Properties installed with Advanced Risk

  • Release version: Yokohama
  • Updated January 30, 2025
  • 3 minutes to read
    • Summarize
    Summarized using AI
    This content was generated using new OpenAI-powered functionality. Results are provided on an as is basis and are not guaranteed to be accurate or complete.

    Summary of Properties installed with Advanced Risk

    Activating the GRC: Advanced Risk plugin in ServiceNow adds a variety of system properties that configure features related to advanced risk management, risk events, and advanced risk assessments. These properties allow customers to fine-tune risk hierarchy levels, risk scoring, licensing features, risk event behavior, and assessment integration capabilities.

    Show full answer Show less

    Properties for Advanced Risk

    These properties control core advanced risk features and are accessible via the System Properties page (sysproperties.list).

    • Risk Hierarchy Levels: Set the maximum depth of risk hierarchies, default is 5 levels.
    • Risk Rating Configuration: Choose how calculated risk scores compare (average, maximum, or minimum ALE) for classic risk scoring.
    • Risk Tolerance Comparison: Define how risk tolerance is compared (sum, average, max, or min), with sum as default.
    • Enable Enterprise Risk Licensing: Toggle the GRC enterprise risk licensing features on or off (default is off).

    Properties for Risk Events

    Risk event properties are managed under All > Risk Events > Administration > Properties and help customize risk event handling and reporting.

    • Machine Learning for Similar Risk Events: Enables predictive solutions for identifying similar risk events.
    • Basel Attributes and Reports: Enable Basel risk event categorization for banking industry compliance.
    • Currency Conversion Dates: Define specific dates to use for currency conversions on risk event data instead of default impact date; this can be overridden in risk response templates.
    • Mandatory Risk Event-Risk Relationships: Enforce that every risk event must be linked to corresponding risks.
    • Rapid Recovery Classification Days: Customize how many days define rapid recovery thresholds (default 5 days).
    • Show ORX External Events: Enable viewing of ORX operational risk loss data, supporting banking risk data exchange.
    • Risk Event Report Data Span: Set how many years of risk event history is shown in reports (default 2 years).

    Properties for Advanced Risk Assessments

    Found under All > Advanced Risk Assessments > Administration > Properties, these properties support migration and integration for advanced risk assessments.

    • Migrate to Advanced Risk Assessments: Option to migrate legacy risk lifecycle data to advanced assessments.
    • Enable Advanced Risk PPM Integration: Allows project risk assessments by integrating with Project Portfolio Management (requires specific admin roles and PPM installation).
    • Metric Approval Configuration: Defines approval workflows (simple or advanced) for metrics and metric definitions, configurable when the approval plugin is active; advanced option enables multi-level approval setup via the GRC Approver Configurator.

    Practical Application

    ServiceNow customers can leverage these properties to tailor advanced risk management capabilities to their organizational needs, including compliance with industry standards (like Basel), precise risk event tracking with currency considerations, mandatory linkages between risks and events, and streamlined approval processes. The integration with Project Portfolio Management further supports comprehensive project risk assessments.

    Properties are added with activation of GRC: Advanced Risk. There are also properties that are available for the various capabilities such as risk events and advanced risk assessments.

    Properties for Advanced Risk

    All the properties for Advanced Risk, are listed on the System Properties page. To access the System Properties page, in the filter navigator, type sys_properties.list.

    Table 1. Advanced risk plugin properties
    Property Description
    Maximum number of levels for risk hierarchy [sn_risk_advanced.risk_hierarchy_max_levels]

    Set the maximum number of levels of risk hierarchy.

    • Type: Integer
    • Default value: 5
    Configure risk rating

    [sn_risk_advanced.risk_rating_config]

    		 Compare calculated risk score with either of choices Maximum calculated ALE, Minimum calculated ALE, Average calculated ALE.
    • Type: choice list
    • Default value: avg
    Note:
    This property works with classic risk scoring.
    Compare risk tolerance

    [sn_risk_advanced.risk_tolerance]

    		 Compare risk tolerance based on either of the choice Average, Maximum, Minimum, Sum.
    • Type: choice list
    • Default value: sum
    Enable the GRC enterprise risk licensing features [sn_risk_advanced.enable_irm_advanced_risk_enterprise] This property enables the GRC enterprise risk licensing features.
    • Type: true or false
    • Default value: false

    Properties for Risk Events

    To access the risk event properties, navigate to All > Risk Events > Administration > Properties.

