As risks become more complex and the focus on integrated operations increases, the need for integrated risk management becomes more evident. Enterprise-wide adoption of a comprehensive risk migration framework addresses critical organizational challenges.
Key challenges include:
- Coverage: How do we manage enterprise risks and institute controls holistically to ensure correct scope?
- Scalability: How do we ensure that risk management processes and governance are scalable?
- Governance: What comprises effective governance? How do we make sure there is near real-time organizational visibility into risk management mandates?
- Consistency and cost effectiveness: How do we automate controls to ensure consistency, accuracy, and cost effectiveness?
- Auditability: How do we ensure audit–readiness in the face of a multitude of risk citations and control objectives?
Virtusa's implementation of ServiceNow Integrated Risk Management solution includes a step-by-step approach to assess quantitative and qualitative risk, operational risk, credit risk, and market risk. In addition, it assists with leadership and executive adoption and provides recommendations to improve security and compliance.
Our solution begins with a readiness assessment to establish an as-is state and devises a risk mitigation strategy by comparing it to industry standards. We then define compliance areas, controls, indicators, and testing protocols for all key risk events aligned to technology risk management. We implement ServiceNow to ensure robust governance during this process.
Virtusa tests proof of concept on a specific control area to ensure the value is self-evident and then proposes an automation design. The automation design defines and integrates with individual control systems and enables automated control testing. During this process, our integrated technology platform helps ensure audit readiness. By leveraging our DevSecOps assets, we help standardize controls for technical risk alleviation.