ServiceNow GRC - Key Features, Advantages and Use Cases

Even though organizations are dealing with a multitude of changing risks and regulations, many still manage their governance, risk, and compliance (GRC) using disjointed tools or spreadsheets. Spreadsheets and other simple tools are actually used by 40% of businesses to manage risk and compliance, which results in gaps and inefficiencies. This reactive approach is unsustainable as new threats arise and regulations change. Companies require a single platform that allows for a proactive, integrated approach and gives real-time visibility into their risk posture. That solution is ServiceNow GRC, a unified cloud-based platform that automates workflows, simplifies GRC procedures, and provides an enterprise-wide, comprehensive, real-time view of governance, risk, and compliance. With ServiceNow’s GRC suite, compliance concerns, business interruptions, third-party risks, and cybersecurity threats are all addressed in an integrated manner that increases operational resilience and reduces risk. Governance, Risk, and Compliance (GRC) in ServiceNow: What Is It? A suite of applications on the ServiceNow platform called ServiceNow GRC (Governance, Risk, and Compliance) is intended to automate and streamline an organization’s GRC processes. Simply put, it gives businesses of all sizes a single platform to manage governance policies, evaluate and address risks, and guarantee regulatory compliance. ServiceNow GRC gives companies a comprehensive, real-time picture of their risk and compliance status by substituting an integrated system for fragmented processes. It fosters a risk-aware culture in which goals are accomplished honorably and uncertainty is proactively addressed.

Data silos are eliminated when ServiceNow GRC unifies various teams (business, IT, security, compliance, audit, etc.) on a single platform. A single data model is shared by all GRC procedures, ensuring that data such as audit findings, controls, and risk assessments are centralized and consistent. The platform uses AI and automation to initiate workflows, continuously monitor risk indicators, and give decision-makers useful information. By combining governance, risk management, and compliance activities under one roof, ServiceNow GRC essentially enables organizations to operate within regulatory boundaries and handle uncertainty with confidence.

Which are ServiceNow GRC’s salient features?

A comprehensive suite of features and modules is provided by ServiceNow GRC, which supports an integrated GRC program. The following are important features:

Tools for creating, revising, and enforcing internal policies while connecting them to external regulations are known as policy and compliance management. In addition to continuously monitoring compliance with regulatory requirements, this expedites the policy lifecycle (creation, approval, and retirement).

The ability to recognize, evaluate, and monitor risks in real time is known as risk management. To strengthen the overall risk posture, users can prioritize mitigation efforts, automate risk scoring, and conduct risk assessments.

Audit management: The ability to effectively plan and carry out audits. In order to eliminate redundant audit efforts, ServiceNow GRC centralizes audit findings and evidence and uses risk data to concentrate audit resources on high-risk areas.

Third-Party Risk Management: Use a single platform to manage supplier and vendor risks. A third-party portal for collaboration, due diligence questionnaires, onboarding/offboarding procedures, and aggregated vendor risk scoring to proactively manage third-party risks are all included in this.

Business Continuity Management: Tools for operational resilience, such as crisis management, continuity and recovery plan creation, and business impact analyses. In order to ensure business continuity, these features assist organizations in anticipating and responding to disruptions (such as natural disasters and IT outages).

Operational Resilience Management: Map the dependencies between resources, IT systems, and processes, and identify important business services. ServiceNow GRC assists in identifying operational weaknesses and puts controls or backup plans in place to avoid interruptions.

Regulatory Change Management: Automated monitoring of modifications to laws and rules. You can stay ahead of regulatory changes and quickly adjust by using the platform to evaluate how new regulations will affect your controls and compliance requirements.

Continuous Monitoring & Automation: Features that enable continuous authorization and monitoring enable continuous supervision of security measures and compliance levels. Automated workflows are used by ServiceNow GRC to test controls, identify compliance violations instantly, and initiate corrective measures.

