A Success Story of SDB's ServiceNow GRC Implementation

Overview

SDB, a financial services firm specializing in investment banking, asset management, and financial advisory, sought to enhance its governance, risk management, and compliance (GRC) processes. The company faced challenges in regulatory compliance, risk management, and manual processes, which impacted operational efficiency and regulatory adherence.

Problem statement

• Regulatory Compliance: Difficulties in managing compliance across multiple jurisdictions with varying regulatory requirements led to missed deadlines and potential risks.
• Risk Management: The use of disparate tools and spreadsheets resulted in inconsistent risk assessments and delayed responses.
• Manual Processes: Labor-intensive manual tasks for policy updates, risk assessments, and audit preparations created inefficiencies and high administrative overhead.

Duration

6 months

Success Story

SDB implemented ServiceNow GRC to address these challenges effectively:

• Policy and Compliance Management: Automated the creation, distribution, and tracking of policies. Key features included policy lifecycle management, automated acknowledgments, and compliance reporting, which improved real-time visibility and adherence to regulations.
• Risk Management: Centralized risk management through a unified platform allowed for comprehensive risk identification, assessment, and mitigation. Automated risk assessments were integrated into business processes, improving risk visibility and response times.
• Audit Management: Streamlined audit processes by automating task assignments, tracking findings, and managing remediation actions. This reduced audit cycle times and ensured timely follow-up on audit issues.

Results

• Improved Compliance Tracking: Achieved a 30% reduction in non-compliance incidents within the first year, thanks to real-time visibility and automated policy management.
• Efficient Risk Management: Enhanced risk identification and assessment led to a 25% increase in identifying potential risks and a more proactive approach to mitigation.
• Increased Efficiency: Automation reduced manual effort by 40%, accelerating policy updates, risk assessments, and audit preparations, freeing up employee time for strategic tasks.

Metrics and KPIs

• Compliance Incidents: Reduced by 30% due to better tracking and management.
• Audit Cycle Time: Halved, thanks to streamlined processes and automation.
• Risk Identification: Increased by 25% due to improved risk assessment automation.