Enterprises are more digitally connected than ever, thanks in part to the recent rise of the Internet of things (IoT). The IoT brings separated systems and computing machines together, allowing them to transfer information to each other automatically. The IoT is an opportunity for companies to bridge technology gaps between departments and processes.
However, the rise of IoT demands increased attention to Governance, Risk, and Compliance (GRC). To combat the risk exposure inherent in adopting an IoT strategy, companies need a faster, more agile solution that scales with their organization.
ServiceNow GRC is the best solution for managing an ever-expanding array of connected devices and systems as businesses integrate the IoT across the enterprise.
The IoT Introduces New Challenges to Risk Management
An increasing number of companies today are embracing the Internet of things (IoT) as a solution to disconnected business systems. There’s a good reason for this: connecting systems and devices dramatically improves efficiencies and streamlines complex business processes.
But the rise of IoT could cause problems for Governance, Risk, and Compliance management by increasing risk exposure. As more machines and systems connect, more data is generated and passed back and forth. Insignificant risks in one area may profoundly affect another, which is a disaster without scalable, continuous monitoring.
Businesses need to change the way they manage and measure the connections between technology and risk. After all, increased interconnectedness means companies need to test, assess, and remediate concerns faster than ever. There’s no room for mistakes or delays.
Manual processes for managing controls cannot keep up, and individual GRC products often focus their solutions on single business areas. If organizations are becoming more connected, they need a GRC solution that encompasses every business area.
Adapting and Scaling with ServiceNow GRC
ServiceNow Governance, Risk, and Compliance (GRC) offers an automated, scalable solution that continually monitors for both risk and compliance. The suite of application transforms inefficient practices (like manual assessment and reporting) by connecting business, security, and IT processes in a single, consolidated platform.
Companies can leverage the applications below to gain more profound insights into their risk posture, automate risk detection and mitigation, and continuously monitor controls to ensure compliance.
Enterprise-Wide Risk Management
Identify risks across the organization in real time and create automated control testing and system responses. Continuous monitoring brings executives and stakeholders improved visibility to the company’s security posture.
Policy and Compliance Management
Create and manage policies and internal control procedures using a centralized process. Along with that, ServiceNow GRC provides workflows for identifying and monitoring control activities.
Automate auditing workflows to eliminate redundancies and improve efficiencies with this application. Teams can identify and correct issues before they become more significant problems with the product’s continuous review of policies, risks, and control breakdowns.
Vendor Risk Management
ServiceNow makes it easier to reduce vendor risk with consolidated vendor catalogs, easier monitoring, and third-party security integrations. From the platform, staff can consolidate information and collaborate with vendors directly from the vendor portal.
Managing IoT Risk with ServiceNow GRC
ServiceNow addresses the major challenges of Governance, Risk, and Compliance. With GRC, IT staff can optimize testing, managing, and resolving internal risks like data breaches and internal data governance; while the business can leverage GRC tools and practices to improve the flow of information.
In regards to the new concerns with IoT, the ServiceNow GRC suite tackles them by offering high-level control over automation and data access across the entire enterprise. Since the ServiceNow platform connects enterprise applications like HRSD and ITSM, professionals can directly access data from every business area. Organizations can see a full picture of their enterprise rather than running individual, siloed GRC reports.
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