Privacy management: Features specifically designed to protect personal information and adhere to privacy regulations (such as GDPR and HIPAA). In order to reduce data privacy risks, this entails automating privacy controls testing, managing privacy impact assessments, and managing workflows for responding to data breaches.

Integrated Dashboards and Reporting: Role-based dashboards and consolidated reporting offer an enterprise-wide perspective of risk and compliance metrics. To make well-informed, risk-aware decisions fast, decision-makers receive real-time insights (such as compliance status and key risk indicators).

Workflow and Integration: ServiceNow GRC effortlessly integrates with other ServiceNow applications (such as ITSM, ITAM, SecOps, etc.) and external systems due to its foundation in the Now Platform. This implies that data can be shared easily between departments and that GRC processes (such as issue remediation or incident response) can be automated from start to finish.

Together, these characteristics help dismantle organizational silos. Third-party risk scores can be incorporated into business continuity plans, policy compliance status can initiate risk mitigation activities, and risk data from the Risk Management module can automatically inform Audit Management plans. All of this takes place on a single platform with unified workflows, increasing productivity and guaranteeing that everyone is using the same up-to-date information.

What Are ServiceNow GRC’s Advantages?

Significant advantages result from ServiceNow GRC since it enhances how businesses handle risk and compliance:

Unified, Single Platform: ServiceNow GRC removes redundant work and disparate tools by combining all GRC operations onto a single cloud platform. The accuracy of data and teamwork are enhanced by this single source of truth. The overhead of maintaining several systems is also decreased.

Real-Time Risk Visibility: Leaders are able to respond swiftly to changes in the organization’s risk posture thanks to continuous monitoring. Risks and compliance status are updated dynamically in place of manually or on a periodic basis, allowing for prompt decision-making to prevent expensive incidents.

Better Decision-Making: The appropriate information reaches the right people at the right time thanks to customized dashboards and analytics driven by AI. The insights provided by ServiceNow GRC assist stakeholders in setting priorities and making risk-informed decisions that are in line with both compliance requirements and business goals.

Enhanced Operational Resilience: Businesses can improve their operational resilience by combining risk management and business continuity planning. By identifying essential services and dependencies, ServiceNow GRC helps businesses minimize downtime by preparing for disruptions and recovering from incidents more quickly.

Efficiency and Cost Savings: By automating GRC procedures (risk assessments, audits, control testing, etc.), manual labor and human error are decreased. Staff members can concentrate on high-value tasks as a result of reduced compliance and audit expenses. Streamlined processes also result in quicker problem solving, which keeps minor issues from getting worse.

Improved Compliance Management: ServiceNow GRC helps businesses stay up to date with changing legal requirements. It provides constant compliance monitoring and alerts for any gaps by centralizing regulatory requirements and mapping them to internal controls. This proactive approach helps prevent non-compliance-related regulatory fines and harm to one’s reputation.

Improved Stakeholder Cooperation: IT, security, legal, audit, business owners, and even vendors are all involved in GRC procedures. By bringing these groups together on a single platform, ServiceNow offers a seamless, cooperative experience. For instance, a vendor risk portal allows third parties to communicate, frontline staff to report risks with ease, and risk managers and auditors to collaborate on a common system.

Strategic Alignment and Growth: Strategic business objectives are supported by a robust GRC program. ServiceNow GRC gives businesses the confidence to take advantage of opportunities (new projects, innovations, partnerships) by managing risks across the entire organization and guaranteeing compliance. Principled Performance is driven by GRC, which addresses uncertainties and acts honorably while consistently accomplishing goals. In turn, this can safeguard the company’s reputation as it expands and increase trust with investors and customers.

In conclusion, ServiceNow GRC assists companies in becoming more proactive, resilient, and effective when faced with risk. It turns GRC into a value-adding function that protects the company and advances its goals, rather than just a checkbox compliance task.

Why Do Governance, Risk, and Compliance Matter?

