ServiceNow risk and compliance solution acknowledged for product innovation and market presence
ServiceNow, the leading digital workflow company that makes work, work better for people, has been named a Leader in the 2021 Gartner® Magic Quadrant™ for IT Risk Management. This is the second consecutive year that ServiceNow has been positioned as a Leader and recognized for its Integrated Risk Management (IRM) solution. The ServiceNow solution integrates IT, security, risk, compliance, and the business, using cross-functional workflows and AI/ML to automate processes and continuously monitor risk and compliance across the enterprise.
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“By 2023, 80% of organizations with formal risk management programs will use an IT risk management (ITRM) product to manage their cyber and IT risks, which is a significant increase from fewer than 45% today.”
According to Gartner, “By 2023, 80% of organizations with formal risk management programs will use an IT risk management (ITRM) product to manage their cyber and IT risks, which is a significant increase from fewer than 45% today.”1
IT departments have been tasked with planning for and mitigating risks that have become increasingly urgent due to the shifts spurred by COVID-19 – including cybersecurity threats, productivity and health safety concerns, and new regulations. Through its unified platform, continuous monitoring and automation, ServiceNow embeds important risk management and compliance activities into employees’ daily workflows. With this deep connection, organizations gain a real-time view of risk and compliance, improve risk-based decision making, and increase business performance.
“Organizations are facing more cross-departmental risk resulting from everyday disruptions and new ways of working, which makes it more vital than ever to take an enterprise-wide approach to risk management. Teams need to work together – connecting IT and business data with risks, compliance policies, processes, and decisions,” said Vasant Balasubramanian, VP and GM of Risk at ServiceNow. “Just last month, Gartner also named ServiceNow a Leader in the August 2021 Magic Quadrant for IT Vendor Risk Management Tools. Together, we believe that this recognition, validates our leadership in helping businesses successfully navigate a challenging landscape, build resilience, and manage risk.”
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Key components of the ServiceNow risk and compliance portfolio include:
- Risk management – Enable fine-grained business impact analysis to holistically prioritize risk across IT, security, and the business, and respond to critical changes in risk posture.
- Operational Risk Management – Assess operational risks, report risk events, and enable enterprise level risk reporting to protect stakeholders and maintain shareholder value.
- Policy and compliance management -Automate best practice lifecycles, unify compliance processes, and help provide assurances around an organization’s risk mitigation effectiveness.
- Audit management – Scope and prioritize audit engagements using risk data and profile information to reduce recurring audit findings, enhance audit assurance, and optimize resources around internal audits.
- Vendor risk management – Institute a standardized and transparent process to manage the lifecycle for risks assessments, due diligence, and risk response with business partners and vendors.
- Business Continuity Management – Plan, exercise, and recover from disasters effectively and efficiently as a key part of a robust integrated risk management program.
- Regulatory Change Management – Create a single taxonomy and integrate with regulatory intelligence providers and public RSS feeds to assess the impact of changes and track implementation efforts for a seamless, end-to-end program.
- Operational Resilience Management – Gain visibility and build resilience into business processes across technology, people, facilities, and suppliers.
- Privacy Management – Identify personal data, assess the impact new or changing business processes or vendors might have on privacy, and continuously monitor processes to proactively manage privacy risk and assist with compliance obligations pursuant to evolving, global regulations.
- Continuous Authorization and Monitoring – Automate the processes that support risk management frameworks (RMF) such as NIST RMF (used to achieve certification such as the Cybersecurity Maturity Model Certification), bring systems on-line faster, and enable continuous authorization.