GRC

Role of Governance, Risk & Compliance (GRC) in Digital Transformation

Introduction

Digital transformation enables organizations to use advanced digital technologies to improve speed and business agility and make risk-informed decisions. This can transform organizational structures, processes, and service/product offerings in the modern business world.

However, digital transformation comes with many possibilities and concerns.

In this blog, we will understand the role of Governance, Risk, and Compliance (GRC) in managing operations and ensuring a business is meeting compliance and risk standards, and how ServiceNow GRC is the best solution for modern businesses.

Possibilities Vs Concerns

Possibilities

Businesses can run efficient and streamlined operations with automation and AI-driven processes, and deliver improved customer experience through personalization, enhanced customer service, and more. They can cut costs, increase efficiency, and improve overall business performance.

They can innovate and create new products/services to meet the changing needs of customers and quickly adapt to changing market conditions and customer demands. Also, with improved data accuracy and security, organizations can protect customer information and prevent data breaches.

Concerns

Modern businesses deal with serious risks and concerns every day. Think about the possible effects of brand and reputation damage, productivity issues, fragmented tools, systems, and processes, business disruption, technology breaches, and employee safety issues. Extreme weather, the rising expense of complying with the increasing number of international compliance rules, supply chain disruption, and global pandemics are some of the risks that are harder to control.

The restrictions put in place by many governments to tackle the spread of COVID-19 in the last two years have created an uptick in online activity – from remote work to virtual engagement. With the proliferation of cloud-based applications, mobile devices, social media, and emerging cybersecurity threats, organizations must be able to manage their data and ensure it is being used securely and responsibly.

An expert ServiceNow Partner can help you take control of the challenges mentioned above to achieve your organizational goal with successful ServiceNow GRC implementation.

Relation Between Digital Transformation & GRC Automation

Digital transformation and GRC automation are closely related. Digital transformation focuses on improving customer experience and creating more efficient and cost-effective processes. ServiceNow GRC module is designed to help organizations effectively manage risk, ensure compliance with regulations, and maintain a high standard of corporate governance. GRC automation creates a system for controlling, monitoring and managing processes.

Additionally, organizations can use digital transformation to create a more customer-centric environment while ensuring that all processes and activities are compliant with industry regulations and standards. By automating processes with customers and managing your risk through GRC in ServiceNow, you will be able to comply with the regulations that your customers are subject to. ServiceNow GRC module ensures continual compliance with changing regulations.

By ensuring that potential risks are identified and managed, organizations can ensure that they remain compliant with data protection and privacy regulations. This is especially important during the COVID-19 pandemic, as organizations are shifting to increased remote working and need to ensure that their data is secure.

Read this blog to learn how ServiceNow GRC helps enhance operational efficiency.

Need For Governance, Risk & Compliance Automation

The need for GRC automation is compounded by the need for accelerated digital transformation. To adopt modern technologies to remain competitive in the digital economy, organizations must be able to implement GRC processes to ensure that their digital transformation efforts are compliant with relevant regulations and standards.

GRC applications help organizations identify gaps in their operations and areas for improvement and plan for potential risks and compliance concerns. GRC automation is needed in digital transformation to-

  • ensure that organizations are compliant with the continuously changing regulations, laws, and standards relevant and specific to the industry.
  • provide organizations with improved visibility into their compliance posture and reduce non-compliance risks.
  • help organizations improve their security and privacy practices and reduce costs associated with manual processes.
  • proactively manage and monitor compliance processes, ensure that security and privacy policies are being followed.
  • anticipate and mitigate potential risks.
Strengthening Organizational Resilience

ServiceNow GRC strengthens organizational resilience by:

  • providing visibility into organizational risks and compliance posture
  • enabling organizations to proactively identify and address risks
  • providing a centralized platform to track and measure progress against risk mitigation strategies
  • providing tools to help organizations respond quickly and effectively to incidents and crises
  • providing automated workflows to ensure compliance with regulatory and organizational policies
How GRC Automation Streamlines Compliance?

GRC automation streamlines the entire compliance process by automating the creation of compliance documents, collection and review of the evidence, scheduling of audits, and generation of reports. Organizations can reduce the time and resources needed to complete the compliance process, eliminate human error, and increase visibility into compliance activities.

This can help track compliance activities across multiple locations and departments, helping organizations to remain compliant with all applicable regulations.

ADVANCE, Your Trusted ServiceNow GRC Implementation Partner

ADVANCE is a trusted global ServiceNow Partner. Our experts have a strong understanding of the entire ServiceNow GRC module and have the required technical skills and experience to implement ServiceNow GRC solutions. With 15+ years of experience as a ServiceNow Implementation Partner, we can optimize the maximum potential of your ServiceNow GRC investment.

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Kaushik provides strategic advisory guidance to senior executives across IT, HR, and Customer Service. He also leads Advance's Pre-Sales Solution Consulting Team.

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