In today’s increasingly challenging cybersecurity landscape, organisations are facing a growing number of cyber risks and attacks. Effective risk management and security measures are more critical than ever. However, many companies struggle to find enough skilled professionals to handle these tasks efficiently.

That’s where ServiceNow’s Risk Management product family comes in. ServiceNow offers a solution that allows organisations to adopt a risk-based approach to security and privacy, empowering professionals to focus on addressing real problems rather than getting bogged down in administrative tasks.

The ServiceNow Integrated Risk Management (IRM) solution encompasses various modules and applications designed to address different aspects of risk management. It includes modules for governance, risk, and compliance (GRC), business content management, audit management, privacy management, regulatory change management, operational resilience, and third-party risk.

By utilising ServiceNow IRM, organisations can embrace a risk-based approach throughout the entire risk lifecycle. This includes risk identification, assessment, treatment, and real-time monitoring. The solution eliminates the need for static risk assessments conducted yearly in spreadsheets, replacing them with automated processes that involve relevant stakeholders and streamlining collaboration.

Moreover, ServiceNow IRM’s policy and compliance modules provide a robust engine for managing policy and control lifecycles. Organisations can easily map controls to risks, track compliance with regulations such as ISO 27001 and many others, and gain real-time visibility into their compliance status.

ServiceNow’s solution is scalable, catering to organisations of all sizes and levels of maturity. Whether you’re a large global corporation or a smaller entity, ServiceNow IRM can be tailored to meet your specific needs and gradually increase your risk management capabilities.

What sets this solution apart is its integration with the ServiceNow platform, which many organisations already use for various applications like IT service management (ITSM), IT operations management (ITOM), customer service management (CSM), project management, and HR processes. Leveraging the existing data and user familiarity with the platform, organisations can seamlessly incorporate risk management into their workflows and gain a competitive advantage.

By adopting ServiceNow IRM, organisations can improve communication and collaboration among risk managers, compliance managers, security managers, and business stakeholders. The platform provides a centralised space for teams to collaborate, define tasks and deadlines, and maintain a complete audit trail. This fosters efficiency, cooperation, and streamlined processes across the organisation.

Additionally, ServiceNow IRM now includes audit management, allowing audit teams to perform risk-based planning based on insights gathered from the first and second lines of defence. The solution enables seamless collaboration between the various lines of defence, ensuring everyone has access to the same data in real time.

In conclusion, ServiceNow IRM offers organisations a comprehensive solution for smarter risk management. By leveraging the power of the ServiceNow platform and its integrated modules, organisations can streamline risk processes, improve collaboration, and focus on addressing critical security challenges. To learn more about ServiceNow IRM and other cutting-edge solutions, download the Devoteam TechRadar today.