The ServiceNow San Diego version was released on April 7, 2022, and the version 14 of the GRC applications were released the next day.
There are two key insights for risk management professionals that come with these updates:
Focus on Integrated Risk Management
ServiceNow relabeled their GRC solution to Integrated Risk Management (IRM), offering three suites under this umbrella— IRM standard, IRM professional and IRM enterprise. The licensing for newer features such as Business Continuity and Privacy are not yet rolled into these suites, but are expected to be soon. It also appears as though Vendor Risk Management (better known as Third Party Risk Management) will continue to be licensed differently, per vendor, vs. per user for all other GRC products.
Improved Analytics and Reporting
ServiceNow GRC Version 14 boasts improved analytics and reporting solutions for risk management—particularly with the risk heatmap workbench.
Heatmaps themselves aren’t new to ServiceNow dashboards and workspaces, but the new release saw an improved user interface overall and a more robust workbench for reporting capabilities.
The clear and concise layout of the heatmaps will allow more efficient reporting to executives within the organization, while the ability to quickly drill deeper into the source data will benefit cross-department reporting to encourage a more streamlined approach to risk management in the organization overall.
The biggest takeaway from both of these insights and the San Diego update overall is that ServiceNow is facilitating a more mature model for risk management.
The improved workbench user interface, streamlined dashboards, continuous monitoring and integration capabilities and automated workflows all speak to the fact that ServiceNow is continuing to take steps forward in creating a more elevated experience for risk management professionals.