Categorizing risks with the Governance, Risk, and Compliance: Predictive Intelligence plugin
Summarize
Summary of Categorizing risks with the Governance, Risk, and Compliance: Predictive Intelligence plugin
The Governance, Risk, and Compliance: Predictive Intelligence plugin enables organizations to automatically predict and categorize risk statements for orphan risks—those without associated risk statements. This capability uses artificial intelligence (AI) and machine learning (ML) to improve the accuracy and efficiency of risk categorization, reducing manual effort by risk champions and enhancing visibility into the organization's risk profile.
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Key Features
- Risk statement prediction: The plugin leverages the Predictive Intelligence engine’s similarity capability to compare risk names and descriptions with existing risk statements, recommending the most relevant statements for orphan risks.
- Improved risk aggregation: By associating risks with the correct statements, risks are grouped into manageable categories, facilitating better reporting and analysis.
- Role-based recommendations: Risk users (snrisk.user) see predicted risk statements only when the risk record lacks an assigned statement, allowing them to make informed associations.
- Configurable solution: Risk administrators with the mladmin role can set up, review, and modify similarity solutions according to organizational requirements to optimize prediction accuracy.
Benefits
- Risk owners: Quickly identify appropriate risk statements for orphan risks, enabling clearer risk categorization.
- Risk managers: Experience a reduction in orphan risks created by frontline employees or risk champions and gain comprehensive visibility into enterprise-level risk profiles.
- Risk administrators: Configure and tailor the predictive intelligence solution to meet specific organizational needs and improve overall risk management processes.
Setup Requirements
To enable this feature, a risk administrator with the mladmin role must:
- Install and activate the following applications/plugins: Risk Management, Risk Workspace, Predictive Intelligence, and Recommended Actions - Advanced.
- Train a default similarity solution using at least 1,000 existing risk records to allow effective machine learning comparisons.
- Review and customize the similarity solution definition to align with organizational needs.
This setup ensures that the AI-driven risk categorization works accurately and efficiently within your ServiceNow environment.
By using the Governance, Risk, and Compliance: Predictive Intelligence plugin, you can predict the risk statements for your orphan risks (the risks that don't have risk statements) on the risk records for your organization. You can then identify the correct risk statement for the risks and then aggregate them into manageable categories.
However, your risk champions must manually search the complete risk library to identify the correct risk statement for the identified risks. This activity is time-consuming and is an inefficient use of resources. When the risk champions search for risk statements manually, they tend to select whatever is the earliest match rather than search for the entire library, which results in the incorrect categorization of risks with risk statements.
Predicting risk statements on risk records
The Governance, Risk, and Compliance: Predictive Intelligence plugin uses artificial intelligence (AI) and machine learning (ML) to predict the related risk statements on the risk records. The Predictive Intelligence plugin uses the similarity capability in the Predictive Intelligence engine to compare the risk name and description with the risk statements. With this plugin, your organization can reduce the effort that is required to search and identify the risk statements to associate with the identified risks. Your organization also gets higher accuracy in risk aggregation and reporting and visibility into the organization's risk profile.
Benefits of risk categorization with risk statements
- Risk owners: Identify the correct risk statement for the orphan risks to group risks into manageable categories.
- Risk managers: Reduce the number of orphan risks that were created by the first line of employees or risk champions. The risk managers get visibility into the organization's risk profile and can analyze the impact due to the similar type of risks.
- Risk administrator: Configure the solution definition to predict the risk statements that are based on the organizational needs.
Setting up the feature
- Risk Management
- Risk Workspace
- Predictive Intelligence
- Recommended Actions - Advanced
A risk administrator with the ml_admin role can review the default similarity solution definition for risk and modify it based on your organizational needs.