Risk is something every person has to deal with in their everyday life. No matter what we choose to do, there are some inherent risks. For example, what are some of the risks in taking a shower?
- You could slip and fall.
- You could get shampoo in your eye.
- Water could get past the shower curtain and destroy the floor.
- The zombie apocalypse could begin and you'd miss the warning signs. (Come on…it could happen. Right?)
Just like in life, there are some inherent risks to businesses. Some risks to a business could be:
Data breaches | This week, emails from the Democratic National Convention (DNC) were hacked and shared online. |
Power outages | Last week, there were two different power outages at data centers that affected phone and broadband service throughout London. |
Bad press | Nintendo's stock price fell after people learned they sold most of their stake in Pokémon nearly 20 years ago. |
How can you manage Risk using ServiceNow?
Once a business' risks are identified, they can be managed. ServiceNow's Governance, Risk, and Compliance (GRC) Suite allows you to document risks, their potential costs, and to put policies in place to minimize their impact to your business. It also provides auditors with the tools and appropriate access to verify compliance.
Let's take power outages for example. What are some of the risks of a power outage at the data center you use for your business?
- Loss of access to your data.
- Frustrated customers.
- Missed sales.
- Wasted man hours. If your employees cannot access the data, they cannot do their job.
The list could go on and on. Using the Risk application of ServiceNow's GRC suite, you could document all of these risks and calculate their cost and probability.
In the next article, we will discuss putting Policies in place to help mitigate these risks.
Did you know that ServiceNow offers a Governance, Risk, and Compliance course? ServiceNow GRC provides timely, comprehensive, and continuous information for auditing, reporting, and compliance purposes. By using the GRC applications (Policy and Compliance, Risk, and Audit) GRC professionals can create a scalable compliance program based on their organization's needs to meet internal and regulatory requirements. This two‑day, hands‑on course demonstrates how GRC is implemented within the ServiceNow platform and how to use the GRC applications.
For more information or to register for a class, click here.
