Risk Management VS Advanced Risk Management

[Praful3]

Team,

From Sales & Implementation perspective, I would like to know detail about Risk Management VS Advanced Risk Management in detail, Can some one point me to relevant document if anything available in partner portal.

I am looking for more detail document should cover line by line Example : Risk Management cover 20 item, VS Advanced Risk management cover 40 item.

In what basis customer has to select?

Thanks in advance.

Regards

Praful

[ShafrazMubarak]

These kind of ROI document is should be provided by ServiceNow Team.

[amol_joshi]

ServiceNow needs to give up the habbit of starting in the middle... everything should have a "big picture" to make full sense of it.

[ShafrazMubarak]

Dear Praful,

I will try to explain as much as possible. In Risk Management, you can perform a standard risk assessment with provided factors such as likelihood and impact. This allows for inherent and residual assessment for all risks. The approach in Risk Management  is generally top-down, meaning risks are identified at a high level and then broken down into more specific risks

On the other hand, Advanced Risk Management provides more flexibility and control. You can configure any number of Risk Assessment Methodologies (RAMs) with your own list of risk factors and configure the assessment methods. Moreover, in Advanced Risk we can perform bottom-up approach of Risks, where end users report risks via Risk Events. These Risk Events can be configured to be reported from other places in ServiceNow, such as Problems, Changes, Incidents, and approval levels can be configured based on your conditions.

When a new entity is onboarding (e.g., a new Application, Project, Department, Demand, Server), you can perform the Risk Identification Process, which allows you to configure the processes based on entity classes and map many risks at once for the new entity.

In summary, Advanced Risk Management provides more features to control and configure your risk process, whereas standard Risk Management does not offer that kind of flexibility.

In addition to the points you've mentioned, here are a few more differences based on the ServiceNow Documentation:

I hope this helps! If you have any more questions, feel free to ask, I am happy to explain it 

[amol_joshi]

Thank you Shafraz, now my question is when providing a solution to a client, can we completely rely on Advance Risk or we have to use the old risk management as well?

[ShafrazMubarak]

It's all depend on the methodology the client is going to adapt.

If they going to stick with standard Qualitative and Quantitative methodologies with given factors for all entity classes, then they can stay with Risk Management. 

If they have subscribed to IRM package, then they will be getting Advanced Risk as part of the package, there for, they can go ahead with Advanced Risk. 

I would recommend to pitch Advanced Risk Management since it has more configurable features for Risks Team. After using sometimes, organizations would go different RAM for different entity classes and want to bring more advanced features like scoping, scheduling the assessments and etc.