM solution, gives you access to user-friendly visualized data i.e. role-specific dashboard that handle a lot of the labor-intensive reporting and analysis of policies and controls. Not only can one move much more quickly, but can also come up with more thorough, pertinent insights.
Monitoring Risks for Compliances:
Key operational and strategic decisions are frequently made by companies using the insights gained from their compliance and audit activities. This means that even though risks can arise at any time, a large portion of their decision-making is based on static snapshots of time.
An IRM platform like ServiceNow’s enables organizations to stop relying on these static snapshots, and instead embrace real-time monitoring. ServiceNow’s IRM dashboards include interactive indicators and thresholds to help ensure an organization can detect deficiencies with governance and controls between formal assessments.
The value and utility of compliance and auditing activities to a company can be revolutionized by IRM. When a company invests in IRM, it is better equipped to monitor risks in real time, streamline compliance report preparation, lower administrative costs, and gain more value from routine compliance and audit activities.
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DxSherpa Technologies is a high-growth pure-play ServiceNow Premier Partner with headquarters in the US and India. We serve medium to large enterprises across Asia, Europe, North and South America. Our expertise spans many industries with special emphasis in Manufacturing, Banking, Insurance, IT, and Healthcare. We have built a dedicated and focused team of 300+ consultants to serve our expanding client base across multiple disciplines on the ServiceNow platform. We believe in building trust and work satisfaction among our employees, customers and Partners by continuously enhancing our skills to deliver excellence.
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Author : Animish Raje