IRM

ServiceNow was recently ranked a Leader in the Gartner Magic Quadrant for Integrated Risk Management solutions. It looks at organizational risk holistically and provides actionable insights that are aligned with business strategies, not just regulatory mandates.

The Rise and Rise of Integrated Risk Management (IRM)

Traditional risk management was largely compliance-driven, and focused on the three key concerns of governance, risk and compliance (GRC). Most solutions of the early 2000s were developed with the primary objective of complying with the U.S. Sarbanes Oxley Act (SOX) requirements. But then, times changed. Organizations could no longer get by just complying with rules. There was a global realization that fresh thinking was needed on risk management – and IRM was born.

IRM is expected to grow to a whopping $7.3 billion industry by 2020. That’s not surprising actually — many global leaders feel that their investment in risk management is far below what is necessary to protect their organizations’ data.

In a global survey of 300 chief information security officers (CISOs), we found that 81% are highly concerned that breaches are going unaddressed!

What are the reasons for this rather bleak outlook? All the CISOs agreed on three major causative factors.

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To move away from the limited traditional view of risk, organizations need to look at it holistically. All business units, functions, partners, suppliers, outsourced entities — everything needs to be brought under the risk management umbrella.

De-risk Your Enterprise with ServiceNow

By simplifying, automating and integrating organizational processes and data, ServiceNow IRM addresses all the major issues faced by CISOs today.

Built on the Now Platform™, the ServiceNow Security Operations module uses intelligent workflows, automation, and a deep connection with IT to streamline security response. Its tight security orchestration, automation, and response drive efficiency across threat and vulnerability identification, remediation, and coordination efforts. Automation permits responders to focus on more complex problems instead of on manual tasks, and accurate data availability enables organizations to continuously assess their security posture.

An innovative security operations solution is essential for effectively responding to the increasing number and sophistication of today’s threats and vulnerabilities. With complete visibility into disruptive issues, security and IT teams can easily coordinate with all stakeholders for a quicker resolution. According to a Forrester study in 2018, prioritizing and resolving security incidents and vulnerabilities fast translates into an ROI of 230%!

ServiceNow IRM also spans across areas such as:

  • Integrating risk management of digital business components such as cloud and mobile, among others
  • Managing third party risks to ensure business continuity, performance, and security
  • Proactively identifying risks of business disruptions and implementing disaster recovery solutions
  • Auditing organizational internal control, governance processes and risk management capabilities
  • Automating policy development and management
  • Supporting legal and compliance departments
  • And a whole lot more…

According to Gartner, the key strengths of ServiceNow include its strong IT risk capabilities, 24×7 technical support, and significant global footprint. Through continuous monitoring and automation, it provides a real-time view of compliance and risk, improves decision making, and increases performance across the organization, and with vendors.

Today, ServiceNow offers organizations the priceless capability to connect 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!

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