Properties installed with Advanced Risk

  • Release version: Xanadu
  • 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

    The Advanced Risk plugin in ServiceNow adds a variety of configurable system properties that support enhanced risk management capabilities within the Governance, Risk, and Compliance (GRC) framework. These properties enable customers to tailor risk hierarchy levels, risk scoring methods, licensing features, risk event handling, and advanced risk assessments to their specific organizational needs.

    Show full answer Show less

    Properties for Advanced Risk Configuration

    Customers can manage core Advanced Risk settings via the System Properties page (accessible by searching sysproperties.list). Key configurable options include:

    • Risk hierarchy levels: Set a maximum depth for risk hierarchies (default is 5 levels).
    • Risk rating configuration: Choose how calculated risk scores compare (average, maximum, or minimum).
    • Risk tolerance comparison: Define how risk tolerance is aggregated (sum, average, etc.).
    • Enterprise risk licensing: Enable or disable GRC enterprise risk licensing features.

    Properties for Risk Events

    Risk event properties are found under All > Risk Events > Administration > Properties. These settings allow customers to enhance risk event management, including:

    • Machine learning: Enable prediction of similar risk events.
    • Basel attributes: Activate Basel risk event categorization and reporting, useful for banking customers.
    • Currency conversion dates: Configure specific dates for currency conversion during risk event loss calculations, with override options per risk response template.
    • Mandatory risk event to risk linkage: Require that each risk event is linked to corresponding risks.
    • Rapid recovery classification: Customize the threshold days for rapid recovery classification (default 5 days).
    • ORX external events: Display operational risk loss data from the ORX platform, supporting global risk data sharing in banking.
    • Report data range: Define how many years of risk event data are shown in reports (default 2 years).

    Properties for Advanced Risk Assessments

    These properties are accessible via All > Advanced Risk Assessments > Administration > Properties and support the migration and integration of advanced risk assessment features:

    • Migrate legacy risk lifecycle: Option to transition from legacy risk lifecycle to Advanced Risk Assessments.
    • Enable Advanced Risk PPM Integration: Activate project risk assessments integrated with Project Portfolio Management (requires specific roles and PPM installation).
    • Metric approval configuration: Choose between simple or advanced approval workflows for risk metrics, with advanced options leveraging the GRC Approver Configurator for multi-level approval processes (requires the sngrcappr plugin).

    Practical Benefits for ServiceNow Customers

    These properties allow customers to customize their Advanced Risk management experience to better align with organizational policies, regulatory requirements, and industry-specific standards—especially for banking and enterprise risk environments. By configuring these properties, customers can enhance risk event accuracy, reporting precision, approval workflows, and integration with other ServiceNow modules, ensuring a comprehensive and adaptable risk framework.

    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.