Governance Risk & Compliance
GOVERNANCE RISK MANAGEMENT AND COMPLIANCE
Identify and Address Your Risks
Governance, Risk, and Compliance is the ideal foundation for an actionable, automated, and integrated risk program. The financial and legal penalties that could result from GRC noncompliance, in addition to the potential for loss of data or reputation that cyber risks pose to make it imperative to invest in transforming outdated GRC processes.
A single platform enables continuous monitoring and detects control changes in real-time. Improves cross-functional process visibility and allows for a more accurate assessment of business impacts, which lets you prioritize and respond to your most critical risks. A unified system of engagement and the Ability to automate processes that span departments and include vendors can significantly cut the costs and efforts involved in enterprise governance, risk, and compliance.
With an automated Governance, Risk, and Compliance program companies are able to be proactive with risk management and better positioned to monitor, prioritize, and respond to business risks in real-time.
Prioritize and Mitigate Risks
Companies are expecting information security executives to make continuous decisions about how best to prioritize and mitigate risks while operating efficiently and proving compliance. Threats to company systems and data are increasing daily, with the average cost of a successful attack being $5 million in downtime, damages, and loss of productivity. What should executives do to get a handle on today’s IT governance and risk management requirements?
GRC Program Components
What Should Be In Place
- Current policies, standards, and controls that govern the company’s security posture
- List of business services, applications and systems you have in place
- The risk presented by each third party vendor
- Understanding the importance to your business each service, application, and system and their relevance to regulation
- Documented assessments of your applications or systems against policies and standards
- Prioritize IT risks and mitigate, remediate or accept
- Ability to confidently communicate to company stakeholders that your policies and controls are current, documented, and easily accessible
GRC Program Benefits
Your program ensures your policies are being adhered to and notifies you when risks are detected that exceed those policies. Additionally it will contain the data and evidence needed to ensure you have full visibility to quickly identify, prioritize and remediate things.
- full access to all asset, configuration, and IT data within the instance
- automatic evidence and data collection to see if controls are working
- access to source data from real-time reporting
- centralized access and management for all authoritative sources, policies, and controls
- full work flow integration and business process support integrating controls directly into your business processes
- document management and knowledge base can be used to support Policy Management and control test instructions
- secure integration to gather evidence and report on controls outside of the instance
Control your risk exposure across your extended enterprise
with continuous monitoring, at scale
- Gauge your risk exposure in real-time with qualitative and quantitative risk scores informed by service performance data.
- Identify non-compliant controls, monitor high-risk areas, and track significant audit findings with automated data validation and evidence gathering.
- Visualize your risk and compliance posture with interactive, real-time dashboards.
Improve strategic planning and decision making with a single
integrated risk management program, to prioritize risk
- Prioritize critical risks and audit issue remediation with fine-grained business impact analysis, task management, and contextual alignment.
- Break down silos and gain enterprise-wide visibility across disparate systems and functional groups with a single system of engagement.
- Empower risk management by combining asset and process-centric methodologies.
- Effectively communicate and collaborate across your extended enterprise through reports and a purpose-built vendor dashboards
Increase performance and productivity through consistent and
cross-functional automation
- Automatically identify new assets or entities and assign related risks and controls where appropriate.
- Reduce repetitive tasks by more than 50% by automating consistent, repeatable processes and cross-functional activities.
- Speed remediation time–from weeks to minutes–through automated response activities.
Why GRC Programs Are Needed
The business and IT challenge
Managing risk and compliance with a manual, siloed and reactive work model is no longer effective as the global regulatory environment continuous to evolve, forcing changes across your organization. Changes driven by the need to: adopt new business models, establish new partner relationships, deploy new technologies, and address the increasing number of threats and cyber risks. Many enterprises have discovered that without an integrated view of risk it is virtually impossible to quickly assess the impact on their existing compliance obligations and risk posture of these changes.
Respond to business risks in real-time
Automating Governance, Risk, and Compliance (GRC) helps transform inefficient processes across your extended enterprise into an integrated risk program. Through continuous monitoring and automation, you’ll have access to real-time views of compliance and risk, improve decision making, and increases performance across your organization and with vendors. GRC Automation can connect the business, security, and IT with an integrated risk framework that transforms manual, siloed, and inefficient processes into a unified program built on a single platform.
Data Security Advantage
Track, report, and manage GRC within ServiceNow. There is a lot to manage, but a good practice is to ‘do something’ and have a plan for continuous improvement. Ensure your software provides an integrated risk platform for reporting and supports effective risk decision management like ServiceNow can. SHAW Data Security provides guidance and ServiceNow implementation expertise.
