This Southwest Financial Group is one of the largest publicly traded financial institutions in the United States.
Previous GRC implementations at this Financial Institution were poorly executed and pigeon-holed future accommodations. The company needed a way to streamline the audit process, create a central repository for all IT controls, and ensure compliance through greater oversight. Additionally, they saw ServiceNow as an essential piece of the future of their integrated risk management program.
Using one central repository, the organization has a more accurate view into their compliance and risk posture.
As a publicly-traded company, maintaining compliance with key regulations was crucial.
Audit managers now have a better understanding of the evidence collection and audit processes, and redundant and manual processes have been eliminated.
The migration of other audit and compliance processes onto the ServiceNow platform has paved the way for future expansion.
With more time to focus on other risk areas, the company expects to see a significant improvement in job satisfaction and morale, as well as in the effectiveness of the internal audit group. As a result of the implementation, work activities have been standardized, improving the continuity of resources and enhancing process resilience. Phase two involves implementing a comprehensive control framework, and future phases will include expanding into other areas of ServiceNow, including SecOps.