From Identified to Mitigated - ServiceNow Risk Management Application Demo
Every investment is preceded by a risk assessment. When considering purchasing a new home, prospective buyers may ask themselves, “What are the pros and cons of this property?” For a beachfront property, the buyer may assess the likelihood that a hurricane will hit its shores. As the buyer considers both the likelihood and the potential severity of a hurricane, they are assessing risk.
Risk Management is the process of identifying, assessing, prioritizing, and mitigating these risks. For the beachfront example, a property buyer may decide the risk of hurricanes too great, and to seek out other options. Alternatively, they may decide to accept the risk, or even mitigate it with insurance. Business stakeholders should likewise strive to mitigate negative impacts to organizational operations and revenues, by identifying, assessing, and prioritizing risks.
ServiceNow’s Risk Management application enables organizations to continuously monitor and identify high-impact risks, improve risk-based decision-making, and reduce reaction time from days to minutes.
ServiceNow Risk Management assists with:
Identifying risks to key processes and business objectives
Defining those risks and performing risk analysis and assessments on them
Determining the risk response and creating mitigation plans
Actively monitoring risks
Helping to define controls and policies via the ServiceNow Policy & Compliance application to mitigate risk
Automatically generating issues and informing the risk score in real-time based on control failures
Analyzing issues to work to closure or generate policy exceptions
Watch the video above for a demo of the ServiceNow Risk Management application, presented by Matt Maes, Sr. Technical Consultant at Cerna.
Jump to a section in the video:
[0:13] Integrated Risk Management Program explanation
[0:36] Risk Management Process Overview
[1:35] Risk Dashboard
[2:42] Risk Statement
[2:55] Risk Loss of Availability:
[3:22] Lifecycle of Risk
[4:06] Risk Assessment
[5:06] Risk Response
[5:10] Score Risk
[5:20] Determine Response
[5:54] Complete Risk Response Task
[6:16] Review Risk [6:26] Monitor Risk [6:34] Monitoring [06:43] Related Controls Compliance
[6:58] Active Risk Scoring
[7:27] Risk Register – List view
Need help with Risk Management?
No matter where you are on your maturity journey, Cerna Solutions has you covered when it comes to managing risk on the Now Platform. Recognized as a ServiceNow Elite partner, we are 100% US-based ServiceNow experts who specialize in ServiceNow Integrated Risk Management. Our approach to IRM has earned us a repeat customer rate of 90%, and a customer satisfaction score of 4.8/5. Learn more about our Integrated Risk experience or contact us at firstname.lastname@example.org for more information.
More Risk Resources
Explore next steps in the maturity journey: Download our IRM maturity Model
Get complimentary expert insights: Complete our IRM Evaluation
Simplify the ways users interact with Risk: Explore our IRM Portal for ServiceNow
Learn more about ServiceNow Integrated Risk Management: View our IRM Webinar
Learn more about ServiceNow Policy & Compliance: Watch our Policy & Compliance application demo