Streamlining Compliance: Unifying Governance and Risk Management with ServiceNow GRC Policy and Compliance Management

Regulatory compliance has emerged as a significant concern in the technology industry. The ever-changing regulations result in various compliance requirements and standards that need to be addressed. However, many businesses struggle with time-consuming and fragmented internal processes. Implementing necessary regulatory changes becomes challenging, and the effort required to test for compliance puts organizations under considerable strain. Meeting existing compliance obligations and assessing the impact of changes becomes nearly impossible without a clear governance framework and integrated risk and compliance management.

The ServiceNow GRC-Policy and Compliance Management function offers several benefits:

1. Establishing a governance structure: ServiceNow GRC-Policy and Compliance Management allows businesses to manage their governance structure within a unified system. It facilitates mapping policies, laws, regulations, and best practices to controls.
2. Managing policy exceptions: Users can create policy exceptions for specific policies and time periods to effectively track compliance. Risk assessments are conducted based on predetermined standards, and controls are designated as compliant if the risk is deemed acceptable. This feature helps organizations keep track of compliance requirements efficiently.
3. Daily workflows with policy acknowledgments: By integrating policy acknowledgments into the familiar employee service interface, ServiceNow simplifies adherence to compliance requirements for employees. HR, Security, IT, and Finance departments can review and acknowledge policies such as the code of conduct, permitted IT use, insider trading, and others without compromising productivity.
4. Real-time detection of compliance violations and visibility at all levels: Users can access real-time dashboards to gain insights into their risk and compliance status, as well as audit activities. The platform enables the setup of compliance indicators and criteria, continuously monitoring the extended company to provide users with up-to-date visibility into their compliance positions.
5. Prompt action in the event of noncompliance: Smart issue management within ServiceNow generates issues and assigns owners based on compliance failures identified during internal audit testing. This feature enables users to address concerns promptly before they escalate into audit findings.

ServiceNow GRC Policy and Compliance Management is an excellent solution for integrating and executing compliance procedures effectively. Through continuous monitoring and automation, it provides a clear understanding of compliance, aids decision-making, and enhances overall performance throughout the organization. The integrated risk and compliance architecture of ServiceNow not only connects business, security, and IT but also transforms manual, segregated, and inefficient tasks into a cohesive program built on a single platform.