For many organizations Risk Management is rapidly developing into a more forward looking, enterprise wide approach.
The high level of uncertainty and reduced tolerance to systemic impacts is leading several organizations to achieve a more formal and effective risk management approach.
As organizations increase their focus on being proactive and desire a more aggressive risk mitigation discipline, the burden of identifying, cataloging, mitigating and managing risk is becoming cumbersome.
If your organization is starting to look for a technology that can support a Risk Management framework, focused on workflows to assess, manage and mitigate risks, you might have arrived at ServiceNow as a viable solution.
This article discusses a simplified approach for organizations looking to formalize their risk management program for the first time using ServiceNow. Please note, this article does not intend to cover the entire depth, breadth and complexity of Enterprise Risk Management. Also, INRY does not claim to have Enterprise Risk Management expertise, this is merely a guide to implementing Risk Management using ServiceNow.
Every organization has its own framework and process based on the scope of the Risk Management efforts, complexity and industry. They may have a framework designed internally for their unique needs; or perhaps adopt an authoritative Risk Management framework, such as the NIST Cyber Security framework, COSO Enterprise Risk Management, Integrated Framework or the RIMS Risk Maturity Model (RMM), etc.
INRY has attempted to create a simplified and generic Risk Management Lifecycle, intending to address common tasks performed. This is used to assist our clients with their ServiceNow implementation for Risk Management.
INRY Risk Management Lifecycle: