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10 ServiceNow GRC Managed Business Risks Examples

ServiceNow GRC (Governance, Risk, and Compliance) is a platform that helps organisations manage their risk and compliance processes. Here are 10 real-time examples of ServiceNow GRC business risks that organisations may face:

Regulatory Compliance Failure:

[ Non-Compliance ] ----- Failure to comply with GDPR, HIPAA, or other data protection regulations.
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[ Regulatory Requirements ] ----- Adherence to industry regulations and legal standards.

Explanation: Non-compliance can result in legal actions, fines, and reputational damage. Adhering to regulatory requirements ensures legal and ethical business practices.

Cybersecurity Threats:

[ Cyber Threats ] ----- Malware attacks, phishing attempts, or unauthorized access.
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[ Data Breach / Disruption ] ----- Exposure of sensitive data or disruption of IT systems.

Explanation: Cyber threats pose risks to data integrity and business continuity. A data breach can lead to a loss of trust among customers and stakeholders.

Vendor Risk Management:

[ Vendor Dependency ] ----- Dependence on third-party vendors.
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[ Operational Disruptions ] ----- Potential for disruptions due to vendor issues.

Explanation: Relying on vendors introduces the risk of operational disruptions. Effective vendor risk management is crucial to ensure business continuity and reliability.

Data Privacy Breach:

[ Data Privacy ] ----- Protection of sensitive customer information.
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[ Unauthorized Access ] ----- Unauthorized access leading to data exposure.

Explanation: Safeguarding data privacy is essential to maintain customer trust. Unauthorized access can result in legal consequences and damage to the organization’s reputation.

IT Service Disruptions:

[ IT Service Interruptions ] ----- Interruptions in IT services affecting business operations.
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[ Server Outages / Downtime ] ----- Outages or downtime impacting system availability.

Explanation: IT service disruptions can halt business operations. Proper maintenance and monitoring are essential to minimize the risk of server outages and downtime.

Change Management Issues:

[ Change Management ] ----- Proper management of changes to IT systems.
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[ Unplanned System Changes ] ----- Unplanned changes causing unexpected issues.

Explanation: Inadequate change management can lead to system instability. Proper planning and testing are necessary to prevent unintended consequences of system changes.

Insufficient Incident Response:

[ Incident Response ] ----- Timely and effective response to security incidents.
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[ Delayed Detection / Response ] ----- Delayed detection and response to cybersecurity incidents.

Explanation: Swift incident response is crucial to minimize the impact of security incidents. Delayed detection and response can exacerbate the consequences of a cybersecurity incident.

Lack of Employee Training:

[ Employee Training ] ----- Training employees on security and compliance protocols.
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[ Phishing Exploitation ] ----- Exploitation of employees through phishing attacks.

Explanation: Employees are often targets for cyber attacks. Training helps in raising awareness, reducing susceptibility to phishing, and enhancing overall cybersecurity posture.

Financial Fraud:

[ Financial Fraud ] ----- Prevention of fraudulent activities affecting financial transactions.
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[ Unauthorized Transactions ] ----- Unauthorized financial transactions or record manipulation.

Explanation: Financial fraud poses a threat to the organization’s financial health and reputation. Robust controls and monitoring are crucial to prevent unauthorized transactions.

Supply Chain Disruptions:

[ Supply Chain ] ----- Ensuring the smooth operation of the supply chain.
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[ Disruptions in Delivery ] ----- Delays or interruptions in product or service delivery due to supply chain issues.

Explanation: Supply chain disruptions can impact timely delivery. Effective supply chain management is essential for meeting customer expectations and maintaining business continuity.

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