Mary Hain
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2 hours ago
Risk identification in ServiceNow Risk Management is the process of systematically capturing potential risks related to business entities. It ensures risks are identified early and recorded in a consistent manner.
Risk Identification Workflow (using Smart Assessment Engine)
Risk identification helps GRC teams discover risks tied to applications, processes, services, or business units. It creates a structured entry point into the risk lifecycle.
The process begins when an entity is selected for review. A risk identification record is created to guide information collection. Questionnaires, powered by ServiceNow’s Smart Assessment Engine, are used to gather input from stakeholders. These responses help surface potential threats and control gaps.
Workflows manage task assignments and status changes. This ensures accountability and traceability throughout the process. Watch the Risk Management Speed Learning Series video on the Risk Identification Workflow to learn more.
Risk Identification Agent
With the Dec 2025 release, our new AI-powered assistant for risk identification guides users through smart, conversational workflows, pulling context from internal and external sources to surface critical insights and recommendations. Capturing all data related to a risk in one place ensures that risk managers have access to comprehensive, consistent, and up-to-date risk coverage for more informed decisions.
Organizations benefit from faster, smarter decision-making and improved operational efficiency. Using agentic processes for Risk Identification ensures that some common processes can be automated through an agent, but human or risk managers are still in the loop. See a demo.
Functional Outcomes of Risk Identification
Identified risks are stored in a centralized risk register. This enables tracking and reuse of data across risk activities. Captured risks can move directly into risk assessments. This supports timely evaluation of likelihood and impact.
Risk identification improves data quality for reporting. It provides a clear view of risk sources and patterns.
