Financial Service Operations licensing and modules

[Mark238]

Hi,

I would like to know how FSO is licensed and what modules are included. I'm confused on the relationship with CSM, GRC, etc...

Thanks

Mark

[Mark238]

Hi Prasad

That's great thank you.

Do you know how the customer service and risk management features align to the functionality in CSM and GRC? 

For examples are the risk features in FSO the same as the risk features in IRM enterprise?

[Community Alums]

Hi Mark,

CSM streamlines customer service, while GRC manages risks and ensures compliance. Although separate, they synergize: CSM gathers feedback aiding risk identification; it also helps track and comply with service-related regulations, showcasing their collaboration in enhancing organizational efficiency.

Here is a table that summarizes how the customer service and risk management features in CSM and GRC align:

Feature	CSM	GRC
Risk identification	Identifies risks from customer feedback and service requests	Identifies risks from internal and external sources
Risk assessment	Assesses the likelihood and impact of risks	Assesses the likelihood and impact of risks
Risk mitigation	Mitigates risks by implementing controls and procedures	Mitigates risks by implementing controls and procedures
Risk monitoring	Monitors risks to ensure that they are being managed effectively	Monitors risks to ensure that they are being managed effectively

Additionally,

1. CSM focuses on enhancing customer satisfaction, while GRC centers on risk management and compliance with regulations, although they share some common features.
2. CSM offers customer interaction management, knowledge tracking, and self-service support, while GRC covers risk identification, assessment, mitigation, and monitoring.
3. Organizations should choose based on their primary focus: CSM for satisfaction or GRC for risk and compliance, but using both could benefit many.
4. CSM integrates with ITSM and HR within ServiceNow, while GRC integrates with external systems like SIEM and RMIS, tailored to specific organizational needs for effective streamlining.
5. Both CSM and GRC are vital tools; their selection and integration depend on an organization's unique requirements, offering significant value in improving overall effectiveness.

If this helps you, please hit the like button and accept this as a solution!

regards,

Prasad