Because it gives businesses of all sizes and sectors the framework to function morally and safely in the face of uncertainty, GRC is vital. Risk, governance, and compliance are important for the following main reasons:

Transparency and Accountability: Today’s stakeholders, including boards, regulators, and customers, demand that businesses manage risks and are governed with a high degree of transparency. A strong GRC program guarantees that the company can exhibit accountability in its operations and that there are clear policies and controls in place.

Ever-Evolving Regulations: From industry-specific compliance standards to data privacy laws, laws and regulations are always changing. It’s hard to keep up manually. GRC procedures lower the risk of infractions in a changing environment by assisting organizations in staying ahead of regulatory changes and making constant adjustments to their compliance initiatives.

Complicated Risk Environment: Companies today must contend with a wide range of risks, including supply chain interruptions, cybersecurity threats, and financial uncertainty. These risks may go unnoticed or be improperly handled in the absence of an integrated approach. GRC is significant because it offers a thorough framework for identifying, evaluating, and reducing risks throughout the company, including those brought about by outside parties.

Preventing Expensive Repercussions: Negligent risk management and noncompliance can have detrimental effects on one’s reputation, operational downtime, regulatory fines, and financial losses. An efficient GRC program aids in early problem detection and incident avoidance. For instance, before they cause a crisis, it can notify management of new compliance gaps or increasing risk trends.

Boosting Confidence and Efficiency: Ironically, effective GRC promotes business performance. Streamlined risk and compliance procedures cut down on unnecessary work and firefighting, enabling more effective use of available resources. Companies can take more aggressive steps to pursue business opportunities when they are confident that their risks are managed and that their compliance status is green. In summary, effective GRC procedures foster trust within the company as well as with partners and customers, all of which are critical for long-term success.

In a world where things change quickly and are unpredictable, GRC offers the guidelines that help a business stay on course. By bringing the organization’s actions into line with its commitments and values, it guarantees that the company can grow and innovate while adhering to regulations and controlling risks. This is the reason that the disciplines of governance, risk, and compliance are so crucial.

What Kinds of Risk Are Addressed by GRC?

Numerous risks that could affect an organization’s integrity or performance must be managed by a GRC program. A variety of risk types can be identified and managed with ServiceNow GRC, including:

High-level risks resulting from business decisions that impact the company’s goals and direction are known as strategic risks. Strategic risk is present, for instance, when introducing a new product or breaking into a new market. Good governance includes oversight to control this risk and guarantees that such decisions are in line with long-term objectives. Operational risk is the possibility of suffering a loss as a result of external events or insufficient or unsuccessful internal systems, personnel, or processes. These are routine process hazards that could disrupt operations, such as supply chain interruptions, human error, or system failures. By implementing resilience plans and controls to maintain the functionality of vital processes, GRC mitigates operational risk.

Technology (IT) risk includes threats from cybersecurity as well as risks associated with IT applications and infrastructure, such as data center failures, system outages, and technical debt. Managing IT risk (and overlapping cyber risk) is a major focus given today’s reliance on technology. To avoid business disruptions, this entails safeguarding systems, preserving uptime, and guaranteeing data integrity.

Cybersecurity risk is a subset of IT risk that is concentrated on malevolent threats such as ransomware, cyberattacks, and data breaches. Cyber risks have the potential to harm operations, finances, and reputation. GRC programs include controls to reduce cyber vulnerabilities, incident response plans, and ongoing security monitoring.

Data and Privacy Risk: The possibility that sensitive information, including private or business-related information, will be stolen, lost, or misused. Stricter regulations (GDPR, etc.) and increased public concern have increased privacy risks. To preserve stakeholder trust, GRC handles these by putting in place data protection controls, encryption, access management, and adherence to privacy laws.

