ABIT Puresoft laid the groundwork for robust Integrated Risk Management, enabling our client's digital transformation in governance, risk, and compliance through ServiceNow IRM.
INDUSTRY: Financial Services
LOCATION: Global
SIZE: +8,000 employees
Centralized Risk Management
Improved Risk Monitoring
Enhanced Decision-Making
Operational Efficiency
Our client, a leading global financial services provider, operates extensively in the United States and Europe. The organization offers a comprehensive range of financial products and services, serving a diverse clientele. With 8,000 employees, the company is committed to delivering excellence in the financial sector.
The customer aimed to digitalize governance, risk, and compliance processes by implementing a Minimum Viable Product (MVP) using the ServiceNow IRM standard package, with a specific focus on Policy and Compliance Management. The journey presented several challenges, including the client’s Risk and Governance team’s limited familiarity with ServiceNow IRM. The complexity of entity scoping, exacerbated by restricted data availability, made the preparation for the initial workshop and subsequent implementation process more complicated.
ABIT Puresoft approached the project with a comprehensive strategy. We began by conducting detailed workshops to ensure the client’s team fully understood future implementation decisions. Our solution included providing an architectural model for GRC core tables, which aligned with the client’s specific requirements. We utilized the out-of-the-box features of ServiceNow IRM, ensuring minimal customizations while preserving core functionalities. The implementation covered multiple aspects, including:
▶ Policy and Compliance Management: Streamlined policy creation, approval, and enforcement processes.
▶ Risk Management: Enhanced identification, assessment, and mitigation of risks across the organization.
▶ Audit Management: Facilitated efficient planning, execution, and reporting of audits.
▶ Compliance UCF: Integrated Unified Compliance Framework (UCF) to manage and harmonize compliance requirements.
The implementation of ServiceNow IRM delivered several key benefits:
Effective Risk Monitoring: The client now has a system for designing and scheduling self-assessments, categorized by maturity levels, which allows for effective risk monitoring and precise control accuracy.
Streamlined Risk Management: A centralized platform for identifying, managing, and reporting risks was established, significantly simplifying critical processes.
Enhanced Transparency: Real-time insights and role-based dashboards were provided, enhancing decision-making and transparency.
Operational Efficiency: Overall operational efficiency was increased, giving the client a competitive edge.
By implementing ServiceNow IRM, the client can now proactively identify and mitigate potential threats, ensuring a more secure and efficient operation. This improved capability has significantly enhanced the company’s performance and reputation in the financial services industry.
The successful implementation of ServiceNow IRM by ABIT Puresoft has transformed the client’s risk management and compliance processes. This project underscores the importance of a well-structured approach to digitalizing governance, risk, and compliance. The client now benefits from enhanced decision-making, increased transparency, and improved operational efficiency, providing a competitive advantage in the financial services industry.
CHALLENGE:
The client’s Risk and Governance team faced multiple obstacles, including limited experience with the ServiceNow IRM platform and the complexity of entity scoping due to insufficient data within ServiceNow. These challenges hindered the preparation for the initial workshop and added complexity to the implementation process.
APPLICATION:
SOLUTION:
ABIT Puresoft implemented a comprehensive solution for the client by leveraging ServiceNow Integrated Risk Management (IRM). Our approach included detailed workshops to familiarize the client’s team with the platform and align the architectural model with their specific needs. We deployed ServiceNow’s out-of-the-box features, ensuring minimal customization while preserving core functionalities. The solution encompassed key areas such as Policy and Compliance Management, Risk Management, Audit Management, and Compliance UCF. This holistic approach streamlined risk identification, assessment, and mitigation processes, providing a centralized platform for effective risk monitoring and enhanced decision-making capabilities. The implementation not only improved operational efficiency but also offered real-time insights, ensuring transparency and a competitive edge for the client.