Monitor and reduce your risk exposure with real-time visibility through ServiceNow

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?
Key features

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.

Risk Management Solutions - Key features

Key benefits

Early risk detection with systematic monitoring from the managed control framework

Reduced fines and penalties and higher cost savings

Increased time savings through implementation of strict and automated processes

Success story

One of the largest North American banks achieves efficiency in Enterprise risk management automation and deployment

The client was relying on a manual process for managing the otherwise dynamic policies and controls. Thus, there was a lack of enterprise risk management controls. As a result, the client had to pay a massive fine imposed by the OCC. Our compliance and risk advisors performed a significant discovery phase to understand the current process, systems, and gaps. We implemented an automated ERM solution to monitor processes continuously and facilitate a platform as regulatory audit requirements change. Through this collaboration, the client achieved 80% end-to-end automated audit function leading to increased efficiency in IT control automation by 30% and  25% in business controls.

Find out what Virtusa can do for you

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