    Table 2. Risk event properties
    Property Description
    Machine learning solution for predicting similar risk events [ml_sn_sn_grc_pred_intel_global_similar_risk_events] Solution definition for predicting similar risk events.
    Show Basel attributes and reports [sn_risk_advanced.show_basel_attr_reports] Set this property to true if you want to enable the Basel categorization of risk events. This property is useful for customers in the banking domain.
    • Type: True or false
    • Default value: false
    Define risk event currency conversion configuration [sn_risk_advanced.risk_event_currency_conversion_date_config] Property to define currency conversion dates for the risk event entries. You can select specific dates for currency conversion rather than relying solely on the date of impact to calculate the net loss. The options are as follows:
    • Risk event entry date
    • First loss entry date
    • Last loss entry date
    • First recovery entry date
    • Last recovery entry date
    • Custom date
    Note:
    You can also override the defined currency conversion dates in the risk response template configuration. These changes apply to both new and ongoing risk event workflows.
    Make risk event to risk relationship mandatory [sn_risk_advanced.make_riskevent_to_risk_relation_mandatory] Set this property to true if you want to ensure that each risk event has corresponding risks.
    • Type: True or false
    • Default value: false
    No. of days for Rapid Recovery Classification [sn_risk_advanced.no_of_days_for_rapid_recovery_classification] Customize the number of days that users can set as their rapid recovery threshold.
    • Type: Integer
    • Default value: 5
    Show ORX External events [sn_risk_advanced.show_orx_events]

    Users can choose to see the ORX External Events. ORX provides a platform for the secure exchange of high-quality operational risk loss data from around the world. This property is useful for customers in the banking domain.

    Customers import the ORX information as shared by the ORX organization. This information can be related to risk statement or control objectives. This information can be modified by users.
    • Type: True or false
    • Default value: false
    How many years of risk event data to be shown on the report [sn_risk_advanced.number_of_years_report_data]

    Select how many years of risk event data must be shown on the report.

    • Type: Integer
    • Default value: 2
    Note:
    This property is visible on the System Properties page.

    Properties for advanced risk assessment

    To access the advanced risk assessment properties, navigate to All > Advanced Risk Assessments > Administration > Properties.

    Table 3. Properties for Advanced Risk Assessment
    Property Description
    Migrate to Advanced Risk Assessments [sn_risk_advanced.hide_risk_legacy_lifecycle] Migrate to Advanced Risk Assessments.
    • Type: yes or no
    • Default value: no
    Enable Advanced Risk PPM Integration [sn_risk_advanced.enable_advanced_risk_ppm_integration] Perform project risk assessments. Only users with the it_pps_admin or sn_ risk.admin roles can enable this property.
    • Type: yes or no
    • Default value: no
    For more information, see Configure Project Portfolio Management and Advanced Risk integration
    Note:
    This property is only available when Project Portfolio Management is installed.
    sn_risk_advanced.metric_approval Enables Risk administrators to define either the simple approval flow or the advanced approval flow for all the metrics and metric definitions.
    Note:
    This property is available only when the sn_grc_appr plugin is activated and must be set while configuring the ESG Management application.
    The choices are as follows:
    • Simple: By choosing this option, the Approval section will be enabled both on the manual metric definition form and within the metrics. Using this section, you can designate approvers directly on the metric definition form.
    • Advanced: When you choose this option, the Approval section will be unavailable on the manual metric definition form and the metric form. Instead, approval can be configured by setting the approval conditions, tables, and approvers in the GRC: Approver Configurator application. This application also allows you to define multiple levels of approvals. For more information see, Using Approver Configurator for setting up approvals.