Regulatory/Compliance Risk: The possibility that breaking laws, rules, or industry standards will result in fines or the closure of operations. This covers everything, from laws pertaining to health and safety to financial reporting requirements. To ensure that the company consistently fulfills its responsibilities and stays out of trouble with the law, GRC frameworks outline duties and monitor compliance.

Reputational risk is the possibility that unfavorable incidents (scandals, noncompliance, security breaches, and unsatisfactory customer outcomes) will harm the company’s reputation or brand value. Although it must be handled proactively, reputational risk frequently arises as a result of other risks. To maintain customer confidence in the business, a strong GRC culture places a strong emphasis on moral behavior and prompt incident response.

Third-Party Risk: Hazards brought about by suppliers, vendors, or business associates who are vulnerable in their own right. Your operations may be disrupted or compliance problems may arise if a key vendor stops operating or fails to meet security requirements. By evaluating and tracking third parties’ risk posture, GRC makes sure they adhere to the necessary standards and don’t jeopardize your company. Financial risk, such as credit risk, market risk, and budget overruns, is frequently classified as strategic or operational risk. GRC can assist in reducing this risk by implementing appropriate controls and risk assessments in financial processes. (Many of the aforementioned categories and stringent oversight of financial reporting implicitly address financial risks.)

A GRC program guarantees that no serious threat is missed by classifying risks such as these. Businesses can link risks to controls and remediation plans, conduct risk assessments, and create risk registers for various risk types with ServiceNow GRC. Because of this thorough approach, all risks operational, cyber, and third-party are recognized and controlled using a single system and procedure.

What Does the ServiceNow GRC Module Include?

ServiceNow GRC is a comprehensive Governance, Risk, and Compliance solution on the Now Platform that consists of multiple integrated applications (modules). Integrated Risk Management, Business Continuity Management, Privacy Management, and Third-Party Risk Management are some of these modules. Although each module focuses on a distinct facet of GRC, the platform’s unified data and workflows allow them to function together. The following summarizes the features of ServiceNow GRC: The foundation of ServiceNow’s GRC suite is integrated risk management, or IRM. IRM offers a single location to view all enterprise risks, including those related to finances, operations, IT, and compliance. Risk response tracking, risk assessment and scoring, and risk-aware decision making with real-time intelligence are all made possible by it. Key applications of IRM include Risk Management (to identify and evaluate risks), Policy and Compliance Management (to manage internal controls and regulatory compliance), Audit Management (to expedite auditing based on risk data), and more. IRM is essentially a comprehensive strategy to prioritize risk mitigation, manage and track risks continuously, and guarantee compliance throughout the company.

Disaster recovery planning and operational resilience are the main objectives of business continuity management, or BCM. It assists companies in preparing for disruptive events (pandemics, outages, natural disasters, etc.) and preserving vital business functions in times of emergency. Businesses can create continuity plans for different disaster scenarios, test readiness through exercises or drills, and identify critical functions and their dependencies through Business Impact Analyses with BCM. The crisis management features enable teams to carry out recovery plans, delegate tasks, and send emergency notifications in the event of a disruption, all while being monitored in real time. To put it briefly, BCM guarantees that the company can recover swiftly from events and carry on providing customer service with little disruption.

Privacy Management: The purpose of this module is to control data privacy risks and ensure adherence to international data protection laws (like the CCPA, GDPR, and HIPAA). In order for organizations to appropriately protect sensitive or personal data, it offers tools to determine where it is kept and how it is used. Workflows for automating privacy impact assessments for new projects, managing privacy incident cases (logging and responding to data breaches or privacy requests), and continuous control monitoring to guarantee that personal data is handled in compliance with policies are all made possible by privacy management in ServiceNow GRC. Additionally, it facilitates answering requests from data subjects and keeping track of processing activities. Through the centralization of these procedures, the module ensures adherence to privacy laws, lowering the possibility of privacy violations and enhancing trust.

