For Steve Allan, ServiceNow integrated risk product owner of Lloyds Banking Group, there is a direct connection between digital transformation, operational resilience, and the organizational ability to manage risks.
A few years ago, his business went through a digital transformation, with ServiceNow playing a big part. “We wanted to leverage our new digital platform, to introduce a core data model that we could start to build on and build out to more of a service model—to monitor processes and get better at insights,” he says. “We also wanted to, in a quicker fashion, understand our compliance position and how our business was performing.”
To Allan, getting a robust data model in place on a digital platform from ServiceNow was the heart of the transformation and operational resilience, along with all the service management, automation, and risk management capabilities. It’s about having the ability to leverage data to see trends, to automatically link issues to risks. “It’s about understanding in real time what our risk and control position is.”
Adding in the human factor
Risk management and resilience require the proper technology, and equally important is embedding risk and resilience across the enterprise, Balasubramanian says. “You need to have the right information at your fingertips when and where you need it to make decisions.
“People should see risk and resilience compliance as part of their day-to-day work,” he says. “It’s important to make sure everybody in your organization can access risk and resilience information easily in one place.”
A modern, digital solution allows continuous monitoring of risks and controls. “If that information is already available, you won’t have someone running around asking or answering 10, 20, 30 questions,” Balasubramanian says.