Operational Resilience in action
Challenge: A financial services organization was struggling with complex manual operational risk management processes, reporting on resilience indicators, and setting up recovery plans. The company was also unable to document control testing results on its existing governance, risk, and compliance tool.
Solution: We customized the ServiceNow IRM platform to manage its important business services. We developed structured asset mapping, resilience assessments, and the ability to identify EWIs on potential breakage points. We also implemented the ServiceNow governance, risk management, and compliance audit module. This empowered the company to digitize, document, and report on its control testing.
Impact: The company saw a 50% reduction in the manual effort needed for asset mapping. The company was also able to monitor important business services in real time and the associated resilience indicators. Lastly, there was a 40% reduction in incidents due to EWIs and a vast improvement in the efficiency of its regulatory reporting processes. Read the case study.