Third-Party Risk Management: This module, also known as Vendor Risk Management, assists companies in identifying and managing risks associated with their suppliers, partners, and vendors. It offers an organized method for performing regular risk assessments or security questionnaires, tracking any issues found, and implementing corrective measures for third parties, as well as for onboarding new vendors with due diligence. ServiceNow’s Third-Party Risk Management reduces manual labor for your teams by allowing vendors to submit necessary certifications and information through a Third-Party Portal. You can clearly see your vendor risk exposure thanks to the module’s ability to automatically generate an aggregated risk score for each third party. Companies can prevent external dependencies from becoming the weak point in their risk posture by incorporating third-party risk into the GRC program as a whole. These modules all seamlessly share data and are a part of the ServiceNow platform. For instance, a third-party assessment’s identification of a control failure may manifest as a risk in IRM and, if necessary, prompt a business continuity review. To emphasize that these elements are integrated rather than isolated, ServiceNow’s GRC suite is also frequently referred to as the Integrated Risk Management solution. When combined, they offer a single solution that addresses all of the GRC requirements, including vendor risk, data privacy, continuity of operations, and internal governance and risk processes.

Which Use Cases Exist for ServiceNow Governance, Risk, and Compliance?

The capabilities of ServiceNow GRC are applicable to numerous real-world use cases that benefit the entire company. Here are a few typical use cases: Simplifying Internal Audit Processes: ServiceNow GRC uses an automated audit management system in place of manual audit tracking (spreadsheets and emails). The tool allows audit teams to schedule and plan audits and centralizes all audit documentation and evidence. This offers centralized real-time visibility into audit findings and progress. Supervisors can effortlessly monitor the resolution of audit problems and make sure no information is overlooked. Because risk assessments and control data are shared on the platform, audits are completed more quickly and effectively, and redundant audit testing is eliminated.

Risk identification and prioritization: ServiceNow GRC is used by organizations to continuously identify possible risks across departments. The platform provides a thorough, current picture of the enterprise risk posture by centralizing risk registers and automating risk assessment surveys. Frameworks for risk scoring assist in identifying high-priority hazards that need to be addressed right away. This use case is particularly useful in dynamic environments where a static annual risk review is insufficient, such as rapidly changing cybersecurity risks or operational risks in rapidly expanding companies. With measurable metrics (risk scores, heat maps) that help determine where to concentrate mitigation resources, ServiceNow GRC guarantees that risk identification is a continuous, cooperative process.

Integrating GRC with Business and IT Processes: Using ServiceNow’s platform capabilities to integrate GRC with other workflows is a potent use case. For example, ServiceNow GRC can be integrated with IT Service Management (ITSM). This means that if a change request in ITSM is deemed high risk, it can automatically initiate a GRC risk review or control check. Likewise, integration with HR systems can initiate policy attestation tasks for new hires or feed compliance training records. Businesses dismantle data silos and incorporate risk management into everyday operations by integrating GRC with other ServiceNow products (such as ITSM, ITAM, Security Operations, and HR Service Delivery). Therefore, the platform can automatically assign tasks to the appropriate teams, monitor remediation status, and update the risk register when an issue is detected (such as a security incident or compliance violation), establishing a closed-loop risk management process.

Continuity and Disaster Recovery Planning: Businesses can create and implement strong continuity plans with the aid of ServiceNow GRC’s Business Continuity Management features. Doing a Business Impact Analysis (BIA) with the platform to determine which business services are essential and the consequences of their failure is a common use case. Disaster recovery playbooks and continuity plans are created based on the BIA and are kept in the system for a variety of scenarios (pandemic, data center outage, etc.). Then, using drills or tabletop exercises, ServiceNow GRC makes it easier to test these plans on a regular basis and records any flaws or enhancements. The platform is used to initiate emergency response processes in the event of a disruption, including alerting relevant parties, turning on backup sites, and monitoring the real-time progress of recovery tasks. This application of GRC guarantees that everyone is aware of their responsibilities in the event of an emergency and that the company can reduce downtime.

