Advanced Risk Assessments in the Risk Workspace

  • Release version: Washingtondc
  • Updated February 1, 2024
  • 2 minutes to read
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    Summary of Advanced Risk Assessments in the Risk Workspace

    The Risk Workspace enhances the user experience for conducting Advanced Risk Assessments by providing quick access to assessments through the GRC Risk Portal. It allows operational risk managers to utilize a variety of risk assessment methodologies and provides intuitive data presentation for informed decision-making.

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    Key Features

    • Contextual Side Panel: Offers explanations of assessment sections and configurable training content to support new users.
    • Home Page Overview: Displays key details such as the entity being assessed, due dates, assignments, approvers, and risk descriptions.
    • Reference Information: Shows associated risks and controls, including graphical representations of risk events, indicator breaches, and control failures.
    • Guidance Access: Users can view guidance on factors while responding to assessments for more efficient processing.
    • Assessment Reassignment: Assessments can be reassigned easily, with email visibility to prevent misassignments in cases of duplicate names.
    • Factor Weighting Information: Access to qualitative and quantitative scores for comprehensive factor evaluation.

    Key Outcomes

    By utilizing the Advanced Risk Assessments feature, ServiceNow customers can conduct assessments more effectively, leverage detailed reference data for informed analysis, and streamline their workflow through intuitive design and guidance. These enhancements result in improved risk management and decision-making capabilities.

    The Risk Workspace offers an enhanced and a simplified user experience for users to perform Advanced Risk Assessments. You can quickly access the risk assessments assigned to you or your group from the GRC Risk Portal or the Risk Workspace.

    With the new Risk Workspace, your risk assessments are more intuitive with more data readily available for you to refer for every assessment that you perform in the risk assessment instance. As an operational risk manager, when you use Advanced Risk Assessments, on the Home page, in the Risk Summary field,you have a filter available to select your risk assessment methodology. For example, you can select the risk assessment methodology that shows you the operational risks assessed. For more information on risk assessment methodologies, see Advanced Risk Assessment.

    For a new user to understand risk assessments, a Contextual side panel is provided with an explanation about the assessment sections. While a default explanation and a brief training are provided, you can also configure the system to show your training content related to risk assessments. If you do not want to keep the side panel training information open, you can also close it using the information icon.

    At a glance, the risk assessment home page shows you the entity being assessed, the due date for the assessment, the person the assessment is assigned to, the approver, and the risk description. The home page also shows the results of the risk assessment and the selected risk response strategies.
    Figure 1. Risk assessment home page
    Risk assessment home page

    Some of the major enhancements for Advanced Risk Assessments in the Risk Workspace are as follows:

    View reference information for associated risks and controls

    The Contextual side panel shows the reference information for associated risks and controls. The graphical representations can be clicked to get detailed information about the risk events, issues, indicator breaches and so on. The reference information shows the following:
    • Risk events graph that displays the gross loss and the net loss of the aggregated risk events for that particular risk. This graph also displays the forecasts of the losses.
    • Percentage of key indicator breaches for every quarter.
    • Percentage of control indicator failure graph. When performing a control assessment, you can refer to the control test results, indicator failures, and so on
    • Number of open issues with their severity. You can also create issues by clicking the plus icon.
    Figure 2. Reference information for Advanced Risk Assessment
    Additional information for Advanced Risk Assessment.

    View factor guidance

    In the workspace, while responding to factors, you can quickly view the guidance by clicking the Show guidance icon Show guidance.. This ability saves your time as you can view the guidance and understand the factor while responding.

    Reassign assessments

    If you are assigned a risk assessment that must be assessed by another user, you can reassign the assessment from the risk assessment home page. In case there are two users with the same name, you have the ability to view their email addresses while reassigning the assessment. This ability prevents users from assigning the assessment to the wrong users.Reassign assessment to another user.

    View factor weighting information

    As a first line risk assessor, you may need to view the qualitative weight, the qualitative score, and the quantitative score of a factor. You can easily access this information by clicking Overall rating.