Advanced Risk Assessments in the Risk Workspace
Summarize
Summary of Advanced Risk Assessments in the Risk Workspace
The Risk Workspace in ServiceNow provides an enhanced and simplified interface for performing Advanced Risk Assessments. It enables users, especially operational risk managers, to quickly access risk assessments assigned to them or their groups through the GRC Risk Portal or directly within the Risk Workspace. This workspace delivers a more intuitive experience by consolidating relevant data and contextual training information to support effective risk evaluation.
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Key Features
- Risk Assessment Methodology Filter: On the Home page, users can filter risk assessments by methodology, such as selecting operational risks, to tailor the view according to assessment needs.
- Contextual Side Panel: Provides explanations of assessment sections and brief training content. This panel is configurable to display custom training materials and can be closed if not needed.
- Risk Assessment Home Page Insights: Displays key details at a glance including the entity being assessed, due dates, assigned personnel, approvers, risk descriptions, assessment results, and selected risk response strategies.
- Reference Information for Risks and Controls: The side panel includes graphical data such as:
- Risk events graph showing gross and net loss aggregates and forecasts.
- Quarterly percentages of key indicator breaches.
- Control indicator failure percentages and control test results.
- Open issues with severity levels, with the ability to create new issues directly.
- Factor Guidance Access: Users can instantly view guidance for risk factors within the workspace, facilitating quicker understanding and response.
- Reassign Assessments: Assessments can be reassigned to other users directly from the home page. When multiple users share the same name, email addresses are visible to ensure correct reassignment.
- Factor Weighting Information: First-line risk assessors can view qualitative weights, qualitative scores, and quantitative scores of factors by clicking on the Overall rating section.
Practical Benefits for ServiceNow Customers
This enhanced Risk Workspace streamlines the risk assessment process by consolidating essential information and training aids in one place, reducing the time required to perform thorough risk evaluations. It supports accuracy in assigning and reassigning assessments, improves understanding of risk factors, and provides actionable insights through detailed risk and control metrics. Customers can expect a more efficient and informed risk management workflow, enabling better operational risk decisions within their enterprise.
The Risk Workspace offers an enhanced and a simplified user experience for users to perform Advanced Risk Assessments. You can quickly access the risk assessments assigned to you or your group from the GRC Risk Portal or the Risk Workspace.
With the new Risk Workspace, your risk assessments are more intuitive with more data readily available for you to refer for every assessment that you perform in the risk assessment instance. As an operational risk manager, when you use Advanced Risk Assessments, on the Home page, in the Risk Summary field,you have a filter available to select your risk assessment methodology. For example, you can select the risk assessment methodology that shows you the operational risks assessed. For more information on risk assessment methodologies, see Advanced Risk Assessment.
For a new user to understand risk assessments, a Contextual side panel is provided with an explanation about the assessment sections. While a default explanation and a brief training are provided, you can also configure the system to show your training content related to risk assessments. If you do not want to keep the side panel training information open, you can also close it using the information icon.
Some of the major enhancements for Advanced Risk Assessments in the Risk Workspace are as follows:
View reference information for associated risks and controls
- Risk events graph that displays the gross loss and the net loss of the aggregated risk events for that particular risk. This graph also displays the forecasts of the losses.
- Percentage of key indicator breaches for every quarter.
- Percentage of control indicator failure graph. When performing a control assessment, you can refer to the control test results, indicator failures, and so on
- Number of open issues with their severity. You can also create issues by clicking the plus icon.
View factor guidance
In the workspace, while responding to factors, you can quickly view the guidance by clicking
the Show guidance icon 
. This ability saves your time as you can view the guidance and understand the factor
while responding.
Reassign assessments
If you are assigned a risk assessment that must be assessed by another user, you can reassign the assessment from the risk assessment home page. In case there are two users with the same name, you have the ability to view their email addresses while reassigning the assessment. This ability prevents users from assigning the assessment to the wrong users.
View factor weighting information
As a first line risk assessor, you may need to view the qualitative weight, the qualitative score, and the quantitative score of a factor. You can easily access this information by clicking Overall rating.