Risk management as a service

Enterprises today face risks from a wide range of sources. Ongoing economic uncertainty, geopolitical upheavals, ever-evolving regulations, cybersecurity threats, supply chain disruptions, extreme weather events, environmental, social, and governance (ESG) expectations, and a rapidly changing tech landscape are just some of the factors heightening market, legal, reputational, and third-party risks for organizations worldwide.

How can businesses anticipate and manage these increasingly complex risks to build resilience and uncover opportunities? Leading enterprises are stepping up to the challenge through a structured approach that integrates data, advanced technology, strategic planning, and continuous monitoring to unlock competitive advantage.

Enterprise risk teams face several challenges in their efforts to enable regulatory compliance and business continuity in today's complex, constantly evolving risk landscape:

• Manual and time-consuming processes across channels, business units, and geographies lead to a lack of visibility, disjointed operations, unreliable decision-making, and increased risk
• A reactive approach to risk management that relies on historical data and learnings can leave the organization exposed to new and emerging risks
• Failure to identify and mitigate operational risks and establish a business continuity plan can result in disruptions to critical business processes
• Legacy systems that lack the capability to deliver an integrated view of risks across the ecosystem
• Inability to stay ahead of the emerging risks and opportunities emanating from tech advancements like generative AI (gen AI)
• A lack of high-quality enterprise risk management talent with the ability to monitor and manage the entire spectrum of risks that an enterprise may face

The solution? A thorough yet modular approach to risk management that brings together a suite of risk management tools with decades of risk expertise.

Genpact's risk management as a service blends our years of experience providing risk consulting services with intelligence from the Integrated Risk Management (IRM) suite of applications from ServiceNow, a leading cloud computing platform.

The solution leverages our extensive risk and compliance experience to deliver end-to-end advisory and managed services for risk management. And as a ServiceNow Elite partner, we are well-positioned to evaluate an enterprise's unique risk management needs and help the business identify the right set of applications from ServiceNow's IRM suite to drive its goals.

The components of Genpact's risk-management-as-a-service solution include:

• A robust risk strategy
  • A framework for risk ownership and improvement by using sophisticated quantitative and qualitative risk assessments while AI-enriched automated workflows streamline risk management
• Actionable insights
  • Real-time insights from role-configured dashboards. Workable UIs deliver means to track and inform stakeholders of an enterprise's risk response
• Preconfigured accelerators
  • Solution-specific methodologies grounded in ServiceNow's IRM for more efficient and transparent risk management protocols
• Comprehensive compliance
  • A holistic framework for risk solutions that enables efficient tracking and management of ever-evolving risks. Consistent governance, risk, and compliance (GRC) mandates and protocols facilitated across different lateral business functions

Genpact's unique strengths place us in a good position to deliver this solution:

• Deep industry and functional expertise of more than 20 years running operations globally for some of the largest companies across verticals and service lines​
• Expertise in digital strategy from helping leading enterprises drive their digital transformation journey with an AI-first approach
• Deep ServiceNow tech expertise with a global pool of ServiceNow professionals to deliver the required capabilities​
• Focus on the user experience and human-centric design through experience architecture, contextual inquiry, and journey mapping

• Strengthened stakeholders' trust in business processes and results through improved risk coverage, automation, standardization, and a systematic approach to risk management
• Automation of evidence collection, risk score calculation, and continuous control monitoring cuts manual efforts by nearly half compared to a configuration without ServiceNow
• Risk-based decision-making using a common data model permits contextualization of data with business priorities, external events, and third-party data sources
• Better visibility of risk and faster responses by eliminating spreadsheets and process silos so organizations can access a more dynamic and complete view of risk
• Streamlined record-keeping with a centralized data source for GRC makes it easier to gather, manage, track, search, and update relevant data
• Costs and implementation time can be reduced by up to 30% using Genpact accelerators
• Empowered business process owners and improved decision-making through real-time reports and dashboards for risk and compliance

See our risk-management-as-a-service solution in action

Opaque manual processes were one of many challenges that Genpact's risk-management-as-a-service solution helped solve

A European financial services company was struggling to gain operational resilience. A series of mandatory operations – from control assurance to attestations for senior management functions and product implementation approvals – was highly manual. Documentation lagged, as did the ability to identify capacity breakage points.

To more easily spot capacity breakage points, Genpact helped run and track resilience assessments through real-time dashboards using the ServiceNow portal container. Bespoke automated workflows and forms digitized and automated the approval and certification processes.

Compared to static methods, the solution cut manual asset mapping efforts by 50% through real-time monitoring of critical business services and resilience indicators while reducing incidents by 40% thanks to early warning signals.

Technology-led risk management for better decision-making

A financial institution was dealing with multiple challenges related to risk management. For one, it lacked an end-to-end compliance protocol for managing risk. A legacy GRC solution and outdated workflows compounded the problems caused by manual and siloed tools. In addition, the control attestation cycle spanned weeks, inflating costs and impacting the user experience.

Genpact configured the ServiceNow-based IRM solution, which improved the user experience and reduced costs. By reconfiguring the automation of key risk management tasks in a top-to-bottom approach, the company was able to address inefficiencies from manual tools and legacy workflows. Automation reduced time and effort spent on tasks, while modernized real-time reports and dashboards helped business process owners make more informed decisions.