How Can ServiceNow Audit Management Help You Manage Business Risk Effectively?

By CubeSimple March 05, 2023

Keeping up with the changing regulations and governance framework landscape is a task. Businesses are under immense pressure to monitor any social, ethical, economic and environmental risks that may arise and prepare counteractions for the same. However, not all organizations have the resources to expend on such efforts.

ServiceNow identified this issue and formulated a solution where procedures, risks and policies are consistently monitored to rectify any vulnerabilities. Audit management which acts as the third line of defense in GRC provides a chance to create solutions before compliance issues become a problem.

This blog outlines the uses of Audit management in evaluating the business risk, some of the prominent ones being the following

1. Produce, plan and process audit engagements, all while creating documented evidence that the organisation is in compliance with external and internal regulations.

2. Key GRC risk and control indicators are created through consistent monitoring to generate information to update risk scores.

3. Flag issue, engagement compliance records as confidential and give exclusive access to selected members.

4. Automated documentation of evidence along with smart issue management for cost reduction and improvement in revenue bottom line.

5. Analyse existing data to frame audit scope, test plans from templates and get approval for tests to evaluate operational effectiveness.

6. Continuous monitoring of compliance issues to prepare strategies for issues before they arise.

7. Take note of failed controls, mark them as issues, further analyse them to classify vulnerabilities and remediate them accordingly.

8. A centralised dashboard to get actionable insights on how to improve your business process and practices.

9. A streamlined communication platform for all stakeholders to control and entity owners to ensure transparent conversations.

Establishing a foolproof governance framework and keeping up with your risk mitigation efforts, while remediating issues can be achieved through the audit management module. However, an in-depth understanding of the platform is a must for maximum ROI.

Cubesimple's step-by-step approach in audit management implementation can help your organisation move from manual to automated workflows in a seamless manner. We take into account the change management efforts required to help stakeholders adapt to the changing audit process.

Our audit management establishment strategy includes 3 major steps. First phase being, improving visibility into the ServiceNow platform. In this stage, businesses understand how exactly the Now platform can assist them and learn to adopt them to boost performance.

Second phase of the strategy is to manage your audit process better so that most of the tasks are automated and taken care of without too much manual intervention.

Third phase is to increase the maturity of your ServiceNow adoption, to ensure you make the most of your investment. At this stage, your organization will be completely aware of any compliance risks and be equipped with the resources to handle issues smartly.

No matter the size and scale of your organization, automation can make your business 1000x effective. If you need expert guidance along the way, we are happy to help.

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