ServiceNow Vendor Risk Management

Posted: 15th April 2022
ServiceNow VRM

Product Overview

As organizations evolve and embrace new technologies and processes to become more connected, collaborative, efficient, innovative, and competitive, their reliance on third-party ecosystems increases. Digital connections with suppliers, partners, contractors, agents, temporary workers, and others are now so critical that organizations share confidential and sensitive information with hundreds of parties on average. While these relationships undoubtedly add business value, they also introduce significant new risk and compliance challenges.

As part of their cyber third-party risk management strategies, many organizations rely on GRC and Third-Party Risk Management technology to consolidate risk information from internal sources (such as finance, IT, and operations) and external sources to understand their third-party risk landscape. Yet, as third-party ecosystems grow in size and complexity, risk management teams increasingly struggle to procure and maintain high-quality, real-time external data to feed their third-party risk management workflows and technology.

With Recorded Future’s Third-Party Risk Management integration for ServiceNow, risk management teams continuously monitor for risk intelligence on every third-party organization in their ecosystems. Access real-time insights into important sources of information – including corporate emails, credentials, and company mentions found on the dark web – directly from a dashboard within ServiceNow.

Complete onboarding assessments faster Validate the accuracy of partner-provided questionnaires, assess the company’s holistic risk standing, speed up due diligence, and more confidently onboard new third parties

Provide real-time continuous monitoring Gain real-time insights into important sources of information directly from a dashboard within ServiceNow

Remediate risks intelligently Receive information on new threats immediately, access their severity, enforce rules of engagement, and quickly address threats

Risk information is automatically collected from a broad range of technical, open web, and dark web sources. That information is analyzed through machine learning and natural language processes to generate a simple, quantifiable risk score from 0 – 100, representing a company’s risk and security posture. The risk score is grouped into 3 categories: high, moderate, and informational, enabling analysts to quickly determine which third parties present the greatest risk.

Access to threat intelligence on all companies at a fixed price gives ServiceNow clients a complete picture of their risk landscape, updated in real time. Recorded Future’s integration ties risk rules to specific threats facing the third party. This enables ServiceNow clients to know about new threats immediately, so they can quickly access their severity, enforce rules of engagement, and address threats.