ServiceNow Risk Management Application Demo

Published: 06 January 2021
on channel: Cerna is Now Thirdera

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Every investment is preceded by a risk assessment. When considering purchasing a new home, prospective buyers may ask themselves, “What are the pros and cons of this property?” For a beachfront property, the buyer may assess the likelihood that a hurricane will hit its shores. As the buyer considers both the likelihood and the potential severity of a hurricane, they are assessing a risk.

Risk Management is the process of identifying, assessing, prioritizing, and mitigating these risks. For the beachfront example, a property buyer may decide the risk of hurricanes too great, and to seek out other options. Alternatively, they may decide to accept the risk, or even mitigate it with insurance. Business stakeholders should likewise strive to mitigate negative impacts to organizational operations and revenues, by identifying, assessing, and prioritizing risks.

ServiceNow’s Risk Management application enables organizations to continuously monitor and identify high-impact risks, improve risk-based decision-making, and reduce reaction time from days to minutes.

ServiceNow Risk Management assists with:
1. Identifying risks to key processes and business objectives.
2. Defining those risks and performing risk analysis & assessments on them.
3. Determine the risk response & create mitigation plans
4. Actively monitoring risks
5. If the organization is also leveraging the ServiceNow Policy & Compliance application, then controls & policies can be defined to mitigate risk
6. Control failures will automatically generate issues & inform the risk score in real-time
7. Those issues can be analyzed and worked to closure or generate a policy exception

Watch the video above for a demo of the ServiceNow Risk Management application, presented by Matt Maes, Sr. Technical Consultant at Cerna, and edited by David Tessaro, Graphic Designer.

TIMESTAMPS / IN THIS VIDEO:

0:13 IRM Program Explanation
0:36 Risk Management Process
01:35 Risk Dashboard
02:42 Risk Statement
02:55 Risk Loss of Availability
2:58 Entity
3:22 Risk LifeCycle
4:06 Risk Assessment
5:06 Risk Response
5:10 Score Risk
5:20 Determine Response
5:54 Complete Risk Response Task
6:16 Review Risk
6:26 Monitor Risk
6:34 Monitoring
06:43 Related Controls Compliance
6:58 Active Risk Scoring
7:27 Risk Register – List view

CONNECT WITH US

See our solutions: https://www.cernasolutions.com
Call us: 844-804-6111
Email us: [email protected]
Follow us: linkedin.com/company/cernasolutions

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