Hi @anandbhusha 

Lets divide your query into three parts 

 Regulatory Complexity : This are not provided OOTB by ServiceNow, but ServiceNow does support customizations to make sure such requirements are fulfilled.

Risks : What type of risks?

Data Security & Privacy - ServiceNow can apply security rules, encryption and roles based access to achieve this, this is all platform capability. 

Example you have provided - For such scenarios New versions provide table structure to integrated government portals or E-invoicing systems directly with ServiceNow, We need to make sure, we capture data and invoice image(If applicable) into ServiceNow. 

As ServiceNow is not ERP system, ServiceNow can directly integrated with ERP(e.g SAP S4) and send invoice digital data and image for further processing(Approval, Payment etc). With that said, systems like Coupa/Ariba are not always needed to be in place. It can be just ServiceNow for invoice ingestion + OCR + Orchestration + Complex rules - > Send enriched and validate Invoice to ERP. 

Thanks,

Pramod