Using Risk Management

You can use the features and capabilities of the Risk Management application perform various activities such as creating issues, reporting risk events, performing risk assessments and so on.

• Mobile experience for GRC Risk Management
  As a risk manager, use your Android or iOS mobile device to manage your work.
• Use Risk Events
  Report risk events and monitor their workflow to prevent losses in your organization.
• Perform Advanced Risk Assessment
  Use the ServiceNow® Governance, Risk, and Compliance (GRC) Advanced Risk Assessment feature to create an integrated risk platform.
• Assess risks
  Use the classic risk assessment and assess the risks in your organization.
• Manage a business process
  Create and manage business processes in your organization.
• Create a risk framework and associate risk statements to it
  Risk managers create risk frameworks to group risk statements into manageable categories.
• Define risk statement hierarchy
  Risk managers establish parent and child relationships on the risk statement form.
• Create a risk statement
  Risk managers create risk statements to group risks into manageable categories.
• Visualize risk hierarchies using the GRC: Workbench
  Risk users can see the hierarchy of risk statements using the GRC: Workbench.
• Generate a risk from a risk framework
  Making associations with risk frameworks automatically creates risks.
• Generate a risk from a risk statement
  Making associations with risk statements automatically creates risks.
• Relate risks to each other
  Create relationships between risks to better understand how risks affect each other and how they affect the enterprise.
• Create a risk manually
  Risk administrators can create risk records when they see a potential for a gain or loss of value.
• Follow a risk
  Connect integrates with Risk Management providing an overlay to the standard interface, allowing users to participate in conversations while they work and collaborate on the risk record.
• Add a control to a risk
  Controls are added to the risks for the on-going review of processes.
• Manually create GRC issues
  As a GRC user, you can manually create issues to document policy, risk, or audit observations, or to accept any GRC problems. You can also identify the source of the issue to help analyze and classify the issues.
• Use entity and risk dependencies using the GRC: Workbench
  The GRC: Workbench utilizes CMDB information to show the upstream and downstream relationships across all applications. CMDB information is one of the sources. These relationships enable consistent risk mapping and modeling across the enterprise.
• Monitor risks using GRC Performance Analytics Indicators
  You can link Risk Management risk statement and risks to Performance Analytics indicators, breakdowns and thresholds. You can associate Performance Analytics indicators with risk statements, and risks to view scorecards and trends and analyze current conditions and trends.
• Create a GRC indicator template
  Compliance or risk managers create indicator templates from which many indicators can be created.
• Create a risk indicator
  Create a risk indicator to identify the possibility of a future adverse impact on your organization. Indicators are an early warning system, and they enable you to take preventative action on the risks.
• View the Risk Overview
  The Risk Overview is contained in the Risk Management application and provides an executive view, allowing risk managers to quickly identify areas of concern by pinpointing entities with known high risk.