GRC: Identify and reduce business risks
- 1. Step-by-step Guide to Reduce Risks using ServiceNow GRC Email: info@royalcyber.com | Website: www.royalcyber.com Inventory Assets, Vendors, Roles & Responsibilities Identify critical systems, processes, applications, and vendors. Import their information into the NOW platform. Map dependent processes and systems Configure third-party integrations, map processes, align terminologies, and match vendor levels with assessments. Define governance framework, risks, and plan assessments Identify scope, policies, risks, and test the accuracy of controls. Use UCF common controls hub to consume content. Set-up continuous monitoring, automate tests, and assessments Capture risk or compliance indicators, create test plans, submit vendor reviews, and define audit frequency. View real-time dashboards and reports Interactive dashboards and reports help track risk exposure, vendor risk compliance, audit progress, and control effectiveness. Continuous monitoring and predictive analytics Monitor high-impact risks, manage KRI and KPI, and identify regulations or initiatives. Implement predictive analytics with AI/ML. 1 2 3 4 5 6 How to Identify and Reduce Business Risks 68% of organizations face significant business disruption Hackers attack every 39 seconds Data breaches expose 4.1 million records Average cost of a data breach is $6.3 million 21% breaches caused by third-parties Transforming Risk and Security Processes Royal Cyber combines its understanding of Governance, Risk, and Compliance (GRC) with ServiceNow’s platform capabilities to help clients automate workflows, self-service, and monitor controls continuously using real-time dashboards