In a world full of unpredictability and instability, fueled by geopolitical and environmental concerns, staying on top of compliance and governance is as important as ever. However, for organizations that deal with vast amounts of data within complex systems and tech stacks, this may not be an easy task.
With that in mind, it is important to consider solutions, designed to assist in Governance, Risk and Compliance (GRC) maintenance because they can help organizations achieve various benefits, including cost reduction, streamlined auditing process, improvement in decision-making and increase in data accuracy.
This was the goal of a publicly traded Fortune 500 company. A provider of regulated marketplace infrastructure, data services and technology solutions for financial institutions, corporations and government entities, the company in question was looking for a solution that could help lower the audit risk caused by outdated and inaccurate information, as well as create a single point of access to host and manage vendor information. Considering that the vendor had the task of managing a portfolio of over 7,000 international vendors, it realized that the best decision would be to find an advisor and partner that could help it find the solution, catering to its specific needs.
After considering the options available, the organization discovered NewRocket – a ServiceNow partner that helps enterprise leaders tackle business challenges and navigate change.
Assessing the situation, NewRocket and the vendor decided to utilize the ServiceNow offering to help achieve its goals, and this way they implemented the ServiceNow Vendor Risk Management Application (VRM). VRM is part of the ServiceNow GRC platform that offers automated workflows with alerts and notifications and caters to such functions, as vendor portfolio management, risk scoring, monitoring and auditing and compliance.
The choice fell on ServiceNow VRM because NewRocket, as a ServiceNow expert, assessed that this software would help the organization to better manage third-party risk with the option to analyze data across the organization based on event data. Thus, working in a partnership, the fintech vendor and NewRocket implemented ServiceNow VRM, developing a single, cohesive process for vendor portfolio management, conducting assessments and resolving lifecycle issues.
With a single portal, admins now have the ability to monitor real-time information, create questionnaires and automate risk assessments, all while managing a vast portfolio of over 7,000 vendors. As a result, audit costs are reduced and investor relations and decision-makers are readily equipped with the data they need.
This story serves as an example of how important it is to seek the right help at the right time when it comes to looking for solutions to streamline your GRC. A good partnership, like the one between NewRocket and the fintech vendor, can help you reach the destination of the right solution that your organization may need. So, assess your goals, requirements and opportunities and board that technological rocket – it is time to lead your team to GRC success.