Regulatory Compliance Management: Using ServiceNow GRC as a central location to manage compliance responsibilities is a common use case in highly regulated industries. Internal policies, control standards, and regulations can all be mapped together and stored in a centralized library on the platform. On-time control tests and self-assessments are carried out by compliance teams using the platform, which automatically gathers evidence and highlights any errors. The status of compliance with all requirements is displayed in real-time compliance dashboards (e.g. which controls are passing or failing, which regulatory requirements are at risk). Reporting compliance to regulators or senior management is now much simpler. Furthermore, compliance managers can promptly update the system’s requirements and initiate gap analyses to determine whether the current controls comply with newly issued regulations. Overall, by making all compliance data easily accessible, ServiceNow GRC facilitates audits and exams and aids in maintaining ongoing compliance. These are only a handful of the numerous applications. Generally speaking, ServiceNow GRC enables businesses to change GRC from a manual, one-time event to an ongoing, regular practice. Whether it’s conducting a company-wide risk analysis prior to a major project or making sure a new vendor satisfies security standards, the platform offers the tools to do it in an organized, effective way. By facilitating more informed and assured decision-making at all levels, this not only lowers the likelihood of failures but also increases business value.

In today’s ever-changing business environment, risk and compliance management is not merely a box to be checked; rather, it is a strategic requirement for sustained success. An automated and integrated platform offered by ServiceNow’s Governance, Risk, and Compliance suite revolutionizes how businesses approach GRC by converting dispersed, reactive tasks into a cohesive, proactive program. Businesses can guarantee that governance principles are respected, risks are recognized and reduced before they become problems, and compliance requirements are regularly fulfilled by utilizing ServiceNow GRC. This translates into fewer surprises, less firefighting, and greater assurance in pursuing business goals in the face of uncertainty.

The importance of governance, risk, and compliance will only increase as businesses deal with new problems, such as heightened cybersecurity threats, more stringent laws, or unforeseen disruptions. By fostering a culture of risk awareness and facilitating real-time visibility and response, a platform such as ServiceNow GRC empowers organizations to meet these challenges. Beyond just preventing issues, a properly executed GRC program increases productivity, builds stakeholder trust, and eventually preserves and increases company value.

ServiceNow GRC can be a game-changer if your company is having trouble with manual risk and compliance procedures or wants to improve its GRC capabilities. Building a robust, compliant business that not only fulfills its responsibilities but also takes advantage of the opportunities that good GRC management generates is possible with the correct knowledge and direction.

FAQs

In ServiceNow, what is GRC?

GRC stands for Governance, Risk, and Compliance in ServiceNow. It refers to a group of integrated apps on the ServiceNow platform that assist businesses in managing enterprise risks, governance procedures, and compliance requirements all at once. Businesses can use a single system of record for all risk and compliance activities instead of spreadsheets and separate tools with ServiceNow GRC, also known as Integrated Risk Management. In order to give GRC processes real-time visibility and automation, this comprises modules for policy management, risk assessment, audit management, vendor risk, business continuity, and more.

What is the new name for ServiceNow GRC?

In recent years, ServiceNow changed the name of its GRC product suite to Integrated Risk Management (IRM). While ServiceNow GRC and ServiceNow IRM basically refer to the same suite of applications, the term “IRM” highlights a more comprehensive, enterprise-wide approach to risk and compliance management. Instead of treating governance, risk, and compliance as distinct silos, the name change reflects a paradigm shift toward integrating GRC activities across the business. Although many practitioners still use the terms interchangeably, ServiceNow GRC’s “new name” is ServiceNow IRM.

Which four modules make up GRC?

