Risk assessment project
Summarize
Summary of Risk assessment project
A Risk assessment project in ServiceNow enables assessors to evaluate multiple risks and controls simultaneously within a unified workspace, primarily using the Risk Workspace. It is designed to streamline the Risk and Control Self-Assessment (RCSA) process by facilitating collaborative input, reducing manual data entry, and automating reporting. This approach enhances coordination, accelerates the assessment process, and improves data accuracy by allowing stakeholders to collectively analyze risks’ impact, likelihood, and mitigation strategies.
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Note: Multi-risk and control assessments are supported exclusively in the Risk Workspace.
Key Features
- Simultaneous assessment of multiple risks and controls, saving time and effort.
- Automated error handling with comprehensive summaries to reduce inconsistencies before finalization.
- Collaborative involvement of all relevant stakeholders, minimizing unnecessary communication loops.
- Easy navigation across different assessment stages without switching screens.
- Access to detailed summary reports and reference information for each risk via a sidebar panel.
- Streamlined process for collective sign-off on all risks within the project.
Personas and Roles
- Project Owner: Creates and manages the project scope, context, and stakeholder identification.
- Assessor: Performs the assessments on multiple risks and controls, evaluates controls, and develops risk response strategies.
- Approver: Reviews completed assessments and provides final approval or rejection.
Required roles for managing risk assessment projects include:
- Risk assessment project reader: Read-only access to projects.
- Risk assessment project user: Can create and update projects they own.
- Risk assessment project manager: Full permissions to create, update, and delete any project.
Workflow
The risk assessment project workflow within Risk Workspace involves:
- Creating a project: Define context such as assessable entity, risk assessment methodology, project name, description, and stakeholders.
- Performing assessments: Evaluate inherent risks, control effectiveness, residual and target risks using stacked or grid views; define risk responses to manage identified risks.
- Reassessing projects: Update completed assessments to reflect new information or organizational changes.
- Reassigning assessors: Facilitate smooth transitions by reassigning assessors across ongoing projects simultaneously.
You can perform assessments on multiple risks and controls simultaneously by creating a risk assessment project. Risk assessment project enables assessors to review multiple risks and controls to understand their potential impact, likelihood, and associated mitigation strategies.
Overview of a risk assessment project
A Risk assessment project is a structured process designed to assess multiple risks and controls simultaneously, particularly within workshop-based RCSA (Risk and Control Self-Assessment) environments. It replaces manual data entry and fragmented workflows by enabling efficient data collection, collaborative input from stakeholders, and automated reporting. A Risk assessment project simplifies coordination, speeds up processes, and improves data accuracy by providing a unified workspace for evaluating risks collectively and reliably.
Benefits of a risk assessment project
- Simplifies the RCSA process by enabling multiple risks and controls to be assessed at the same time, which saves time on manual data collection.
- Reduces the chances of errors and inconsistencies by using automated error handling and providing comprehensive error summaries before finalizing assessments.
- Reduces unnecessary back-and-forth interactions among stakeholders by involving all required participants in the assessment project.
- Enables navigation between different stages of risk assessments and access multiple risks and controls simultaneously, without switching screens.
- Provides detailed summary reports on the assessment results.
- Simplifies the process of signing off on all the risks together within the project.
- Enables access to reference information related to each risk in the sidebar panel.
Personas involved
- Project owner
- The project Owner creates and manages the risk assessment project. It includes setting up the project context, identifying relevant stakeholders, and defining the scope of risks that must be assessed.
- Assessor
- The project assessor performs assessment on multiple risks and controls within the risk assessment project. They analyze each risk, evaluate the effectiveness of existing controls, and create risk response strategies.
- Approver
- The Project Approver reviews the completed risk assessments and provides the final sign-off on the project. They ensure that all scoped risks have been assessed and either approve or reject the risk assessment.
Roles required
- Risk assessment project reader [sn_risk_advanced.risk_asmt_project_reader]: Provides read-only access to the risk assessment projects.
- Risk assessment project user [sn_risk_advanced.risk_asmt_project_user]: Provides the ability to create risk assessment projects and update or delete only the projects created by the user.
- Risk assessment project manager [sn_risk_advanced.risk_asmt_project_manager]: Provides the ability to create, update, and delete any risk assessment projects.