Protecting your business from risk is critical to continue building toward future business goals and objectives.
Every organization has key business functions that are high value and critical to the continued success of the organization.
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What is a high-value function?
A high-value function is a collection of interdependent entities – including processes, applications, vendors, and more – that, if compromised, could have negative impacts on your organization’s cash flow, reputation, and overall business growth.
Protecting these high-value functions requires a comprehensive integrated risk management (IRM) program. However, managing a well-rounded IRM program can be not only expensive but extremely time-consuming.
Balancing the management of your business operations, asset inventories, risk programs, compliance initiatives, and security posture can be overwhelming. It is imperative to have a strategic and targeted approach and supporting technology. An experienced provider can help guide you and help you avoid wasting valuable time, money, and productivity on a program that might not fully protect you from risk.
In other words, you need a solution that helps you work smarter, not harder.
Leadership teams expect risk programs to be mature so that they can make confident and informed decisions for their business. What if you could tell your leadership team that you have a plan to implement a comprehensive integrated risk management program through ServiceNow that will focus first on protecting the most important areas of the business?
When establishing a comprehensive integrated risk management program, you want to make sure it includes the following components:
- Targeted business and IRM program-focused dashboards
- Advanced reporting capabilities
- Repository for information about organizational structure and asset inventory
- Ability to tag or identify key business functions or assets
- Repository for information about enterprise and operational risks
- Centralized inventory of regulations governing the business
- Centralized control framework
- Ability to roll up IRM program data to the business framework
- Integration with external technologies and programs, with the ability to pull data from master systems
- Ability to integrate the organization’s various programs (security, supplier management, legal, and others)
- Automation for data collection, continual monitoring, control testing, communications, data risk analysis, and recommended actions
While you might find IRM platforms that include some or most of these capabilities, many platforms fail to effectively support the program rollout. Very few technologies outside of ServiceNow provide a framework focused first on keeping your valuable functions safe from risk.
I’ve heard it can take years to get an accurate asset inventory and implement an integrated risk management program. Is there a faster, more effective approach?
Many organizations take a linear approach when setting up their programs. At a high level, it makes sense to get your asset inventories set and then transition to dependent processes like risk management, business resiliency, security programs, and vendor management. After all, you need to know what you own before you try to protect it, don’t you?
But when it comes to risk, time is precious, and waiting can cost you. Fortunately, it is possible to implement asset, risk, and security programs simultaneously.
A high-value function approach challenges you to think differently. Many businesses already can identify the key engines of their business – critical functions and processes that, if disrupted, could have a significant impact. Why not take a more strategic approach, targeting key areas of your business first, one function at a time, methodically eliminating risk across your business?
By using a high-value function strategy you can evaluate and prioritize opportunities and risks across your organization and engage your business leaders by giving them visibility into the entities that support their business function and the risks they might face.
Discover a new way to manage risk with Crowe High Value Function.
Imagine having a comprehensive integrated risk management program that takes a strategic approach to protecting your most valuable business assets first, and a dedicated team of specialists to help you roll out the program.
Crowe High Value Function was created to do just that.
Our team at Crowe built this revolutionary technology solution to help ServiceNow platform owners identify and monitor their biggest business risks.
No matter where you are in your business life cycle, Crowe High Value Function is designed to help you protect and prioritize what matters most to your business. Our model allows you to implement a fully mature, top-to-bottom, integrated risk program that focuses on one key business function at a time, bringing each to full maturity.
Finally, there is a fast and cost-effective integrated risk management program that is good not just for today but for tomorrow and years to come.
Crowe High Value Function 5-step approach
Crowe High Value Function uses a five-step strategic approach that can be applied to any area of your organization – IT asset management, security operations, or integrated risk management – to identify your key business functions and establish a fully mature IRM program.
- Identify. To begin, we use Crowe High Value Function inventory, which enables business stakeholders to propose potential high-value functions they deem critical to the success of the organization.
- Prioritize. Next, we use our prebuilt criteria assessment to qualify each identified function to determine which are high-value functions.
- Cascade. Once we’ve prioritized, Crowe Entity Manager provides 360-degree function mapping to give you a comprehensive view into each high-value function and all correlating entities.
- Assess. Next, our Crowe Advanced Compliance solution allows you to conduct prebuilt assessments to automatically generate risks and controls.
- Monitor. Lastly, Crowe High Value Function dashboards provide executives, function owners, and entity owners with visibility to the health of their functions and dependent entities.
If you want to learn more about Crowe High Value Function and whether a high-value function risk strategy is the right approach for you, visit our website or reach out to an experienced Crowe technology consultant today.
You’ll want to work with a ServiceNow solution provider that can walk you through the steps to make your vision a reality – and get your team on the same page.
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