Risk Management, Policy and Compliance Management, Audit Management, and Vendor Risk Management are the four main components (or pillars) of ServiceNow GRC. These align with the GRC/IRM suite’s main functional areas: risk management, auditing, monitoring third-party (vendor) risks, and guaranteeing compliance through policies and controls. The question “4 modules?” usually refers to the four pillars mentioned above, though ServiceNow has added related modules like Business Continuity Management and Privacy Management in addition to these four.

What distinguishes IRM from ServiceNow GRC?

ServiceNow GRC and ServiceNow IRM are essentially the same suite of products, with IRM serving as the new moniker. The approach and branding make a difference. Traditionally, “GRC” (Governance, Risk, Compliance) has concentrated on managing risks in silos and fulfilling compliance requirements. A more integrated, ongoing, and strategic approach to risk management is implied by “IRM” (Integrated Risk Management). A focus on dismantling the silos between risk, compliance, and security functions and using the platform to manage risk in real time throughout the organization was indicated when ServiceNow switched from using the GRC terminology to IRM. In terms of functionality, ServiceNow IRM has all of the features found in GRC modules, such as policy, risk, audit, and vendor risk, in addition to frequently including more recent features like operational resilience. Consider ServiceNow IRM as the advanced version of ServiceNow GRC, which integrates governance, risk, and compliance practices in line with market trends.

Which kinds of GRC are there?

GRC is a general term that refers to the three interconnected disciplines of governance, risk, and compliance. It does not, in and of itself, have multiple types. However, there are a few ways to interpret “types of GRC”: Several GRC focus areas include corporate governance (the rules and procedures that guide an organization), risk management (recognizing and managing different kinds of risk, such as financial, operational, IT, and strategic), and compliance management (making sure laws, rules, and internal policies are followed). All three areas are coordinated by an effective GRC.

Various GRC Frameworks: Businesses can use frameworks like ISO 27001 for information security compliance, COBIT for IT governance, or COSO ERM for risk management. These can be viewed as distinct “flavors” that fall under the GRC umbrella and are targeted at particular domains. Because ServiceNow GRC is platform-agnostic, it can support a wide range of frameworks by translating their requirements into the platform. Various GRC Software Solutions: A number of GRC software products, such as ServiceNow IRM, RSA Archer, MetricStream, and others, are available on the market. Each has a slightly different industry fit or focus. While they may specialize (for instance, some may be better at auditing, while others may be better at IT risk), they all seek to offer integrated GRC capabilities. Businesses frequently compare these kinds of GRC solutions when assessing them in order to identify one that best meets their requirements. In conclusion, while GRC isn’t a type in and of itself, you will manage various risks (strategic, operational, third-party, etc.) within a GRC program, follow various compliance requirements, and perhaps even implement various frameworks. All of those components are combined in one location by the versatile platform ServiceNow GRC.

What is GRC ServiceNow’s policy?

A policy in ServiceNow GRC is a written rule or guideline that the company must abide by; these policies frequently correspond with internal or external standards. You can manage these policies at every stage of their existence with ServiceNow’s Policy and Compliance Management module. For instance, a business may have a Security Policy that requires access controls; this policy would be tracked for compliance, linked to control procedures, and stored as a record in ServiceNow. Policies can be attested to (acknowledged) by users, and controls can be tested to make sure they are being followed. In ServiceNow GRC, policies are basically the governance guidelines that direct compliance operations. ServiceNow offers a centralized method for creating, approving, publishing, and retiring policies as well as mapping them to applicable laws or industry best practices. In this way, ServiceNow GRC contributes to making sure that these policies are actively managed and followed throughout the company, rather than merely existing as documents on a shelf.

What does IRM in GRC stand for in full?

Integrated Risk Management is the full name of IRM in the context of GRC. IRM is used by ServiceNow to highlight the integration of governance, risk, and compliance processes on a single platform in its GRC product suite. Stated differently, IRM focuses on managing risks holistically by integrating data and operations from the IT, security, compliance, and business domains rather than handling them separately. IRM, then, is just an abbreviation for Integrated Risk Management.