Today’s business landscape is rapidly evolving. Therefore, businesses face many compliance and risk roadblocks. These challenges are easier to overcome when your business leverages ServiceNow—a cloud-based platform that offers business process automation and IT service management (ITSM). This comprehensive suite of solutions brings the Risk and Compliance module to improve compliance and risk management. In this explainer, we explore Risk And Compliance capabilities, discover its benefits, and offer troubleshooting hacks for common issues.

I. FIGURING OUT SERVICENOW RISK AND COMPLIANCE

ServiceNow Risk and Compliance is a robust module that helps businesses manage and reduce risks, ensure compliance, and strengthen governance and accountability. Here is an overview of its significant components:

A) Risk Management:

• Central Risk Assessment: ServiceNow is a central platform that helps identify, analyze, and prioritize risks across an enterprise.
• Risk Mitigation: Businesses can build detailed risk treatment plans, delegate responsibility, and track progress toward minimizing identified risks.
• Risk Monitoring: ServiceNow helps monitor and track different risk mitigation activities, which improve a process’s effectiveness.

B) Compliance Management:

• Compliance Requirements: Businesses can explain and document different compliance requirements based on industry standards, regulations, and other internal policies.
• Compliance Assessments: This cloud-based platform simplifies the assessment of compliance controls and identifies gaps caused by violations.
• Compliance Reporting: ServiceNow’s end-to-end reporting capabilities enable organizations to create in-depth compliance reports and validate adherence to multiple regulatory requirements.

II. IMPROVING RISK AND COMPLIANCE MANAGEMENT

Businesses that want to improve compliance processes and risk management can benefit from the ServiceNow Risk and Compliance module.

A) Streamlined Workflows

• Centralized Data: Businesses use this cloud-based platform to consolidate compliance and risk data, break silos, and enable proper data management.
• Automated Processes: The platform automates mundane tasks – compliance monitoring, risk assessments, and reporting – to minimize human intervention and maximize efficiency.
• Workflow Customization: A business can use ServiceNow to customize workflows and align them with its unique compliance management and risk mitigation requirements.

B) Enhanced Visibility And Reporting:

• Real-Time Dashboards: ServiceNow offers interactive dashboards that bring accurate real-time visibility into compliance risk metrics, thereby improving decision-making.

• Standardized Reporting: Businesses can create standardized reports on compliance status, risk exposure, and other KPIs to meet external and internal reporting requirements.

• Auditing Capabilities: ServiceNow’s logging mechanisms and audit trails empower businesses to maintain a comprehensive record of compliance- and risk-related activities.

III. SERVICENOW RISK AND COMPLIANCE BEST PRACTICES

Follow these best practices to increase the benefits of using the ServiceNow Risk and Compliance module.

A) Outline An End-To-End Compliance and Risk Management Strategy:

• Define the scope, stakeholders, and objectives of a compliance and risk management program.
• Match compliance and risk management activities with not only industry regulations but also business goals.

B) Tailor The Module To Align With Your Business Needs:

• Customize ServiceNow Risk and Compliance to meet your business’s key compliance and risk requirements.
• Configure this ServiceNow module to include your business’s compliance frameworks, reporting formats, and assessment practices.

C) Set Up Standardized Workflows And Processes:

• Document and communicate key processes for risk identification, evaluation, treatment, and monitoring
• Create standardized workflows for control testing, issue remediation, and compliance assessments.

D) Integrate With Different ServiceNow Modules:

• Integrate Risk and Compliance with different ServiceNow modules, such as Change Management and Incident Management, to deploy unified IT governance practices.
• Use data from other ServiceNow modules to improve risk compliance reporting and analyses.

E) Offer In-Depth User Training And Timely Support:

• Make sure employees who manage compliance and risk mitigation projects receive proper training on using this ServiceNow module.
• Provide ongoing maintenance, support, and resources to handle user queries, offer detailed guidance on using the module,

IV. TROUBLESHOOTING SERVICENOW COMPLIANCE AND RISK DISPUTES

ServiceNow Risk and Compliance is a robust module, but businesses may face some challenges while working with it. Here are some troubleshooting tips to keep in mind while working with this module.

A) Use ServiceNow Forums And Other Community Resources:

• Collaborate with the growing ServiceNow community to raise problems, seek advice, share experiences, and discover proven solutions to common issues.
• Engage with the participants in different knowledge-sharing forums and understand how other businesses are working optimally with this module.

B) Leverage ServiceNow Documentation And Support:

• Gain access to the vast documentation of this cloud-enabled platform. The software’s documentation includes many troubleshooting resources, user guides, and knowledge base articles.
• Connect with ServiceNow’s support team to overcome complex challenges and other technical issues.

C) Partner With Experienced ServiceNow Admins:

• Partner with ServiceNow administrators and experts who can offer their expertise and guidance in handling specific issues.
• Use the extensive knowledge of ServiceNow consultants to resolve complex configuration and integration challenges.

D) Carry Out End-To-End Configuration And System Checks:

• Evaluate and configure your ServiceNow implementation to ensure it aligns with best practices and improves outcomes.
• Perform periodic checks on the system to identify data discrepancies and key performance issues.

KEY TAKEAWAYS

ServiceNow Risk and Compliance offers businesses a powerful platform that ensures compliance, manages risks, and improves governance. ServiceNow streamlines workflows, enhances visibility, and enables standardized reporting, empowering organizations to manage risk and address compliance issues proactively. Follow best practices and use different troubleshooting tips to help your business maximize the benefits of ServiceNow deployments, drive operational excellence, and strengthen regulatory adherence.